Business

Top 3 things to consider before scaling your business

Read the article to know top 3 things to consider before scaling your business! Business scaling is a term that refers to a business’s ability to perfo…

Published

3 years ago

July 20, 2021

cisepossoftware

Top 3 things to consider before scaling your business

Overview

Business scaling is an important project that requires thorough analysis and planning due to various challenges associated with it. Although increasing and expanding a business can be extremely beneficial from the revenue prospect, it can be detrimental to the brand if the scaling work is not executed correctly by retailers.

What is Business Scaling?

Business scaling is a term that refers to a business’s ability to perform well in situations of increasing workload. Scaling a business requires an efficient approach for increasing performance in order to achieve the desired result. In business, scaling is primarily determined by two important factors:

1. Capability of delivering the results (targets)

2. Capacity of handling the requirements to meet the demand

Now retailers need to ask themselves the following question and decide whether scaling is a good option for them.

Q1: Is their business capable of extension or capable of accommodating growth?

Q2: Do they have adequate resources to meet the targets without affecting daily operations?

Because if any one of the answers is no for the above questions, then executing the project will be a disaster because it will harm the quality of services and decrease overall sales.

In business, scalability refers to a business’s ability to expand without being constrained by available resources as production increases. There have been numerous technological advancements in recent years that have allowed scalability to be more convenient as it has simplified and automated many processes of keeping the operations efficient. POS software has become an important tool for retailers in business scaling. The point of sale system improves the processes necessary to manage business operations and assists in overall growth by improving efficiency.

Why is it important?

It is a reality that technology has increased business opportunities and offered owners a means of expanding their operations to boost their sales and revenues. Recent developments in POS software like the CRM module have altered how customers previously thought about engaging with and purchasing from businesses by making them essential through special discounts or loyalty programs. Retailers can easily scale their business with the help of POS software which is designed to bring efficiency in managing daily operations.

Also Read: 6 Entrepreneurs who started business in the Garage or Basement

The right time

There is no secret formula for determining the optimal time for retailers to scale their businesses. However, there are markers that indicate when it is time to take the next critical step and execute the project to improve the customer base, revenue, and brand recognition.

Some of the signs which point towards the need for scaling are as follows.

When there is a quick increase in business leads
When the increased workload is not being handled by the employees
When retailers face obstacles in fulfilling long-term business objectives

Three tips for business scaling

1. Technology

Technology simplifies the process and reduces costs for retailers when they are scaling a business. If retailers invest their time and money correctly in technology, they can not only improve the overall efficiency but also increase their revenue.

Today, businesses require multiple modules like customer relationship management, finance, merchant management, and others to manage their operations. Retailers use POS software to increase their effectiveness. The following are some retail POS software modules that are commonly used in scaling.

1. Accounting module

2. Inventory module

3. CRM module

4. Vendor management module

5. Sales module

2. Automation

Retailers can minimize the cost and staff required to complete the various routine tasks and bring efficiency to their operations by automating the processes. Automation reduces the extra time needed to perform the task manually and minimizes the chances of human error.

For example, Retailers can automate inventory counting task, which requires extra time and effort to complete. With the help of POS software, the business owner can check the status of inventory count at any given time using various reports available in the system.

3. Standard operating procedure

Retailers cannot scale their business without first establishing processes and procedures that allow efficient operations. The business owner must guarantee that these recurrent standard processes are appropriately delegated in order to simplify their business’s expansion.

Three mistakes to avoid during business scaling

Along with the tactics mentioned above for scaling a business, there are three serious mistakes that are needed to avoid by retailers.

1. Rapid Scaling

Retailers need to understand that scaling is a lengthy process that requires careful planning and execution. Retailers need to consider every aspect of scale up the business correctly, and any unexpected move can be a disaster.

2. Documentation

One of the most crucial elements during business scaling is documentation because it’s important for retailers to document each business process, which is helpful in the longer term in case of any obstacles.

