Are you copying tactics and strategies that you see others using or are you staying in your own lane?
One of the biggest challenges entrepreneurs said they faced was effectively growing their businesses, WITHOUT wasting a ton of time and money on tools, tactics and strategies that aren’t working for them.
The problem is, many are getting so caught up with trying to copy what is working for entrepreneurs they see around them, without asking themselves whether their business is “ready” for those methods they see others using. Here’s what to do instead: Get focused on your most important driver of results that is relevant to your mission critical goals.
It’s key to ask yourself, what is the single most important next step I need to take in my business, to move a step closer to achieving my goal?
So while I understand that you want to grow your revenues, I urge you to be patient and trust the process. Don’t try to do what you see everyone else doing, without a clear strategy in place. It’s like throwing darts while wearing a blindfold and hoping to hit the target.
Do things in the right order
Another issue is that while a business may be doing all the RIGHT THINGS, they might be doing them in the WRONG ORDER. Trying to scale too quickly and too prematurely without the foundations that are RELEVANT TO YOUR BUSINESS and structures in place to sustain the growth is a big reason so many startups end up crashing and burning.
Is your business ready to scale?
Don’t even worry about scaling your business until you have nailed your foundations. When you have a solid product or service that converts and get results, you have something that ‘s ready to go to the masses. If you scale it too soon, you could waste a lot of money and time. To streamline this process, I recommend doing it in this order.
- Get to know your market. Make sure the service you provide solves a problem they have. Understand their pain better than they do themselves. Make sure they understand the value of the benefits you provide. Make sure your solution is a good market fit.
- Test your marketing and lead generation methods. Test your marketing channels and optimize here using smaller budgets at first. Focus on marketing methods that scale (ads, content marketing) rather than relying on word of mouth and referrals.
- Simplify and automate as much as possible. For example, get your internal processes roughly mapped out (they can be elaborated upon later). Set up templates to use to save time with recurring tasks. Automate your emails. Set up payroll and automate as much as possible. Start to automate your banking by setting up vendors and automating bill payments as much as possible. Set up a reliable and proven cash management system right away to ensure you prioritize the right things and funnel your money into the right avenues to keep your business sustainable. Putting aside money for taxes, for example can be a total game changer come tax time. I recommend checking out the Profit First method so put your profitability on autopilot.
By front-loading a lot of these tasks you’ll really be doing yourself a favor down the line because you won’t have to be dealing with is once the engine is really running and your sales are climbing.
- Drive traffic. Once you have marketing campaigns / ads that convert, you need to drive traffic to get eyes on your offer.
- Get a lean team in place. Once you start to make sales get some money, you can start to leverage your team’s support to grow your business. Hiring core team members that are great independent problem solvers and who have the broad skill sets will allow you to hand off responsibility for getting results in specific areas of your business. That way you don’t have to micro-manage them. One-off project needs can be fulfilled using outsourced contractors or freelancers. The business eventually needs to be able to run like clockwork on its own without you, so getting the right team in place might be one of the best investments you can make at this point.
- Once you have a steady stream of leads coming in every day, you can further refine your other internal processes to streamline your opperations.
Of course, in addition to these tangible “to do”s on the path to scalability, you’ll need to master the softer skills. These are:
- Growth Mindset
Ways to hone in on your inner knowing is to develop daily rituals that reinforce your belief in your ability to accomplish your goals. Journalling, meditation, using affirmations, taking time to reflect and allowing yourself time to take care of yourself on a soul level are all things that may help you along your business growing path. Often our best ideas, grandest visions and highest level of creativity come to us when we’re having FUN and allowing ourselves to ENJOY our lives.
Now it’s your turn: What is your next, most critical step you need to take in order to achieve your goal?
Hungry for more?
If you’re interested in discovering how to improve your revenue, profit, and impact so you can do more of what you love, let’s chat! You can book a consultation.
Alison Beierlein is an experienced Operations Consultant and Certified Profit First Professional. She helps small business owners, agencies, and creative entrepreneurs grow and scale their businesses profitably and sustainably, so they can make a bigger impact and live their dream lifestyle.