You have a great business and it is doing very well.
You feel there is room to grow, yet you are not moving forward to get there.
Or perhaps you are moving forward, but nowhere near the speed that you want to.
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So, how do you scale your business?
Today I want to share 8 key elements needed to make that happen.
1/ Automate everything you can
If you can do it more effectively with automation, then do it with automation, but don’t automate just because someone else tells you to. Find the things that are taking valuable time from your people that can be automated.
2/ Spend money on marketing
There are many times I ask a business owner, “what is your marketing budget?” and the answer is nothing but a strange look on their face. Which means: I don’t know. There are all kinds of formulas out there, but I make it very simple. Look at your gross profit and spend 10-20% of it.
You might have a different formula, but remember:
A/ Define everything that counts as marketing.
B/ Decide on a number and roll with it.
C/ Measure the results – if you can’t measure it, don’t do it.
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3/ Build the right team – get the right players on the bus and the wrong players off
People hate to make changes, but some players are great at taking you to a million dollars a year, but not beyond. Some are great at taking you to 10 million, but that is the end. Don’t hesitate, but don’t be rude. Help them find other positions. You need the right players on your bus if you want to make this happen, so make the changes you have to.
4/ Know what you want – where do you want to take this business in the long run
You cannot scale unless you understand your long-term goals. Where do you want to take this business? To 1 million, to 10 million to 100 million and beyond. Defining this is critical to scaling your business.
If you run out of money, you will be stopped in your tracks. Understand what it is going to cost, but also understand how cash actually functions in your business. If you have a long collection cycle, you need to know how you are going to fill the cash needs during that time. Stretching your payments to your vendors doesn’t work and can really hurt you. If you don’t understand cash flow – learn it. You can hire someone to manage it, but you still have to understand it yourself.
6/ Determine what works and what doesn’t
Build on what is working, making it central to your business. Look at what is not working. Decide if you need it. If not, dump it. If you do need it, then find a way to make it work the way it needs to.
7/ Understand how to get new business
Scaling happens when you grow and requires new business or expanding existing business. You do not have to be the one that actually manages acquisition of new business, but you have to understand the need and the process. As the CEO, you are responsible for understanding your business on this level.
Read my book to get started: Successful Selling Starts at the Top.
8/ Lead or get someone else who can
What is your strength? That is where you fit in to the business. If you are the best sales person, then you need to sell. If you are best at money management, then engage with that process. If operations is where you shine, then you need to do it. If you do not see yourself as the CEO, then you need to find one. It is your business and you need to understand and monitor all the pieces, but that does not mean you have to be the CEO.
I hope these tips will help you in your journey.
If you are looking for help, or just want to talk about your business, then connect with me.
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