Scale Up on Purpose
Sometimes business grows beyond expectation, faster than you’d anticipated. It can catch you off guard if you are unprepared for rapid acceleration. It is easy to underestimate what is possible, especially if you are an entrepreneur. Trouble is, if the business grows too fast and you aren’t ready, that’s when the bottom falls out. If you can’t meet demand or the quality of your offering declines as a result of growth your clients will disappear.
People constantly coach pragmatism, cautionary optimism and while there is a place for that, business isn’t it. Scaling up your business on purpose means being ready for it. Picturing the best case scenario and gearing up for it, planning for it and making it happen.
So how do you Scale Up On Purpose? Here are 5 things to consider when you are ready to scale up:
Forecast. Forecast. Forecast
Getting set for growth starts with planning for it. Spend the time to be sure your financial projections are set. If finance isn’t your strong suit on-board an advisor or subject matter expert who really understands the numbers. And most importantly don’t underestimate your growth potential, set targets that are challenging but not impossible to attain. Setting a low bar and expecting to exceed it will only sets you up for failure. Push the boundaries.
Be Confident In Your Team
When business starts to boom you need the right people in place. Employees who are engaged and can react quickly to a changing environment are key. Put people in place who bring great ideas to the table and are motivated by a fast paced environment. If you are planning for growth your team needs to be on-board and they need to be ready. Sometimes it means additional training or adjusting roles, get ahead of it.
Effective Pipeline Management
Growth should never be a surprise. If your sales efforts are being properly managed you should always be acutely aware when a peak is coming or when leads are drying up. Find a CRM that works for your needs and commit to it. Your pipeline is your lifeline, stay tuned into it and stay connected to the management of it. Even if someone else manages the sales process, as an owner, the pipeline should never be far from your mind.
Regardless of the nature of your business, growth necessitates change. It is critical that you build flexibility into your operation. Being prepared to react to unexpected road blocks can be the difference between growth and failure. Spend time trying to anticipate obstacles that could prevent growth and plan the solution. If you never need it, great but be ready.
Work With An Advisor
Being a business owner comes with a natural set of blinders, tunnel vision can be your own worst enemy. Be sure to foster trusted relationships with advisors and mentors who you can count on for objective advice and be prepared to listen even when it’s hard to hear. You can’t possibly know everything and surrounding yourself with strength in areas where you are weak can make all the difference when it comes to growing sustainably.
Business Advisory Service – SIDIT