3. Exhausting Resources

One of the core requirements of business scaling is to have enough resources to meet the targets. If not, the routine operations face delays that badly affect customers’ experiences and sales. That’s why retailers need to properly analyze how this plan will be executed, keeping in mind the requirements of daily operations.

Also Read: How Healthcare Industry Is Affected By Covid-19

Conclusion

Scaling a business begins at the concept stage. The retailers must have a clear vision for their business’s future development ten years from now. Retailers must thoroughly analyze all the core requirements before initiating the project because it will become easy to manage if any issues arise.

Related Topics:Business scaling your business

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Business

Lawsuit Claims Cinemark Shortchanged Customers on Sold Beverages

Published

3 hours ago

April 19, 2024

Manoj Nair

Lawsuit Claims Cinemark Shortchanged Customers on Sold Beverages

A North Texas movie-goer has filed a lawsuit over Plano-based Cinemark drink sizes.

The lawsuit alleges that the movie theater chain fleeced its customers by shorting beverages sold in the chain’s canteens.

The chain loudly advertised that the 24-ounce container is a better deal, claiming consumers will get more for less price, while the reality is that Cinemark swindles customers by shortchanging them on sales for the 24-ounce beverage cup.

Cinemark Accused of Shortchanging Customers on Beverage Sales

The proposed class action lawsuit has been filed in a Texas federal court and it indicts the movie.

The lawsuit further details how consumers got only 22 ounces of liquid, which is the maximum that can be filled in Cinemark’s 24-ounce cups.

It is alleged that the deception was part of a deliberate packaging and pricing practice.

Also Read: California mother files lawsuit against Tesla after her 2-year-old child starts Model X and runs over her

Theaters pay almost 50% of the revenue generated by ticket sales to the studios but keep all the profits generated by the sales of food and beverage.

Increased competition has pushed the chain to offer concessions and bonuses, and this helped Cinemark in 2023 to record its highest concession sales of all time.

However, the lawsuit alleges that Cinemark dupes its customers by shortchanging them on sales for the 24-ounce beverage cup instead of the 20-ounce beverage cup.

The reality is that consumers pay less for a 20-ounce cup, which is also a better deal than buying a 24-ounce beverage cup.

The complaint stated,

“The size of the container in relation to the actual volume of the product contained in it was intended to mislead the consumer into believing the consumer was getting more of the product than what was in the container by a twelfth.”

The lawsuit was brought by Texas resident Shane Waldrop, who purchased a 24-ounce beverage cup in February which cost him $8.80 before tax.

However, on closer look, he realized that the cup was not large enough to hold 24 ounces. This was confirmed later when Shane took the cup home and found that it could contain only 22 ounces of liquid.

Thus, the consumer was duped 2 ounces for every cup he bought.

The lawsuit charged the movie theater chain with neglectful falsification, deception, unjust profiteering, and a violation of Texas’ Deceptive Trade Practices Act and asked for a court order to halt such practices.

Waldrop is seeking compensatory damages and also demanded a jury trial over the claims.

Also Read: Johnson Controls subsidiary Tyco Fire Products to pay $750 mn to settle ‘forever chemicals’ lawsuit

Business

Mukesh Ambani’s 67th Birthday: How He Built The Reliance Industries

Published

3 hours ago

April 19, 2024

Manoj Nair

It is Mukesh Ambani’s 67th birthday, and today we will try to get to know about the incredible journey of this man who, with sheer determination and grit, has created one of the biggest conglomerates in the world.

Reliance Industries, which passed into his hands in the 2000s, grew at a pace which was phenomenal.

Born on April 19 to Dhirubhai Ambani and Kokilaben in Aden, Yemen, where his father was based before moving back to India.

Reliance Industries was already a big company, but its growth after Mukesh Ambani took on the reins was phenomenal.

With astute business acumen and strategic vision, Ambani has propelled Reliance Industries to dizzying heights, making it one of India’s most powerful empires.

It was under his stewardship that Reliance Industries diversified from being a petroleum company to enter other fields like Telecommunication and the Aerospace industry.

