Great things in business are rarely ever accomplished suddenly as they are almost never done by one person. Successes come with hard work, effort and a team of people joined by the same goal. Trusting your team and yourself is key to a thriving business. It might be somewhat sweet to console yourself with the old “there’ll always come another buss to catch”. It should be wiser to catch the one coming your way – that way you’ll not only reach your end goal faster, you’ll buy yourself plenty of new opportunities to try in case this one fails.
The insatiable desire for growth
All young businesses are defined by an inexplicable eagerness to become grandiose, and fast; and while that isn’t at all impossible, there’s still a right way and a wrong way to scale.
Pairing exponential revenue growth with incrementally increasing costs means your business will be growing steadily, gaining new customers without falling into the vicious cycle of inefficiency and debt. Sure, you’ll take some time adjusting and processing the fact that your once 5-people team has now expanded to a 50-people group, but the moment you see the first results, you’ll be fine.
Reaching growth and success
Healthy growth is all about smart scaling; adopting a smart business model, your firm may easily generate huge profits without all the usual strains that plague traditional growth models.
To everyone who’s started small and is expanding, here are the tips to take you further. And this is certainly one among good business growth strategies.
Be proactive, not reactive
Business leaders should demand growth, but they shouldn’t go overboard with what they are asking; with too much pressure, you’ll be creating a negative atmosphere your team won’t respond well to, and before you know it – the business will start failing.
For your demands to see a positive team response your growth strategy has to be competently built and in place from the get-go, baked into the company’s business plan. Anything too hectic and in the spur of the moment simply doesn’t work business-wise.
Remember that your firm’s scaling effectively means anticipating demand, not reacting to it. For instance, if a company acquires new clients and realizes it can’t fulfill their demands, their scaling efforts are likely too little and too late. Be smart!
It’s okay to be a cog
One of the best indicators of a successful scalability platform is the firm’s ability to grow independent of any one individual’s input. This de-emphasis of the individual doesn’t mean hiring and retaining talented employees is irrelevant, but simply that a systemic set of products or services can grow indefinitely on its own, regardless of the person maintaining it. Picture this: the person most of your work is dependent on is on sick leave or they get a better offer at another company; what do you do? Are you to shut down your business because there’s nobody as skilled to run it? Of course not. The point is to create a business which suffers almost zero impact (success-wise) when someone leaves or/and is fired.
Structure your business in such a way that even CEOs can come and go without making any difference whatsoever. This means investing in the stability of the product/service, rather than anything else.
Invest in your foundations
A simplified business model is what will make scaling more manageable; by staying consistent in offering a familiar set of commodities to your customers, you’ll be in a position to offer stable, controlled growth.
On top of that, ensuring that goods and services are delivered systemically is yet another key component of scaled growth. Take McDonald’s as an example: if someone goes to a McDonald’s in Arizona to order a Big Mac, they can expect an almost identical experience there as they would in, say, Barcelona or any McDonald’s, anywhere on the planet.
This is a major achievement in scale and everyone should follow this model if they are to achieve exponential growth, fast. Even when your business is still small, you need to visualize it expanding and craft a plan that will ask for this identical service/product.
Hire experts and trust them
While you may have built your business from scratch and feel no one on this planet knows things related to it better than you, you are wrong. Your vision is still dominant and most important (naturally), but trained professionals may be your helping hand in achieving what you’ve envisioned.
Hiring professionals like marketing planners, account managers, an HR department and a financial director could be a serious leg up. Naturally, you’ll make sure these are skilled and trusted individuals who’ll have your firm’s best interest at heart.
Be a little chill, and a little Zen
Most (young) companies obsessed with growth tend to take all the fun out of their projects and turn what was once a pleasant and exciting firm into a drab, boring enterprise.
To stimulate your people and make the work flow easily, make your work environment pleasant to function in and your people happy. From decorating your indoor space so it stimulates, inspires and provokes your employees’ creative juices to organizing little team building activities and giving them small tokens of gratitude for work well done, it’s all easy if you make it so.
Last year, with my company hitting an 80% income increase, as a joke, I’ve given all of my teammates a branded wristband made by Amazing Wristbands, quoting “Killers of the Market”. Obviously, I got one myself, too. Even though it was nothing big, it still gave everyone a sense of unity and appreciation, showing we’re in this together. Sure, we walked around the office with colorful bracelets for days like we’ve just gotten back from a rave, but it was fun!
With growth in mind, make sure you keep up the pace and follow a pre-baked plan for success. Trust yourself and those around you and don’t rush into too fast into an expansion, as it may cost you failure in the long run.
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