8 Tips for Scaling Your Business

Despite the pandemic, vFairs experienced an astounding 2,000% revenue growth in just one year. We held over 2,000 events with over 5 million attendees in this one year and expanded our workforce from just 30 to over 250 people.

What’s more? We are still growing!

But how did we manage to do this in a sustainable manner? Many people try scaling their business only to have significant losses. Let’s look at how you can scale your business sustainably and successfully.

Offer Solutions People Want

This may be obvious, but you need to offer a solution people actually want. Your product should cater to a prevailing need, and meet it in an appealing manner. Even if you think you have an amazing and creative idea, make sure it is applicable and feasible for a considerable number of people. A business that offers a solution that’s useful for a limited number of people for a short time won’t scale sustainably. You need to make sure your scaling efforts are viable for the medium and long run.

We managed to scale up so rapidly because vFairs is the perfect solution for event organizers. It allowed people to hold events without having to gather physically and deal with travel and gathering restrictions.

See if You’re Ready?

Even if you have the perfect solution for a need, you need to evaluate and assess your own capabilities. Do you have it in you to scale up in a sustainable manner? Or are you at the risk of losing it all if you take the leap? Do a quantitative and qualitative analysis of your assets and resources to see if scaling your business is currently viable.?

If you feel like your business is lacking in any manner, do not bite off more than you can chew. You do not want to risk losing all the progress you’ve already made in the quest of something higher. Instead, wait for when you have the leeway to take a few risks and cater to more clients in a proper manner.?

Create Your Own Niche

One of the best ways of scaling your business is to create your own unique niche. You need to become the go-to solution for a certain audience so that they come to you whenever they want something related to your offerings. This will carve your place out in the market, and let you grow on a constant basis. Find the audience that fits, and make sure you cater to their needs and target them accordingly.?

Take vFairs as an example. There were very few virtual event platforms which took the pandemic as an opportunity to ramp up their marketing and hiring efforts. We saw a market which was wide open, and entered it with our unique brand of intensive customer support and user-friendly event solutions. Once things started normalizing, we saw the potential for hybrid events as the next big thing and cornered the market by offering a suite of solutions for these upcoming events. This sort of proactive approach will help you overcome your competition.

Hire the Right Employees

Just like you can’t make a complex dish without the right ingredients, you can’t build a successful business without the right employees. When scaling your business, do not just look for candidates who fit your budget or just look good on paper. Instead, look at their general attitude and approach towards work as well. They need to be proactive and willing to take risks in line with your scaling efforts. You can assess this by seeing if they’re a cultural fit with your team and promote the dynamic environment you need for a successfully growing business.?

Recently, remote hiring has become an interesting trend. Over the past two years, numerous companies realized that they could hire the best people for the job remotely, rather than just hire passable employees who were within certain geographical boundaries. Remote hiring lets you get the ideal team you want, as long as you keep communication channels open and promote a cooperative environment.??

Be Transparent

Whether you’re interacting with employees, clients, or investors, you need to be transparent when scaling your business. If there’s a cloud of doubt along the way, the whole thing may come crashing down as fast as it grows. Everyone needs to know your business’s goals and objectives and understand your plans to scale. This way they can understand their role and work towards helping you succeed.

Make sure you state your intentions when creating new features and products, and announce them accordingly. In addition, let your employees know about future plans, so that they can be involved and carry out their tasks accordingly. Also, answer all your employees’ concerns and queries so that they can work on scaling up your business with the right mindset and strategy. We do this by holding daily departmental huddles and regular general town hall meetings with the vFairs team.

Say No to Clients that you cannot serve well

While this may seem counterproductive, this is actually one of the best tips you can follow. When you’re scaling up, you’ll see numerous clients approaching you for their tasks. However, some of them may have unreasonable demands which you cannot possibly fulfill as per your quality standards.

We managed these scenarios very well, even as vFairs received a massive influx of customers. There were certain clients who wanted a virtual event within an impossibly short period of time. However, we politely declined these cases, as we felt we could not deliver a quality event in such a timeframe. We were committed to quality even as we scaled up and cemented our reputation as a company that cares about the overall client experience, not just revenue.??

Get Partners You Trust?

When you’re growing beyond a certain scale, you’ll often need a partner to share the financial and operational responsibilities with. Searching for the right partner can be quite tough, as you need to make sure they fit with your business ethos and work well with you too.?

Trust is a paramount factor in this case and should not be compromised. So do not be too hasty when choosing a partner. Assess what an investor is bringing to the table and what sort of involvement they’ll have in your company. Then, make sure you have more than just one option to choose from. This will help you make the right choice and forge a partnership that works in the long run.??

Focus on Customer Experience

This is a key aspect that will help you scale up your business effectively. Many companies can offer impressive technologies and make them work for a certain customer base. However, it is how you treat your customers which makes them come back. You need to give them such an amazing experience that they consider you their go-to solution. That is why we focus so much on scaling and training vFairs post-sales staff and offer a dedicated project manager to help our clients before, during and after events.?

A great way to assess this success is by looking at your G2 and Capterra reviews. Ask your clients to give their feedback after you’ve served them. Then take that feedback in account as you progress.

We did just that with our customer reviews. We listened to every bit of feedback clients shared with us and updated the vFairs product accordingly. Customers appreciate this sort of response, and are bound to recommend you to other people. Therefore, an optimal customer experience and consistent support is important for scaling your business.?

In conclusion, you can scale your business in a sustainable and successful manner, as long as you keep a few things in mind and don’t get ahead of yourself. Make sure you to have quantitative and qualitative feedback at every stage.?