A Sure Way to Scale Your Small Business: Growth in 6 Steps
As a small business owner, one of your main goals may be to scale your business and ensure future growth. This can be achieved by any small business, agency, firm, or consultancy. We are bringing you a six-step formula that is tried and tested - growth in 6 simple steps.
Here's a quick overview to aid in the growth of your small business:
Prepare in advance for growth
If your business is not preparing for growth, you will miss out on opportunities when they arise. Hence, it is vital to ensure that your business is ready for growth before opportunity knocks at your door. For example, your internal operations should not hold you back from managing a larger number of customers. You need to be able to accommodate new employees who will support your business growth. This will help you reap the maximum benefits from the new opportunities and enable your growth.
Learn from the competitors
Have a look at your competition, and you can get some valuable inputs on how to scale your business. By scanning your competitive environment, you can get ideas and understand your strengths and limitations. This will allow you to find your niche in the market, taking advantage of opportunities accordingly. When you know your competition, this will also inspire you to take your business to greater heights.
Build a great team
Any small business that wishes to scale should be equipped with an excellent team of employees or contractors and have the resources to hire talent when the opportunity arises quickly. Your team is fundamental to the success of your operations and your growth. It's essential to make sure that all the team members are in alignment to scale. They need to be aware of the importance of core business values, processes and consistently deliver quality work. You should also develop the right culture within the company, where people will be encouraged and given the resources to excel. Corporate culture is a significant driver of output - the more you put in, the better the results. You should engage, recognize, motivate, and reward them, and they, in turn, will offer their fullest support to ensure your business growth.
Talk to an expert
When you are scaling your business, there is no doubt that you will face numerous challenges. It won't always be possible for you to find solutions to some of those challenges on your own, and this is where you will need external help. Delegation is critical when you want to scale your business. You will need to be open to external expertise, and it will surely provide value to your business as you overcome growing pains. A great project manager can guide you in setting up proactive systems for growth and will help you scale.
Never compromise consistency or quality
You should never compromise consistency or quality as you scale your business. Both consistency and quality are vital for growth. If you allow customer support to deteriorate as you grow your business, you will quickly lose the new business. Methodologies like The Iron Triangle in Project Management are excellent guides to ensure standards are maintained. The focus of the Iron Triangle is on scope, time, cost, which equals quality. If there is a break in the triangle at any point in the services you provide, all three focus points must be looked at and adjusted. Otherwise, you will compromise quality.
Read more on the Iron Triangle here
Identify the barriers that keep your business away from growth
Knowing your enemy wins the battle - by identifying your blockers, you can immediately start working on ways to overcome them. In the end, you not only overcome the enemy in the battle but win the war. The project managers at Optimize Management Group can help you identify barriers and make data-driven decisions to turn these barriers into opportunities.
Contact us today for guidance in helping you scale your small business.