As a business owner, you’re used to making decisions. The success of your operations depends on the calculated chances you take, but those risks are the reason you’re successful.
So now that you’ve reached your most recent goals, it’s time to consider your next steps. To stay relevant in your industry, that includes scaling your business.
Instead of jumping in headfirst and trying to do this on your own, developing a tried-and-true strategy is important. Using tactics that have already succeeded, yet tweaking them for your needs, minimizing risks.
Freedom to innovate is what your entrepreneurial mindset craves. These four tactics give you that aspect and the sustainable practices known to bring growth.
1. Design a Detailed Plan
There’s a famous saying by Benjamin Franklin often used in the business world that says “Failing to plan is planning to fail.” Whichever scaling method you decide to use to grow your company, you must plan out each step.
What are your goals? What actions will you take to meet them? Who will you need to consult with along the way to garner expertise? What obstacles and challenges will you face? What’s your timeline for each action step?
Create a plan so well thought-out that you won’t need to deviate from it at all. The timeline may need to be adjusted slightly as you go, but the path will stay on course.
2. Become Your Target Market
When you started out in business, you had a product or service that solved a need and a target market in mind. Now, you’re growing your business, which means you may need to redefine those customers.
Who is your new ideal consumer? This could still be your old market, but your pending direction could also open your business up to others.
At this stage, market research is vital. You’ll learn who your potential consumers are, their needs and demographics, and how likely they will want your product/service.
This is determined through big data. Using specific information and analyzing it, you’ll learn market trends, what your customers prefer, and their hidden spending habits and desires. This data helps you drive your decisions at each step as you grow.
In business, you should never assume you know what the people want. Do the research, or let marketing experts do it for you, and “become” your target market. When you do, you’ll know their minor and major needs so you can best serve them.
3. Communicate the Changes To (and With) Your Team
Many business owners have the “Do as I say” and “I don’t have to explain my decisions to you” leadership styles. This is a dangerous philosophy to bring into your growth plan.
Change can be difficult for everyone involved. When your team understands the direction you’re planning on going and their role, it’s easier for them to adjust to the expansion.
Communicate your goals and the action steps that will be necessary to reach them. Be open to listening to concerns from your team, and understand that they’re going to be confused. There may even be pushback.
It’s up to you and your leadership skills how you handle these obstacles. But the clearer you are as to the goals and how they affect individual roles, the easier this change will be for everyone.
4. Utilize Technology to Streamline the Work
Scaling is the ideal time to change the tech in your business. You’re already making adjustments in the workflow and processes. Why not take this opportunity to streamline the practices, automate where you can, and ensure you’re meeting current and future regulations?
It may be time to change the bank you’re partnering with to enhance how you send and receive payments and increase the security of your business.
Consider upgrading your customer relationship management system to one that automates minor daily tasks so your team can focus on more important activities.
The expense of these upgrades pays for itself with increased productivity and employee job satisfaction.
Successful businesses all take calculated risks to scale at some point. It’s an essential part of staying relevant and growing. How you minimize that risk is integral to your advancement. These four tactics will guide you as you take steps to meet your bigger and better goals.