Improve Business Operations With Economies of Scope

Improve Business Operations With Economies of Scope

The other day, my household experienced one of the great tragedies of the home delivery era: our grocery delivery was canceled.

You know what that means. I had to go to the grocery store. Like, physically, in person, go inside the grocery store.

I survived, but phew. Let’s just say there were a few close calls.

All in all, though, it was a successful trip. I picked up a couple of prescriptions, had an eye exam, switched the pet insurance, got some advice about first-time homeownership, and even remembered to get dinner fixins. I would’ve gotten my oil changed and tires rotated, too, but I don’t have a car so… Yeah. I didn’t do that.

This is what economies of scope look like. Economies of scope are when it’s more cost-effective to produce related items together than it is to produce them individually. In the 21st century economy, it’s also an increasingly familiar model as brands continue to expand their offerings to consumers.

As a consumer, this model is great. We don’t have to run around all over the place to take care of all our responsibilities. For companies, it’s not a bad model, either.

Economies of scope – offering all of these services under one roof – companies are actually spending less by offering more.

But wait – how does that work?

Well, I’ll tell you:

Welcome to Process Street! 👋 Right this way, please.
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Why Scaling Your Sales Team Isn’t Just About Adding Reps

sales teamBuilding an initial sales approach is something loads of us have attempted to do at some point or other.

Sales ends up being one of the key ways companies grow and scale. We all know this.

But there’s a big difference between doing effective outreach for your startup on a high-touch basis where you’re still understanding customer needs and figuring out approaches, and turning this knowledge into a sales machine with a full sales team that can operate in a financially efficient way.

Understanding yourself in the market and growing to be the company you want to be require different slightly strategies.

This growth from tiny solopreneur kind of structures to managing teams with effective documented practices is what this article will be all about!

In this Process Street article, we’re going to take a look into some expert insights from Close.io‘s recent webinar with their CEO Steli Efti, Process Street’s CEO Vinay Patankar, PandaDoc‘s Director of Inside Sales Mike Paladino, and Groove‘s VP of Sales Mike Sutherland.

We’re going to pull out the key questions to help scale your sales in a way that works:

  • What do you want to scale?
  • Is now a good time to scale?
  • How do you build a process for scaling?
  • How do you get a sales teams to follow the process?
  • When and how do I add people to a sales team?

And finally, we’ll give you 10 free process templates for different areas of sales for you to start using in your business today.

You can watch the whole webinar here: How to build a scalable sales process (Q&A webinar)

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How Salesforce Built the Fort Knox of Data Security

Benjamin Brandall
November 15, 2017
IT

Think about what’s at stake if Salesforce suffered a breach…

  • American Express, Philips, Vodafone, Virgin, Western Union, GE, the U.S. government, and 150,000 organizations risk their communications leaking to the public
  • This includes trade secrets, financial documents, passwords, and bank details
  • Hackers could believably impersonate bank employees or government officials

It’s a terrifying concept for Salesforce customers, and just as frightening for Salesforce themselves; if a breach like that happened, their $61b company would suffer tremendously.

A company as well-known as Salesforce has a huge target on its back, so it needs to have the highest security standards even while scaling up and innovating rapidly.

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How to Build a Minimum Viable Process Pack for Your Startup

I know, you want to cut out admin work. You want to cut out time wasted on bullshit that doesn’t directly impact traction.

It’s hard to pull yourself away from product and marketing for any extended period of time to focus on how efficiently your startup runs internally, but it does have to be done.

Srinivas Kulkarni, writing for ZDNet, reports:

“While it’s very easy to say that when startups are founded, there’s a lot of freedom, liberty and access in terms of work and building the product, technology or service that they offer, it is also important to realize that most startups fail because they don’t learn from their and others’ mistakes. It’s imperative that the experience comes from a process.”

A lot of the problems processes solve can seem like they’re easily fixed on the day they crop up, and it can seem like there’s no point in writing down how you do work when you’re too busy to even get it all done…

But any good startup will scale, analyze the ways it gets work done, and will try to improve its efficiency — that’s just what organizations that succeed do.

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Kate Erickson on Niche Marketing, Content Creation and Managing a Virtual Team

In this episode of Business Systems Explored we speak to Kate Erickson of the fantastic Entrepreneur on Fire.

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Kate’s talking to us about how her content helped propel EOFire to one of the biggest podcasts ever made, and how she’s about to do it all over again with her new blog, Kate’s Take. Kate lets us in on her marketing processes for creating high quality, actionable resources and how she makes damn well sure these resources are a perfect market fit.

Use the links below to listen to the episode, or subscribe on iTunes so you never miss out.

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