Whilst growing their company is every entrepreneur’s dream, growth requires that you scale - and that’s not the same thing. Let’s get the difference clear: growth is normally a factor of turnover and is all about adding percentages here and there around a business. Scaling, on the other hand, is a process-driven approach to growth. It’s no longer about growth for growth’s sake - the growth needs to be managed. Scaling a business means changing not just the pace and scope of growth, but also the manner in which that acceleration takes place. The pace at which expansion takes place requires careful judgment. You’ve got to get the balance between over-extending the business by expanding too fast, and the business stalling and not keeping up with demand by going too slow. Scaling requires different actions to growing - so it follows that a different mindset is also needed. Clearly, scaling effectively requires the right tools. Tapping into global talent is a key one.
Why, you ask? Because the importance of scaling with the right team cannot be overstated. Great people are the key to building a successful company of any size. COVID-19 has proven that remote work works - so why limit yourself to only the talent that lives within a 30-mile radius of your office? A major advantage of hiring remote team members is that the talent market is much bigger - if you go global you get more choice - it’s that simple. Outside the top 1% of STEM graduates instantly poached by the likes of Google and Microsoft, there are still many really smart and highly motivated people available - they just don’t all necessarily live within commuting distance of your office. Our experience shows that STEM graduates in developing countries tend to be much more highly motivated than their average counterparts in places like London or Sydney. This flows from a different world view and a much greater hunger for success given the fewer employment opportunities available, as well as vastly different socio-economic circumstances. Add to this the fact that you will be empowering and growing super smart and hugely talented graduates in the developing world and you also have a compelling CSR and social enterprise benefit to consider.
Going global and remote will mean a leaner operating model that draws on the savings to be made from excluding office costs - helping you scale - and creating a competitive advantage. Not only will you conserve cash on office-related costs like IT setup and equipment, facilities management and desk space, but partnering with a trusted offshore outsourcing provider will take away the headache of dealing with data security, HR issues and other related concerns. The cost-savings arbitrage if your global talent is based in a developing country can be significant. Simply speaking, taking on offshore teams means you can hire talented people at a fraction of the cost - reducing the need to capital raise. Surely a well-thought-out part of an efficient scaling plan?
Another key advantage of hiring global talent is the diversity it will bring to your business. Diversity on your team isn’t just an asset, it’s a must. Stephen Covey (author of ‘The Seven Habits of Highly Effective People’) once said: “Strength lies in differences, not in similarities.” In today’s world, diversity (which includes gender, religion, race, age, sexual orientation, disability, linguistic differences, socio-economic status and cultural background) has never been more top-of-mind - and it’s something you should be thinking about with your business. Diversity is critical for an organization’s ability to innovate and adapt in a fast-changing environment. According to Forbes, McKinsey and Harvard Business School workforce diversity is a key driver of internal innovation and business growth, companies with diverse executive boards enjoy significantly higher earnings and returns on equity, and multicultural networks promote creativity. Importantly, diversity helps a business’s bottom line. Diverse companies are better able to attract and retain top talent, improve their customer orientation, and have higher employee satisfaction rates than companies that are not diverse. Uniting diverse individuals with different backgrounds pools their strengths into a common company culture. When employees feel valued by their managers, they become happier individuals, and, in return, more productive. That diverse group becomes a team that is committed to seeing the company succeed - another part of an efficient scaling plan.
If you’re looking to scale your business and want to know more about tapping into the best remote teams, download our eBook, '30 Essential Questions to Ask a Provider Before You Outsource’. It will ensure you're informed and have the right questions to ask when considering the next step.