Do you want to scale your business but don’t know where to start? Your uncertainty is most likely a byproduct of a lack of clarity surrounding the current state of your business. Data is key in scaling your business, and there are several core data points that any business owner needs to know about their business in order to grow.
The first step in moving forward is understanding exactly where you are now. Do you know exactly where your revenue comes from, and how much your business is making? Can you clearly define your target audience? Do you know the best ways to engage with them? These are just a few of the core data-driven questions you need to know before scaling your business.
Understanding exactly where your business currently stands opens the door to creating a strategic roadmap for growth. This strategic map is based upon the 7 core pillars of your business.
Let’s discuss these 7 pillars, and how to devise an action plan that drives growth for your business.
# 1 – Financial Growth & Stability
For nearly all businesses both big and small, the objective is to increase revenue. Increased revenue can equate to increased stability. Stability is key to surviving the peaks and valleys of entrepreneurship.
Review your financial data. Uncover the distribution of your revenue. Is it spread across several clients? Do some clients bring in more than others? If so, how much more? How much is your business spending? Is there financial room to hire a new employee, or are you already bootstrapped?
Once you have your data you are ready to set some goals for your business.
How much do you want to make in revenue – annually, monthly, and weekly? What kind of profit margins do you want to see?
The answers to these questions is your starting point for your strategic growth map.
#2 – Marketing & Visibility
Can you clearly define all of the steps in your customer acquisition process? How specific is your target prospect market? Does it need to be narrowed down, or expanded?
These questions are paramount in attracting new customers and play a key role in marketing your product or service. The goal of marketing is to bring your prospects to you instead having to constantly sell via cold outreach. In order to effectively market your business, you need to know who you are marketing to. This requires data of who is using your product or service.
This data will help you create an actionable marketing plan to attract new clients, and expand your business.
#3 – Product Offers & Innovation
Every business sells some product or service. Some businesses offer just one straightforward service, while others offer several different products lines. Whatever you sell, it is important to regularly audit your offerings. Which ones sell the most, and which ones sell the least? Should you double down on what works, and cut those that don’t? Should you expand your offerings, or slim them down to a more focused product or service line?
These answers will bring clarity to what your business offers to your clients. This clarity will help shape your marketing strategy as well as play a key role in increasing revenue.
#4 – Operations & Efficiencies
Running an efficient business is half the battle of entrepreneurship. Efficiency requires organization. Are you using the right tools and systems to optimize the efficiency of your business? Are your operations clearly defined with SOPs?
Scaling a disorganized business doesn’t work well. Growth requires focus and definition. Take some time to make sure that your business is set up for success with the right operations in place.
#5 – Scaling & Team Growth
A business is only as good as the team that runs it. Very few businesses of any size, in any industry, can grow without hiring help. While it adds additional expenses to your bottom line, the right people add far more value to your business than they cost. When you have the right team behind you, the sky’s the limit for success.
You may find it beneficial to hire a Director of Operations or an Online Business Manager to run your team. Doing so will give you the time and space to focus on your growth strategy, instead of getting bogged down in the day-to-day operations management.
Do you have the right team members in place to successfully scale your business?
#6 – Personal & Professional Care & Development
You can’t take care of someone else until you can take care of yourself. This applies to your customers. Self-care is incredibly important when it comes to entrepreneurship. Starting, running, and growing your business takes a lot of work. It can cause a lot stress and a lot of sleepless nights. If your business is going to be successful, you need to first make sure that you are setting yourself up for success.
Take time every day, week, and month to just slow down and rest. A vacation every 2 -3 months may seem like a fantasy, but it’s more attainable than you might think. It is important to completely unplug and destress for a couple of uninterrupted days. Doing so can cut down on your risk of burnout.
Beyond self-care and rest, it is also important that you continue to grow both in your personal life, as well as in your professional life. Picking up new skills and hobbies is an excellent way to continue to grow and learn. This can spark creativity and innovation which are essential to any successful business.
#7 – Customer & Client Experience
It may seem strange to talk about your customers and clients last, but if you take care of the previous 6 pillars, your clients will be taken care of as a result. When your business is focused on its financial goals, marketing strategy, product offerings, operations, with the right team in place behind you, a rested and growing entrepreneur – your clients will receive the best possible care and service possible.
Here are some questions to ask yourself to round out your strategic growth map.
- How long is your customer onboarding process? Does it need to be simplified?
- What does success look like for each of your clients?
- Are there clients that do your business more harm than good?
Need Some Help?
Need some help devising a growth strategy for your business? The answer might be in hiring the right director of operations for your business. We’ll work with you to set attainable goals, and map out your journey with a step by step process to reach the summit of your revenue climb. Together, we can turn growing your business from a daunting business venture, to an exciting, rewarding, and successful adventure.