Six Approaches To Upscaling Your Business
Your concept is proven and you've demonstrated its profitability. Perhaps you've gone from a one-man band to a small team. Now for the next step: upscaling your business. Here are eight strategies I've developed to help business owners upscale their businesses.
Focus on your key responsibilities
Figure out what your core responsibilities are, then outsource everything else. If you're focusing on upscaling the business, someone else should be doing administration work. All your time needs to be invested in upscaling your business.
The big picture is the only picture you ought to be looking at.
Automate automate automate
Once you've outsourced responsibilities like administration and call-answering, identify areas of your business that are ripe for automation. In the long-run, this will save you a huge amount of time. Here are some areas you might consider automating:
Setting up company cloud storage
Setting up a training process for new hires
Setting up clear job descriptions for new roles
Setting up marketing automation
Setting up the payroll for rapid processing
These frontend activities are essential to get right if you want to be able to upscale your business. Once you've automated these tasks, you'll be able to hire faster, market efficiently, access data easily and streamline your business into a scalable model.
Employ gurus rather than grunts
Upscaling almost always means finding new employees. In a small company there will be areas where you are missing expertise and some key skills. You'll want to address this by finding experts who've proven themselves in the areas you're lacking in.
A business is only scalable if it has the right employees. Think about hiring people who:
Can do things programmes can't. If you have staff who are doing work that could be automated or outsourced easily then you ought to question why they are there.
They consistently come up with good ideas that they can implement themselves. You can't put a price on a good idea.
They have a multifaceted skill set. Employees with more than one skill can help a small company across the board. You'll need all hands on deck if you're upscaling.
Identify anti-growth elements
Once you know what you want from upscaling, it's worth taking the time to think about possible barriers to business growth. When your business starts to scale it can reveal flaws in your plan that you hadn't previously considered. New problems and priorities can also emerge when your business begins to grow.
Try and address weaknesses before they emerge by making every area of your business as robust as possible.
Abolish your ego
How well does your business run without you there? This is a perennial question for business owners. If you're considering upscaling your business you will realise that your business is not just about you.
If your business is truly scalable it will not be dependent on the abilities of one person. Even if that person happens to be you. It should be able to run perfectly without you. If you want to upscale your business it should be making money even when you're sitting on a beach, sleeping or looking after the kids.
Have an endgame in sight
You can't upscale without a big picture strategy for your business. Even before you look to kick-start business growth through upscaling, you should have a clear idea of where you are going.
Make sure you've figured out what the ultimate goal in your business is. In particular, it's worth knowing exactly where the business has to be if you plan on making an exit at some point in the future.
Without a clear destination it's next to impossible to find the right upscaling strategy to get there.
Advocacy Coaching is based in West London. We have numerous coaching programmes available, from tailored one-to-one mentoring to group coaching. If you're interested in finding out more, click the button below.