STOUT Strategies: Is it time to scale your business?
How to Handle Growth Without the Growing Pains.
If you are an existing business with steady revenue and a small team, you’re probably thinking about growth. Setting new goals is a given for growth, but it can be difficult to know how and where to start the process of scaling to meet those goals. Luckily for you, we’ve rounded up some great advice from Shaun Buck via Entrepreneur on the first steps to successfully scaling your business.
Growing your team is key to successfully scaling your business. Starting new initiatives without having staff in place to support them is a no-win situation. Once you have a solid team, make sure they have the tools to get the job done. Not having processes and systems in place to facilitate workflow is “like turning on a fire hydrant without connecting the hose”-hard work goes to waste and nobody enjoys the flood. Once you’ve set up the foundation with your team and processes, be sure to be in tune to your customer’s needs and perception of your brand. If your finger is on the pulse, you are better positioned to take your business to the next level by converting happy customers into brand evangelists.
Takeaways: Scaling Your Business
- Keep doing what got you this far-it’s working!
Bold, fresh initiatives are exciting, but hold off until you’ve got a solid team and process in place to support your expansion plans- then you can go for it!
- Hire the right people.
Find the support you need by matching the right skillsets and culture fits. (A hiring hard truth: if you think no one can do it as well as you, or you always end up with a “bad team”, it’s not the employees, it’s your leadership skills. Make time for a self-check).
- Implement process to set your day-to-day systems on autopilot.
You’ll free up your time and creative energy for better purposes, and take some pressure off of yourself and other key team members.
- Never take anyone for granted-especially customers.
All of this can backfire if you lose sight on your customer. Being customer centric yields high returns so be sure to be in tune with their needs and perception of your brand.
Stout Growth Strategy in one line?
Team up, tighten up and key in and you’re on your way to successfully scaling your business.