For any organization, scaling business is a significant milestone. It however comes with its own potential downside, losing the company’s culture. Keeping up with the values, the behaviours and the beliefs of the business becomes quite difficult when a business starts expanding. If you however start neglecting the culture, that can have dire consequences. Leaders therefore need to be aware of the potential downfalls. They need to take concrete steps to scale the organization without losing its identity. Taking the help of a life coach can prove to be highly beneficial.
Scaling your business is difficult and it takes a lot of effort. In the beginning it means you will have to wear different hats. This also means you have to deal with sales and marketing. It means you will have to understand the corporate compliance and the taxes. This also means that you have to interact with the customers regularly. It really becomes very difficult for an individual to so all of that and it takes a toll on their health. But there is a way to handle this. If you buckle down, clear your mind and start looking at things in a different perspective, you will be able to identify ways that will help you grow your business and make more money.
Best Business Coach in USA helps you scale your business
There are several ways to scale your business, however, given below are the top 14 ways:
1. Create a Plan and follow it
If you do not plan, you are bound to fail. The most successful businessmen have a vision for growth and then they follow the steps that are required to achieve those goals. They follow a plan and this is the most important thing. Mostly the companies set their goals at the beginning of the year. They get people excited and pumped up. The problem is however, that by the month of March, no one is following the plan. If you create objectives of different lengths, that will help you stay focused and aligned.
2. Stay Focused
As an entrepreneur, it is quite normal for you to get distracted by the shiny object syndrome or you might be tempted to offer many products and services. It is rather important for you to have a core focus and niche that helps you stay in your land. You are thus able to deliver what you have promised to your customers.
You should first determine, what your key revenue drivers are and then you should double those. You should test the market to see, if people want the type of product and services you are offering and are they willing to pay for it. There are several companies who spend money for R & D for a new product and finally fail because they realize that no one wants the products or the services that they are selling. Make sure that does not happen to you.
3. Document the processes.
Without documented organizational processes, it is impossible for you to scale your business. To ensure that everyone in the organization is on the same page, you should be able to develop KPIs and SOPs. This helps in breaking down the steps and strategies that your organization and your team will follow. Once this is documented, the new hires and the members of the team are able to access it quite easily. This reduces the training and the ramp up time.
4. Proper Marketing Plans
If you do not have a healthy growing pipeline, you will not be able to scale. For brand awareness and business growth, the inbound and the outbound marketing is a must. You should work closely with your clients and use them as your fans who help you attract more business. By asking your existing clients the reason as to why they value your product and sharing their feedback, helps you attract more clients.
5. Act like a squirrel when it comes to spending money
Yes, it is important for you to spend and invest in your business. When you are however doing it, you should know to save wherever you can. It is highly recommended that you do not buy things that you do not require, that do not have a direct relation to a proven ROI for your business. For example, even if you are a CEO, it would be better if you do not take the CEO salary in the initial days. You might even be the last one to take the salary and you might even be the lowest paid employee in your organization for some time. You can hire a good mindset coach, who will help you align your mind. Another thing that you need to do is to ensure that you do not plan too far or start counting on the money that you have not yet closed. You should always work within the operating income that you currently have. The last and the most important thing is that you need to track your burn rate consistently. This will help you get an estimate about the amount of runaway you have with the reserves.
6. Collaborate with the finance professionals
If you want to scale your business, it is important for you to manage your finances. Therefore, make sure that you have a solid bookkeeper and a CPA whom you can rely on for guidance and suggestions. Taking the help of the best life coach in Canada or USA can be a good idea.
7. Invest in yourself
It is not very easy to become a good businessman and it needs a lot of work to do so. Therefore is highly recommended that you invest in one of the best business coach in USA. You should do your homework and should also be clear about the areas you need coaching in.
8. Strategically hire FTEs
If you need to have FTEs, the right move is to hire qualified people in their fields who may cost you a little more at the beginning but will be able to perform immediately and bring results. The biggest mistake that most small businesses make is that they hire less skilled employees to save a few bucks to finally end up spending more for their training before on boarding and it also takes these less skilled FTEs more time to deliver results. Another thing that you need to ensure is that your teammates should have several metrics to measure them by. Thus, their role is clear and they know exactly how success looks.
9. Outsource whenever required
You do not need employees for all positions. It would be a good idea to hire contract workers, CFOs and COOs for those positions and jobs that do not have full time work or in times the work of the client is short term. This helps you to align a professional with your capacity.
10. Delegate your task as and when required
It is not very easy to create and execute your vision. Therefore, it is important for you to learn how to delegate your task. This will allow you time to work on the business rather than work in the business. When you can trust the professionals who you have hired to do your job well, you are left with a lot of time that you can use to scale up your business.
11. Check the processes first
Your business is set on a repetitive process for operations, marketing, sales etc. Therefore, if you want to scale your businesses, you will have to scale your processes too. You try setting up a process for a company that is 3 to 10 times bigger than your present company. Yes, you can surely run the payroll now, but you will not be able to do it for 100 employees.
12. Check out the results for the last quarter
In the short run, all growths do look appealing, but whether it will be viable in the long run is all that matters. The most important difference between the flash in the pan businesses and the businesses that are successful in the long term is that these businesses are able to see the bigger picture. If you are looking to grow your business, it is first important for you to see, if it makes any sense in the long term. If you compare the costs to the long term gains that will help you make the right choice.
13. Quietly launch your product
Any business that is successful will start to scale, however, if you want to manage your growth with quickly scaling it, you will have to throttle the marketing. If you launch your product or service online quietly, you will be able to manage the customer influx and will also be able to grow on your own terms. If you are launching a strong campaign, you will not have the control that you would have for a soft launch.
14. Hire those people who will be able to identify the inefficiencies
You should be able to include those people in your team who have the capability to identify your business inefficiencies and will also be able to help you to drive your business forward. If you want to scale your business, you need a team of people who are not afraid of failures.
Conclusion
As your business starts gaining attention, it is tempting for you to significantly ramp up production by taking in new clients. If you however do so without seeing the long-term effect that will be disastrous for your business. Therefore, it needs to be balanced out. You can hire the services of a good mindset coach in USA, who will help you a lot. You need to grow but not grow so fast that might lead to the damage of the company that you have put your heart into.
