SCALING YOUR BUSINESS
Let’s start by looking at the difference between Scaling and Growth. The best comparison I have heard is as follows:
“Growth refers to an increase in revenue whereas Scaling refers to the increase in revenue without increasing the cost of production.”
“Scaling your business is about more than just growth. You can grow your business, but that doesn’t necessarily mean you are able to handle the increased output. In fact, your growth can have a detrimental effect if you aren’t able to deliver the workload or the products at such a pace. To scale means you are able to take on the increased workload in a cost-effective manner and meet the demands of the business without suffering or overstretching. It’s about getting a comfortable handle on the increased workload, customers or users and then delivering.”
As a small business or a “start-up” one of your major objectives is to make your product/service stand out. This is accomplished by offering a consistent value proposition that is replicated to all your customers. This starts when you define services and touch points that will be compelling to the customers you seek to serve.
How narrowly have you defined your target market? The narrower the audience, the more focused your services can become and the easier it is to systematize services and experiences. In my experience, a small business that has narrowed its niche can be twice as effective in revenue production.
Increasing revenue may mean adding new services as well as taking on new marketing methods. Successful Scaling first requires the systematization of existing services and experiences which will allow for more free time. The next part of the equation is to systematize, for example, new marketing methods, i.e. adding a podcast, or a video channel. I recommend that as a small business owner you may have to, at least initially, learn how to implement new marketing methods.
The “how to” information that is now available on the internet makes it easy to take on almost any new project. Yes, a positive “I can do it” mindset is needed, but it does require a commitment and a willingness to learn.
There are a lot of increasing revenue ideas in this blog. Don’t feel overwhelmed! You can always reach out to BizQuack for a helping hand.
Tips & Advice by Nick Petra, CFP – Founder of Strategic Duck and BizQuack
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