Business growth can take on many different metrics that contribute to the success of a business. You may want to increase your client base, sell more products or services, innovate new products, or simply make more revenue. Your metrics for success can also mean different things, almost always in relation to hitting goals or achieving your mission.
What these factors have in common is the need to be able to meet the challenge of growing your business. You will need to plan your start-up or evaluate your current state, define your goals, and invest in technology that can adapt over time. In other words, your business must be scalable.
What does it mean to have a scalable business?
At its simplest definition, a scalable business is one that can deliver services or products to an increasing client base without increasing overhead at the same rate. In other words, if it costs X dollars to increase revenue by the same or near-same X dollars in overhead, the business model is not scalable. In an ideal scenario, a scalable business model should increase revenue growth without significantly increasing costs. Your business process should reflect the need to outpace costs over time with new revenue growth.
How does a consulting business become scalable?
Consulting businesses advise and provide guidance in specialized areas for everything from technology and finance, to accounting and human resources, and more. They expand by acquiring clients as opposed to selling products. As the client base expands, the service support needs to expand with it.
Technological automation has shown to be the best solution for consultant scalability. Automation increases efficiency—meaning time spent on tasks—by taking care of the more routine tasks of a process, allowing workers to focus on specific client-related issues.
For example, if a worker needs to report the performance of a client account and each client needs to be looked at individually with the number then insert into a report, the overall time to perform that task increases with each additional client. The only way to scale that is to increase staff—a huge cost for a minor task. If a software is installed, however, that automatically pulls the account performance from one system and inserts it into a pre- existing report, the task becomes a single click of a mouse—i.e., tell the software to execute—and the job is done for a thousand clients in the same amount of time as one client. That kind of automation represents scalability that does not cost a consultant more as the client base increases.
Automation of tasks increases scalability
While automation increases scalability, the automation itself needs to be up to the challenge of scalability as well. Obvious differences in needs exist for different size firms, but flexibility in support systems is key for all. Planning your support automation is critical if you want to be scalable. A smaller firm may not feel it needs, for instance, a fully automated human resources component to its process yet. The ability to add one in the future that is part of the existing process rather than create a new one from whole cloth is vital for cost-savings.
By using data management software like OpsCheck, for example, new areas for information- sharing and tracking can be integrated over time. These systems provide a necessary scalability without limitation as your company grows. OpsCheck also gathers information from different systems in one place, enabling people across multiple offices to access each other’s work as necessary—again, a scaling of effort that offers minimal increases in work- hours while allowing a client base to grow.
Many different software solutions exist to address specific task needs. Where true scalability comes into play is gathering these discrete solutions under one, uniform platform. A solution like OpsCheck can do this because it can be tailored with a flexibility that enables business growth in a near-limitless fashion. As you review your business needs, always keep in mind that your underlying technology systems need to support your scalability.
How OpsCheck can help?
OpsCheck is the premier Operations Platform built for the financial community by financial operations experts to greatly mitigate operational risk. It is an Operations/Compliance Control and Oversight application that combines proven advancements in task, project, and workflow management into a single tool. OpsCheck is cloud based and offers full transparency when working in the office or remotely, enhances team communication & coordination and promotes a culture of accountability and operational excellence.
OpsCheck is a modern alternative for managing business operations; no more spreadsheets, emails or Outlook are necessary. It’s easy to get started, easy to operate and is cost effective. Management and staff, as well as, regulators and auditors will reap the benefits of OpsCheck. Many reputable firms around the globe have already subscribed.