Scaling companies. Social media marketing
Business scaling – any deliberate increase and expansion of the boundaries of the company’s activities to increase its profits. Scaling a business is always accompanied by branding. If earlier, having one small point of sale, it was still possible to limit yourself to a simple solution; now, opening regional branches or selling franchises, which we will talk about today, require a well-developed corporate identity.
The expansion process itself consists of the following steps:
- Set tasks and goals and outline the results you are striving to achieve by expanding your business. It is necessary to collect, organize, and analyze information to answer whether it is possible to scale the company in its current state. In addition, it is important to assess its readiness. Business process analysis will show their potential vulnerabilities and ways to avoid problems in the future.
- Develop an effective scaling solution: Find the most cost-effective way to scale up and list the specific steps that need to be taken to do so. Then, implement and implement the solution in practice. Keep in mind that scaling a business will not work quickly because this process requires patience, gradualness and covers all aspects of the company’s activities. For example, if you skip the adaptation stage to new rules and working conditions, the staff will not be ready for the increased workload, which will affect the work in the future.
- Evaluate the results, analyze the effectiveness of the measures taken, detect errors. Of course, it is normal to make mistakes. The main thing is to understand your mistake and try to correct it.
There are many known ways to expand the business of companies engaged in marketing in social networks, consider 2 main ones:
Creating a franchise
This step is one of the most popular. Its meaning is for the people who work for you, the floor of your brand, to open and develop their businesses. There are many options for franchises: in some, participation is generally limited to signing an agreement; in others, you control the work of all points and provide the right to use your brand.
- Saving time. If a large enough number of people work for you, it takes much less time to complete your work.
- Saving finance. If the franchise is formed correctly, then the costs are minimal – the partners bear all costs, and his duties are reduced to concluding an agreement and issuing a set provided for in it.
- Stable income. Franchisees – employees of the franchise, make monthly contributions – make a fixed amount for the trademark use.
- The ability to switch to passive income;
- The more famous your brand is, the easier it is to find new employees to promote it.
- This method is not for everyone;
- The franchisor does not receive all the profits from new outlets;
- Problems affect the reputation of the firm and brand.
This option is more difficult since you will perform all organizational tasks.
The benefits include:
- Your control over the entire situation personally;
- All affiliate profits go to you.
- High financial and time costs;
- Competition within the network;
Successful scaling is a factor that intensively accelerates the development of the project. The company is undergoing systemic transformation and, as a result, quantitatively increases all indicators and forms a new philosophy. Expansion only in rare cases does without serious personnel changes and changes in the marketing course. This is the hiring of new employees and the dismissal of those who slow down the implementation of tasks and do not adhere to their company’s strategic goals. Following these steps, choosing the right strategy that suits you is as effective as cryptocurrency trading through ICOholder. Just as people can get rich off Bitcoin or Litecoin price fluctuations, you can scale your company’s business by following simple rules.
If at the moment, you have not yet launched a business and you only have an idea for a startup, it still makes sense to think about the future replication of the project. Knowing what this process consists of, what problems will have to be solved, and what requirements the company should meet, it will be easier for you to make a competent decision about creating a brand and choosing a development strategy.