The Actionable Steps You Can Take To Scale Your Business Instantly
After going through your spreadsheets and assessing your business’s profitability, you’ve decided it is finally time to scale up your business. With your profits and team now in order, you are excited about taking your business to new heights. However, being your first time to do so, you might be a little overwhelmed not knowing how to go about it or even where to start. There are plenty of crucial factors you need to consider when scaling a business. Below, we have provided a step-by-step process for scaling your online business.
Looking for ways to further help scale your business? Get in touch with the team at Strategy And Execution today.
Step 1: Harness The Power Of Your Money Mindset
You need to carefully evaluate your mindset before taking any further steps. When you have the right mindset, the sky’s the limit.
Financial expert Peter Wilesmith emphasises the need to get your finances in order before you hit the scale button. “Money is a vital part for any business, especially when it comes to scaling. You need to have the finances planned for spending on scaling, because if you don’t your business can very easily become non-existent.”
To get started, determine what your goals are and whether you are actually ready for your business to scale. If you don’t have big goals, your business will remain small. You need to have a positive attitude towards your business, finances, time, and goals.
Step 2: Find Similar-Minded And Passionate Entrepreneurs To Scale Your Business On Autopilot
If you want to quickly scale up your online business, having team members with an employee mindset will likely do more than good. A typical employee will be more interested in doing the minimal amount of work and getting their paycheck. While employees still have a role to play when scaling your business, you should ensure that your team mainly consists of passionate entrepreneurs.
Step 3: Work On Your Business Rather Than Working In It
If you are actively involved in all tasks of your business, this can hinder you from realising your full potential as your time and focus will be split between running and growing your business.
For Zena Fares, owner of a large waste company in Australia, she needed to build a system for her business in order to grow it. “As a business owner, I simply don’t have the time to oversee and involve myself in every single aspect of the business. Hiring people to do those jobs for me obviously took a financial investment, but it has been worth it. I have more time to plan on future business strategies and that’s critical in order to keep scaling.”
The best way to handle this is to hire a team you can delegate various tasks to, thus allowing you more time to focus on growing your business. For instance, you can hire a team to handle the emails as well as a team of closers to engage with prospects and convert them to clients.
Step 4: Manage Your Expenses and Automate Tedious Business Tasks and Processes
You should expect your expenses to increase as your business grows. However, automating as many business tasks and processes as possible can go a long way in maximising your profits and revenue. By investing in software that automates certain tasks, you will have more time to focus on other tasks. Identify all the tasks that can be automated in your business. For instance, software that schedules appointments for you can help you save time. You can also consider automating your sales funnel as well as remarketing campaigns. When it comes to business, time is money. When you automate trivial tasks, you will be amazed at how much time you get to save.
Step 5: Focus More On High Ticket Clients
Focusing exclusively on high-ticket clients allows you to do the least amount of work while maximising your profits and revenue.
Architect entrepreneur Michael Yousef notes that it’s quality over quantity for his clients. “In architecture, you often only get one chance to get it right and increase your reputation and trust. Going for the higher-paying jobs is one way to help your business scale faster and better, because those types of clients are going to arguably have better connections and referrals for you. Fighting for the scraps may get you lots of constant work, but it’s never going to get bigger than that.”
After you’ve put in place support teams, the next step is to analyse your offers and market positioning. Consider this: which is better? Working with one client that pays $10,000 or working with 100 clients who pay $100? When looking to quickly scale up your business, your best move is to focus on high-ticket clients.
When it comes to scaling your business, you can’t afford to miss a step. But with Strategy And Execution, you’ll ensure that every important step is taken.
Strategy And Execution know that scaling the business doesn’t happen overnight, and it also has to happen at the right pace based on your individual needs. Get in touch with the team and start the process of scaling today!