Scaling your business sustainably takes a lot of time and energy, and as CrazyEgg Founder Neil Patel says in this Inc.com article, there are 7 key steps to scaling your business the right way.
Neil’s process is:
- Get the basics down
- Automate everything
- Boost marketing
- Outsource non-essentials
- Keep an eye on social media
- Excuse yourself
- Hire the right people (and only the right people)
Now while Neil is talking about scaling a startup in his article, the process of scaling an existing business is very similar.
And looking over the list above, there’s one factor that is going to help you drive every other step in the process…
And that is using effective marketing to grow your sales and profits so you can invest in the other 6 areas.
So to help you quickly ramp up your revenue so you can start implementing your growth plans, we’ve created a Free Guide entitled The 11 Minute Marketing Makeover.
When you are ready, grab a copy of The 11 Minute Marketing Makeover by clicking here, and then start implementing what you learn into your business.
And once you’ve implemented some (or all) of the strategies we discuss in The 11 Minute Marketing Makeover, you’re probably going to be quite happy with your results 🙂
The 9 Steps we cover inside the Marketing Makeover Guide are all related to using collaboration and smarter marketing to grow your sales without spending a lot of money in the process.
You’ll learn simple ways to increase the number of customers you have, increase the size of each order, and increase the number times people buy from you.
In other words, everything in this Guide is about increasing your customer lifetime value through better marketing.
And being able to do that is critical of course…
But if you want to scale your business sustainably, there’s much more we need to cover.
Here’s the basic formula for Scaling an existing business:
Based on this formula, there are dozens of opportunities for you to scale your business further
- Implementing additional strategies to help you retain more of your customers for longer (customer reactivation campaigns, for example)
- Finding ways to become more efficient and productive throughout each area of your business
- Use all kinds of measures to improve your business’s reputation, visibility and brand awareness in the marketplace
- Implementing improvements in areas such as your core business processes, your customer service, your information gathering and data mining systems, your staff turnover, morale and loyalty, and your customer loyalty
- Strategically up-skilling your management and staff so every one of your customers can enjoy a superior customer experience compared to what your competitors can offer
- Systematically reducing costs in every area of your operations
- Implementing systems for better customer complaints handling which can turn complaints into additional sales and referrals
- Plus many more…
Simply by focusing some time and resources on any of these areas, you could see a substantial increase in your business’s growth and ultimate sale value.
Then there are risks that can derail even the most successful businesses…
For example, relying on one (or a small number) of anything carries a very high risk –
- 1 major customer can go bankrupt or change suppliers
- 1 major supplier can raise their prices or decide not to supply you any longer
- 1 core employee can take your customer database (and the rest of your IP) down the road with them when they start their own business
- 1 great assistant who knows where everything is hidden can get sick, leave to look after children, or walk out the door for any number of reasons
- A landlord could increase your rent, based on the growth in the value of his building, to the point where your business is simply unsustainable
Some other potential risks include:
Without a thorough understanding of contract law, you may miss a hidden clause in your lease agreement that allows your landlord to increase your rent sharply, or evict you from the premises, due to exceptional circumstances.
You may not be prepared for a natural disaster (or an event occurring at another business or property) that affects your business, shuts you down for days or weeks, and causes significant disruption and losses.
We touched on this above, but you may lack the critical HR, IT, OHS, Management, Accounting and other systems required to manage growth, leading to poor customer experiences, loss of sales, and irreparable damage to your brand and reputation.
So as you can see, there’s a lot to think about.
But for now, it’s time to get started by downloading your Free copy of The 11 Minute Marketing Makeover, and then we’ll look at addressing the rest of your opportunities and risks together.
Want to scale your business even more quickly?
If you’re already growing your business quickly and you’d like to travel even faster, I may be able to help.
Each month I hold a small number of Free Business Strategy Sessions designed to help you scale your business while ensuring you take advantage of your opportunities, and minimise all your risks.
Would you like to join me?
If you’d like to schedule one of these Free and obligation free one-on-one sessions, even if you’re just curious and you’re not planning on selling or exiting your business at the moment, let me know by email at firstname.lastname@example.org or call 1300740066 and I’ll set things up for you.
About The Author: James Huy Vuong is a CPA, Registered Tax Agent, Business Broker, Certified Exit Planner and the owner of Your Accounting Partners, an Associate of Negotia Group. Partnering with businesses from start to scale thru to sale.
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