How To Scale Your Business in 4 Easy Steps. (You Can Do This Today)
You’ve started a business, got systems and processes in place and you’re starting to grow.
Congratulations, you’re in an envious position!
The time arrives for every business owner to make the decision to continue as normal or scale and grow even more.
It may seem simple to do, but it isn’t.
Proven Business Model
You may have proven that you have a viable business model, but that doesn’t mean that scaling quickly will help you grow and expand rapidly.
What’s important now – is to make sure you achieve steady growth.
You need to plan and prepare properly in order to scale properly.
If you scale too quickly you may lack clarity and direction.
Scale too slowly then you may sit with unwanted labor you can no longer use and bills that can’t be paid because you’ve over-budgeted.
Your growth rate must align with your income through every stage of your business.
Correct planning, forecasting and budgeting are crucial in the growth stage.
How to plan and prepare for Growth
Yes, there are things you can do to prepare your business for future growth. It may seem a bit far fetched to assume for some people, but technology plays a big role in helping you prepare for growth.
Here are The 4 Easy Steps to Scale your business:
You might think that automation is only reserved for Companies with large budgets, but that’s hardly the case these days.
Automation takes a lot of time off your hands so that you can focus on client relationships and further growth.
There are a number of ways to automate your business, let’s have a look at the most popular automations:
- Birthday Greetings
- Email Marketing
- Sales Promotions
- Follow up emails
- Blog Posts
- Social Media Posting
- Ad Bids
- PR Outreach
There are many more services I haven’t even mentioned here, like Payroll, VA’s, Lead Capture systems etc, etc.
As we’ve mentioned, using automations in your business can really free you to focus on parts of your business that can lead to better client relationships, while repetitive and time consuming tasks are all automated.
Automation is cost effective and the quickest path to scale.
2. The Cloud
Using the cloud to start small and scale as your business grows is a smart move.
The major benefit of cloud technology is the effortless capability you have to work from anywhere, with global teams working on the same projects in real-time.
Once your data goes live in the cloud, it’s safer than local systems because your data is spread across thousands of servers in global data-centers, so the chance of your business being closed due to one server crashing, is irrelevant.
With Cloud computing all of your IT needs -such as, server, storage, database, networking, software and analytics are all delivered in real-time over the internet.
3. Financial Planning
Before you even start your business, you need to plan for every financial stage of your business.
You need to know what you’re going to do with the profit once it has been attained.
Are you going to invest it, or are you going to buy property or use the capital to fund your current growth.
Are you going to offer profit sharing to your employees, or dividends?
The wise choice would be to create a split of your profits. 50% towards long term, medium risk investment and 50% into short term liquid stock, realty or other asset that will return a profit.
The whole reason why you would want to invest your profits, is so that you don’t need to ever turn to an investor if your business runs into a slow period.
When you are ready to scale, your funds should be readily available without the need for you to get outside funding.
If you decide to sell one day and you can show that you not only have your business running profitably, but that it is also secured against liquidity through investment, your business will be regarded highly as a secure investment.
4. Profitable Sales Funnel
Every Business needs money to stay afloat, and the only way to generate money is to sell something that someone wants. That could mean, a product or service.
The best way to get sales is with a High Conversion Sales Funnel.
How to Create a Sales Funnel
To create a sales funnel, you need to understand the 3 stages of the buyer cycle – Awareness > Evaluation > Decision
When you understand these phases of the buyer cycle, you will know what type of content to create, for each stage/cycle.
You need to do customer research and understand who they are, so that you can deliver the right type of content for them, in order to create a profitable sales funnel.
Every sales funnel begins with an offer. The offer sits at the font of the funnel and is what people sign up to receive.
You need to optimize your sales funnel in every stage in order for it to be profitable.
To get people to the offer, we have to create content to attract them.
This is where you raise awareness of the solution you have to their problem.
You create content to answer their questions and offer them a solution.
This content can include blog posts, how to videos, ebooks, whitepapers, reports, Articles, social media ads, etc, etc.
In the evaluation stage, the buyer is trying to find the best product or service to fit their needs.
They will be looking at the differences in price, the features, benefits, customer reviews and comparing products and vendors.
At this stage, marketing content will most likely consist of video, webinars, case studies, and customer testimonials. These all help customers make a decision.
At the decision phase, the customer decides what they want to buy. It’s your opportunity to upsell or cross-sell related products or services.
You can also send them incentives that may convince them to become repeat customers.
Now you know how to Scale Your Business in 4 easy steps.
We had a look at Automation and how it can really save you time, money and allow you to focus on the real growth factors for your business “Client Relationships!”
We then had a brief overview of Cloud Computing for your Business.
In the Cloud Computing section we mentioned how scaling would be much simpler to do as your business grew.
We then had a look as Financial Planning and mentioned how investing can increase the status of your business if you ever decided to sell it.
Lastly, we discussed sales funnels and what content can be created for each stage.
Just remember – every stage of your sales funnel must be thought out in terms of your customer’s needs, tested and retested to determine optimal performance.
Only then, can you utilize it effectively “on auto-pilot” to scale your business.
If you want more advice on any of the above topics, stick around or get in contact with us.
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