The 5G revolution, which has swept the country, is largely due to the efforts of Mukesh Ambani and his company Jio. Jio offered high-speed and cheap internet services to the farthest corners of the company, and this helped it to capture a major chunk of the telecommunication sector. Today the nation’s population is using internet data in an unprecedented way.

Another diversification move was the entry of Reliance Industries into retail, energy, petrochemicals, and media. Reliance also acquired and invested in Future Group’s retail assets, as well as the creation of JioMart, an e-commerce venture.

Reliance also entered into a partnership with the Indian media company Viacom18 and the American entertainment giant Disney to create a joint venture, valued at $8.5 billion. The venture also gave exclusive rights to Reliance to distribute Disney productions in India.

It is his futuristic vision which catalyzed Reliance Industries to invest heavily in the renewable energy sector. The company has built solar and wind energy farms and is contributing in a big way to help India achieve its renewable energy targets while lowering carbon emissions and environmental impact.

Again, it is his futuristic views which made him create the Jio Institute, which is a truly world-class educational institution dedicated to cutting-edge research and technical improvement. The stated motto of the institute is to help develop future leaders and innovators who will help the country grow to become a developed nation in the coming decades.

The phenomenal growth and success of Reliance Industry can be attributed to Mukesh’s keen sense to anticipate market trends, evolve as per changing consumer preferences, seize emerging possibilities, and produce products and services of the highest quality.

As of April 19, 2024, according to Forbes, Mukesh Ambani’s net worth is to the tune of $115.8 billion, and he is ranked one of the top 10 wealthiest people in the world on Forbes magazine’s annual list of billionaires in 2021, 2022, and 2023.

Net Worth

Pavel Durov Net Worth 2024: How Much is the Russian-born Emirati Entrepreneur Worth?

Published

1 day ago

April 18, 2024

Vishnu Chaudhary

Pavel Durov Net Worth 2024: How Much is the Russian-born Emirati Entrepreneur Worth?

Who is Pavel Durov?

Pavel Valeryevich Durov, born on October 10, 1984, is a Russian entrepreneur renowned for founding the social networking site VK and the Telegram Messenger. He is the younger sibling of Nikolai Durov. After stepping down as CEO of VK in 2014, Pavel, along with his brother, led a nomadic lifestyle in self-imposed exile, holding citizenship from Saint Kitts and Nevis. He is recognized for his contributions to the tech industry and his advocacy for user privacy.

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Pavel Durov Career?

Durov’s journey in the tech industry began in 2006 when he co-founded VKontakte (VK), inspired by Facebook’s success. Under his leadership, VK flourished, reaching a valuation of $3 billion. However, conflicts with Russian authorities over user data led to his departure from VK in 2014. Subsequently, he focused on Telegram, emphasizing privacy and security, earning him acclaim as a tech visionary.

Pavel Durov’s Net Worth

As of 2024, Pavel Durov’s net worth is estimated to be an impressive $17 billion. His wealth stems from his pioneering work with Telegram and VK, propelling him into the upper echelons of the tech industry. Durov’s success serves as an inspiration for aspiring entrepreneurs worldwide.

Pavel Durov Age?

Pavel Durov, born on October 10, 1984, is currently 39 years old. Despite his relatively young age, he has achieved remarkable success in the tech world, demonstrating his entrepreneurial prowess and innovative thinking.

Pavel Durov Family: Parents

Pavel Durov’s father, Valery Semenovich Durov, is a distinguished academic with a Doctorate in Philological Sciences. His grandfather, Semyon Petrovich Tulyakov, was a decorated World War II veteran. Durov’s family background reflects a tradition of intellectual and academic excellence.

Pavel Durov Height and Weight

As of 2024, Pavel Durov stands at 5 feet 10 inches (178 cm) tall and weighs approximately 163 pounds (74 kg). His physique, along with his intellect and entrepreneurial acumen, contributes to his charismatic presence and success in the business world.

Also Read: Nasser Al-Khelaifi Net Worth 2024: How Much is the President of Paris Saint-Germain Worth?