For the last few months I've been focused on scale and growth. How to scale your business is something that many people want to do but are not sure how to do it. Sure I've started a few companies and sold two, but I find that from time to time I get "lazy" and need to push myself. Also I've never really FOCUSED on growth, with purpose. Now I am. Entre Leadership podcast has been a huge resource of tips and inspiration.
Sometimes I get caught up in the hustle of keeping my head down working in my business that I forget to look up and focus working ON my business. The only way to scale and grow.
At this weeks Adrian's Network meeting in New York City a group of about 20 business owners, many very small one person business owners and a few like me with with small teams gathered together to talk about scaling and growth.
How a company with 10 or 20 employees and $2 million in revenue grows is a bit different than a much smaller business. But this advice will give all sizes of small companies, ideas!
Recognize that every owner does not want to scale.
You might be earning a decent living and paying yourself a salary you're happy if. Maybe your husband or wife is providing a good portion of the household income. So the need for you to scale is not necessarily there. Or maybe it's just not worth your time or energy to put the work in to SCALE.
You must put a plan together for scaling.
It does not happen by accident. Dave Ramsey speaks about this quite about, in regards to the power of intentionality.
How To Scale Your Business with 5 Quick Tips
- Do a SWOT analysis and consider your businesses (and your own) - Strengths, Weaknesses, Opportunities and Threats
- Do you have the resources to scale. The right staff? The money needed? The family support??
- Are you doing great work? As Adrian Miller said "execute exquisitely". You can't do average or crappy work and expect to grow.
- Sell retainers. One off sales do get you money, but having a client sign on for a an annual contract, paid monthly, gives you recurring revenue.
- Pass knowledge to others on your team. If you know everything and are the only one learning, you won't have a team to help you grow the business. If someone on your team only knows how to work the copier, why not share that knowledge with others. Silly example, but you get my point.
There's different ways you can scale the business.
- For very small companies, in particular for those whose owner is also the solo team member, maybe instead of working with clients one on one you want to work with a group of clients. Charge each person a bit less but earn more overall, per hour.
- See what else you can do for your existing clients. Are there other things you can do for them?
TIP: I'm a firm believer, that EVERY business owner should consider at least an executive assistant to help manager their calendar and work on or manger projects.
Raise Your Prices
Pricing is a HUGE challenge for many of us. If you're competing on price, you end of doing work that you don't enjoy because you know you're not being fairly compensated. Also, doing work that's cheaper, means you're not able to focus on doing work that you can charge more for.
Raising your prices is about two things. You must be doing awesome work and earn the right to charge a premium for premium work. You must work with customers (clients) who value the work you're doing and want to pay for it.
Jeri Quinn advised us, to make sure you leverage your strengths more, avoid your weaknesses and ensure that the threats to your business and your own weaknesses don't collide.
Ready to scale your business? You can do it.
Here's a few things I've gone through in the past few months to grow Smart Hustle.
- I have a "vision board". Written down on paper what my goals are.
- Very focused on building the right team.
- We are focused on systems and procedures/processes that new team members can quickly learn and do. So we are not always reinventing the wheel.
- Although it's not fancy, we do have a sales system.
- We have clients. They trust us. How can we work with them more?
Would love your thoughts and insights.Use the contact form and share!