27 Nov How to Build a Scalable Business
Most people who start a business start small. Most people, however, don’t want to stay small. Entrepreneurs are dreamers by default, which means they have big plans for their company. Growth doesn’t come easily, though, so you have to prepare. While you are still small, you have to think big. You have to build your business so that it is scalable. What does that mean? It means that you have the potential to multiply revenue at minimal cost. This is how you prepare your business for that.
Build Scalable Systems
Systems are going to get you through growth and change. You may only have three employees now, but if you set up a system to ask for time off when you get new employees, they will follow the system. This way, you don’t have to worry about taking care of all your employees, you have systems to do that. Systems also keep your business organized. Leader Managers can use systems to tell employees the plan, how they can contribute to the plan, what others are doing to contribute to the plan, and work performance and completion can be monitored. Furthermore, you must recruit potential employees to the systems, not to you. If something happens and you are no longer at the helm, you want people to still work where they are and do their job well. Systems are incredibly important.
Ask for Help
Constructive feedback is the biggest tool for creating a scalable business. First, you want to ask people who know what they’re doing. You may want to build franchising opportunities for your company, but you’ve never done that before. Ask someone that you know has operated franchises before! They can give you tips and guidance that you would otherwise have to learn the hard way. Secondly, ask your customers. In order to grow your business, you have to have loyal customers who will come back time and time again, and also recommend your company to their friends. They will have valuable insights into how you can improve your business or service because they are on the other end of the deal. Whatever aspect of your business needs to grow, ask for help in that area. You have to create quality in building a scalable business.
Change is going to happen, no matter what. As the owner and founder of your own business, it can be hard to let go of what your company is now in order to grow. I can assure you, though, that change is essential for building a scalable business, and for growth. You may need to cut back on aspects of your business to focus on one, or you may need to go public with your company. There will be opportunities for growth that you will not see when you first begin but will pop-up sometime after. Don’t miss these opportunities by being resistant to change.
Leave a Legacy
A legacy can mean two different things. First, you want to leave a legacy to your customers, so that they will remember your company fondly. Secondly, you need to leave a legacy in leadership. It is easy to get caught up in being the owner and boss, and it feels good to be needed. If your company can’t run without you, though, you have a problem. You need to train up leader-managers who can take your spot when necessary. This is the only way your business will stick around long after you. Think of Apple, one of the greatest tech companies of our time. Steve Jobs built it, and it was his innovation that skyrocketed them to success. He wasn’t egocentric, though. He knew someday, someone else would take charge of the company, so he built up Tim Cook. I’m sure it was hard for Steve Jobs to envision Apple’s future without him, but because he did, Apple is still a tech giant.
Even if you start small, you have to think big. Envision your company in the future, not what it is like now. How have you prepared your company for growth?