You have survived and thrived as a startup. You have customers and a healthy balance sheet. Does your business have the potential to multiply revenue with minimal incremental cost?
Lack of scalability can hinder your business growth. The challenge of a scaling company is the number of increasing transactions which need more complex financial oversight. Not having the right foundation in place to facilitate an effective workflow is like turning on a fire hydrant without connecting the hose — no one knows what’s going on and it’s flooding.
Some of the ways finance departments limit the scalability of companies is: process inefficiency, lack of clear information and inadequate controls.
4 tips to make sure you have scalability in your operations:
• Make sure you have the right skillsets on their team for different situations that arise
• Implement efficient processes that bring best practices from their industry
• Capture information in a way that you can report on the back end
• Have systems that are integrated and don’t require manual data manipulation and maintenance of data across different systems.
In this video Bill Klein, President of Consero, discusses how to avoid the most dangerous pitfalls and problems that arise when you are trying to get your company on a more scalable operational platform.
