The key to securing dramatic growth in your business is to have an effective strategy that can adapt to the challenging modern economy. This includes planning for growth, setting realistic budget breakdowns, and implementing turnaround management practices when necessary. Turnaround management involves assessing and making comprehensive changes to revitalize a company and return it to profitability after a period of stagnation or decline. This is crucial as it prepares your business to handle rapid growth without running out of cash in its runway.
Formally defined, scalability means your business can handle rapid growth without going out of cash. It involves creating a client avatar, establishing core values and internal processes, and optimizing workflows.
Five Tips To Scale Your Business Bigger And Faster
1. Hire The Right Employees And Contractors
Hiring the right people is the most important thing you can do to grow your business. A good employee will add value to the company, help you attract customers and build long-term relationships.
On the other hand, hiring the wrong person can be disastrous. They may require frequent follow-ups, retraining and disciplinary action, which takes away your productivity as a founder.
That is why it is crucial to take the time to find candidates that truly fit your company culture. Taking a little extra time over the recruitment process, particularly for senior roles, doesn't put off serious applicants. Instead, it shows you care about finding the perfect candidate to take your business to the next level. Here are some tips on how to do just that.
2. Build A Great Team
Whether scaling up from a solo operation to a team of four or adding 20 new employees, it takes a strong, well-managed squad to live up to your customer promises at scale. That means investing in team-building.
Start by identifying each employee's strengths through the Clifton Strengths assessment. Then you should match their strengths to jobs within your organization. This will help them feel like their work matters and that they have a purpose that aligns with the company's goals.
Managers are critical for this; the manager determines 70 percent of the variance in team engagement. Make sure your managers have time on their calendars to meet with each employee regularly. This can be as simple as scheduling 30 minutes each week to chat about how best to scale up successfully.
3. Create A Customer-Focused Culture
Many businesses focus on customer service and build loyalty and retention by delivering great experiences. However, creating a customer-focused culture goes beyond investing in high-quality customer support software. It is an entire shift in how a business operates and treats its customers.
A group of CEOs, including Patrick James of First Brands, says a truly customer-focused culture means every employee, from the CEO down, understands how their work affects the customer experience. Companies should consider implementing a monthly or bimonthly all-company email that includes key CX metrics and recent performance. They should also provide tools like office collaboration software to allow employees to discuss their work and how it affects customers. CRM SaaS can be very effective in improving customer experience, consumer loyalty, buyer retention, and new referrals.
Additionally, they should encourage non-customer-facing employees to listen and analyze customer calls to understand their needs better. This helps all employees feel more customer-focused and motivated to deliver on that promise.
4. Focus On Customer Service
Scaling a business involves increasing revenue and ensuring your systems and processes are ready for the additional work. For example, you may need to hire more staff or invest in new technology.
As you scale, it is important to prioritize customer service. This will help you create customer loyalty and increase repeat sales. You can do this by offering 24/7 support services, improving customer experience, and providing quality products.
Another way to focus on customer service is by creating a strong and trustworthy team. This will allow you to delegate tasks easily and provide the necessary support. It will also help you build a sustainable business without your presence. This is especially true in a service-based industry.
5. Invest In Technology
If you are considering growing your business, ensuring your current processes and systems can handle the growth is important. Investing in new technology to help you grow your business is also a good idea.
For example, using a communication platform can make it easier for your team to work from home, saving you money on office space and making it easier for your team to connect with customers. However, it is important not to invest in technology just for the sake of it.
Conclusion
Scaling your business to new heights can be a challenging but rewarding process. With careful planning and strategic execution, you can create a profitable and scalable company to further success levels.
