The simple way to grow and scale your business – Growth mindset
The dream of every businessperson is to see their business grow both in revenues and customer base. Whereas this looks easy on paper, it takes effort and dedication to outdo competition, hit targets and keep expanding.
Scalability in the world of businesses means adopting a model that allows the business to grow its profits by expanding revenue while also eliminating any increases in costs related to running the business. Usually, every business person is looking at becoming “the next big thing” but what does it take to scale up? Sometimes there may be moments of disappointments where one feels the business is not growing as quickly as hoped but to it is important to understand a few basics before you can see your business scale up.
1. Customers first
First, the customer comes first. They usually say in business that the customer is king and any efforts should be geared towards delighting the customer. You need to put maximum focus on your clients, understand their needs and focus on meeting them. Whereas getting new customers is a great endeavour especially while scaling up, you need to pay close attention to the existing clients. How your customers perceive you can break or grow your business. If you focus on delivering quality and you make every effort to keep them happy, they will spread a kind word and more customers will come thus making it easier to grow your revenues. The easiest way to make your customers happy is by anticipating their needs and meeting them fully with every interaction.
2. Value your employees
Second, your employees are as important as your customers. You may have heard the popular saying that “take care of your employees and they will take care of your customers.” The same still holds true if you have plans of scaling up. By looking out for your employees, you retain and attract top talent who will not only be loyal but also give their best to make your business grow; a key aspect you may want to consider is the work life balance. Employees are like a business or an investment; the more you invest in them the better the returns. Employees are likely to contribute more to your business if they feel appreciated.
3. Prioritise
Third is maintaining business focus. As an entrepreneur you need to learn to say no to each and every idea thrown your way. The main challenge with many business owners is that they are usually in pursuit of growth and any opportunities that may come their way they are likely to jump unto them. However, if you need to scale your business you need to learn to say no to every opportunity that may get thrown your way; you need to know how to vet every idea and if possible seek for help from your mentors.
Scaling up a business is never a simple process; it requires a lot of time and patience. You cannot scale-up a business in a day. Growing your revenues is a multiple of many other factors such as market trends, customer loyalty, and product and service value among others. While maintaining costs at a low in an ever growing cost economy is a challenge, your business needs to adopt a lean model that allows you to increase sales and revenues while managing your costs. Unless you adopt the model and enforce all systems and processes, then the people who form 60% of your business model will not be satisfied thus making it a challenge to scale up your business.
By Freddie Achom
