Josh Felber is the CEO/CMO of 10x Training Systems LLC, uncovering the mindset and success strategies of the top 1%.
So, your business is growing, and you now need to strategize and ensure you don’t just grow but grow exponentially. To properly scale your organization, it’s important to have the right people doing the right jobs. To do this, they must have adequate processes that can help them adapt to increasing demands.
It’s important to know to understand what it means to scale, where you intend to go and to work out actionable steps to get there. Growth can imply that you are adding new employees, capital and equipment as well as seeing an increase in profits.
People have other notions of scaling means, but at its most basic, if you are scaling, it means that your revenue is increasing at a much faster rate than the rate of expenses or investment in the business. Here are three basic steps to keep in mind so that you can scale your business.
1. Strategize based on what only you can offer.
To bring in long-term growth, look beyond quick revenue goals and understand the strengths and weaknesses of your business. Strategize by maximizing the use of your unique selling proposition. Figure out whether it makes economic sense to target new customers or engage existing ones. Things to include in your strategy.
• Identify your target audience.
• Look at feedback about your product.
• Practice market research.
• Create a marketing plan that focuses on your strengths.
2. Focus on your people.
We know that the success of a business depends largely on the people involved. I believe that you can do more with existing resources if your employees have the drive to go beyond. Make sure your people are happy, and the rest should fall into place automatically. Invest in their training to ensure they are always at the top of their game. By developing them, you are increasing the quality of input into your business. Things you can work on with your employees.
• Technical competencies that they need on the job.
• Soft skills like communication and time management.
• Leadership skills like problem-solving and team-building.
3. Automate what you can.
Employees spend a considerable amount of time doing tedious manual tasks. I recommend that you invest in technology that can automate administrative jobs. This can help you use your existing resources efficiently. You will see a higher output with the same headcount. Things to consider when thinking about your company’s resources.
• Administrative tasks like appointment scheduling, payslips, etc.
• Your vendors/software.
• Costs and the rate of returns before you invest.
I have seen businesses succeed despite the economic hardships that the pandemic brought with it. This has been possible through curtailing costs and innovation. As you start to scale, you must also prepare yourself for challenges.
Have enough financial security to act as a buffer in case you need it. This will allow you to absorb losses while letting you continue with the business. Brainstorm and identify what contributes to waste—waste of time, resources and productivity. Then eliminate them.
This also works for the product or service that you offer. Remove features that the customer does not need. If you focus on the customer, they will in turn focus on you.
I know that it is difficult to scale. But by keeping in mind the above points and having the determination and drive, I believe that you can succeed. Commit yourself to the people around you—your employees and your customers—and there will be no stopping your organization.
Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Read the full article here
