Many entrepreneurs and first-time business owners make the mistake of believing their business plan alone will be enough to drive growth, attract investors and generate revenue. If you’re ready to take your company to the next level, focus your efforts on scaling your growth strategy so you can meet your goals.
The uncomfortable truth is that until a new business can prove it has refined its revenue strategy, it cannot grow and thrive. Smart business owners and company directors focus first on refining methodologies and strategies that are already generating revenue — or will be in the near future — and then scaling up from there. Here are some of the most effective ways to scale your company’s growth:
Identify Your Core Activities
This can be tricky for entrepreneurs and business owners who get caught up in the minutiae of day-to-day operations. When you start thinking and operating like a visionary with a clear focus on your goal, you can easily identify the core activities that will help you accomplish your goals. You want to make sure you are only focusing your time and energy on these particular tasks — and delegating other responsibilities to appropriate team members.
Establish Your Network
Outside of business strategy, you need to focus on connecting with people in your industry and fostering mutually beneficial relationships. Your business may require partnering with complementary companies or individuals at some point — especially if you are in a growth cycle and need more resources or want to increase your reach. Staying connected can help you come up with new ideas and strategies that will fuel your company’s growth. Your network will expand as your business grows, opening you up to more opportunities as you meet and connect with similar-minded people.
Create Renewal Products and Repeatable Sales Systems
One of the most effective business strategies for generating long-term revenue is to develop products that a customer needs to purchase multiple times throughout their lifetime or create a repeatable sales system. Whether this takes the form of a membership program, subscription service, or simply involves making the repeat purchase process extremely simple, this type of business model has unlimited growth potential — as long as you scale your systems early. Refining the purchase process and identifying key triggers or drivers can help you repeat the process for dozens of other products in different markets.
Maintain a Strong Reputation
If you want to attract investors, strategic partners and even customers, you need to make sure you have a positive online and offline presence. Work on cultivating your online presence by sharing information about the founder or leader of the business, interacting with other leaders in similar industries online and offline, and sharing insights about your industry as an authority in your niche. This can help you build your reputation so more people can learn about you and your business. Over time, this can have a ripple effect that helps to take your business to new heights.
Evaluate and Secure Funding Sources
Unless you are confident you are going to manage a completely self-funded business, you will need to team up with someone who can determine how much capital you really need to take your business to the next level. Once this is established, you need to build a network of possible funding sources. This might involve talking to venture capitalists, seeking out angel investors, or taking out a small business loan. Identifying and then securing these sources of funding can help you build a scalable system that will support your company’s growth.
Making smart decisions early on can help you create a solid foundation that you build upon quarter after quarter. Without this foundation, you could be missing out on key business opportunities and get left far behind your competition during major shifts and changes in the industry or economy. Tapping into your professional network and focusing on creating repeatable sales systems are a just a few smart ways to scale your company’s growth.