Every business owner thinks of taking his or her business to the next level at some point in time. Whether it is a fast-growing tech startup or a family-run retail store, there is always a growth milestone insight. Business owners want their businesses to have an impact on their customers and communities and want to keep their profile looking better.
However, with over 30 million small business entities in the US alone, there is a lot of competition in any sector you can think of. So, how can you scale your business organically and do what your peers are not willing to do? Well, here are the top steps that you can leverage:
Restructure Your Business Model
Your business model dictates how you run your business, and if you are going to scale up, you need to change things a bit. With technological advances and the ever-changing societal change, your business models need to be more efficient. Restructuring your business model can be a long and arduous process but it will pay in the long run. Think of increasing department collaborations, adding more channels of communication, or eliminating middlemen through online sales. All these can help you scale up as they reduce your operational costs.
Acquire more Customers
Sales and marketing play integral roles in the business game. Bringing enough customers to your business will ensure that your sales and income are somewhat predictable, which implies that you can scale and grow organically.
So, instead of spending a lot of your time emailing cold leads and begging for their attention, use automated acquisition methods like the use of a sales funnel that nurture your potential customers till they are ready to take action. This also gives you time to focus on ready-to-buy customers as well.
Additionally, you can use multiple channels to market your high-value offers to potential customers. Remember that relying on one marketing channel can put your business at risk because if it fails, your business will suffer.
Invest in a team
Without a talented and reliable team that’s ready to support you, it can be challenging to scale up your business. Trying to pursue new business opportunities while your team is dysfunctional puts your business into a lot of risks. So, always strive to hire a team with the right skill set to take your business from where it is currently to the next level. While you may begin by looking at the skills and experience, the real deal is whether your team has the right attitude. As a guide, shortlist by capability but hire by commitment because you want people who are ready to work hard for the right reasons. For more tips on smarter ways to grow, schedule a business coaching session with the Maui team: https://mauimastermind.com/
Invest in technology
One of the most important things that you should focus on when scaling a business is technology because it makes the process easier and less expensive. For instance, it allows you to gain huge economies of scale with less labour, particularly if you invest wisely.
- Think of automating your processes so that you can run your business at a lower cost and more efficiently.
- Evaluate new products in the market that can save you money and time yet accommodate more volumes in most aspects of your business. Consider your CRM, sales management, accounting, marketing automation, shipping, HR and other technological systems.
- Besides software, evaluate networks and hardware such as your computers, printers, servers and other technology equipment.
Focus On Your Core Competencies
To operate at scale, you need to focus on mastering your business’ core competencies. If you focus on the wrong aspects of your business, your growth will delay and your team will be negatively impacted. In every business, there are certain tasks and processes that generate more leads and revenue than others. If you want to scale organically, these are the tasks that you should prioritize on your business schedule as they are the ones that will enhance fast growth. Remember that scaling any business begins with identifying areas where you offer more value and aggressively ramming those specific operations.
‘Scaling up a business’ is a common phrase in the business world, and in most cases, it is perceived to be a positive phrase. However, not all scaling processes are effective or offer value to a business bottom-line. Scaling strategies that prioritize short-term goals over long-term success, for instance, are not healthy or sustainable. Following the above-highlighted steps will ensure that you have the resources to scale your business in a natural, sustainable way without getting trapped in a spiral of trying to keep tabs with parts of your business that are thriving and gratifying unevenly. Always remember that it is about fuelling the fire—not putting it out.