When you decide to scale your business, it is very easy to get lost in the thick of things due to various reasons. Some of the obstacles mus...
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When you decide to scale your business, it is very easy to get lost in the thick of things due to various reasons.
Some of the obstacles must be identified and fixed before they inflict damage to your good intentions.Experts agree that one of the challenges that overshadow the majority of businesses willing to scale is the lack of proper planning.
But what is business planning? Investopedia says, “a business plan is a written document that describes in detail how a business—usually a startup—defines its objectives and how it is to go about achieving its goals.”
This is a document that lays out a written roadmap for the firm from marketing, financial, and operational standpoints.
Additionally, they are important documents used to attract investment before a company has established a proven track record.
Before scaling, a business must develop a business map, writes Tony Robbins. “Most entrepreneurs have a business plan, but have you thought about developing a business map? Business maps are an effective, comprehensive way for scaling a business and meeting its goals.”
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| “Commit to grow. First, and perhaps most obviously, entrepreneurs need to want their business to grow.” (Image: Pexels.com) |
Robbins continues: “Creating a business map prompts you to ask foundational questions such as: What business are you really in? What was your reason for getting into this business in the first place?”
If you previously ignored these elements mentioned by Robbins, when you have a business map you can easily pinpoint them and address them effectively.
The map will give you an insight into why you exist in the first place, the resources that you may need to achieve that task.
In Philip Salter’s words, without commitment, many businesses are bound to fail. So in addition to a business plan and a map, you must also maintain the dedication to reach the next level.
“Commit to grow. First, and perhaps most obviously, entrepreneurs need to want their business to grow. According to the report, many early-stage ventures lack the will and ambition to scale,” Salter mentioned.
Unfortunately, the will to succeed and having bigger dreams cannot be taught in college or seminars, but it is an inborn thing that develops depending on your hunger and eagerness to attain it.
“This is fine, of course, if their dreams don't stretch beyond building a business to support a certain lifestyle, but more ambitious entrepreneurs need to create realistic growth targets and develop plans and concrete actions of how growth will be achieved,” Salter says.
He added that, goals must be realistic and achievable, otherwise your failure might be caused by your unrealistic goals that are not archivable in a short space of time.
A business map is important but is if is implemented in isolation of other strategies it might lead you astray. Among other identified important strategizes identified by Forbes magazine is to pivot for cost-effectiveness.
“Sometimes you have to pivot, evaluate your current situation and downsize to your current status,” the article advises. When you spend time to mitigate and meditate on the key issue that makes your business run, you will identify some aspects that are hindering the smooth running of the business.
The Forbes continues: “Learn what you can get rid of or find more cost-effective alternatives that will allow you to keep functioning. Look for areas where you don't need to have a body. Automate processes to cut costs.”
After you have indemnified these unnecessary overheads, don’t hesitate to eliminate them otherwise they will interfere with the relevant parts of the business, leading to reduced output and eventual eating into the profits.
Writing for the Ring Central, Grace Laua addresses a crucial aspect of business: having a standard. How many businesses still adhere to a standardized process.
When you scale your business, you will start to attract a lot of scrutiny in regards to your operations, and end products if they meet certain requirements.
Laua warns: “Standardize your processes. Up until this point, we’ve talked a lot about scaling in regards to making the right connections with your customers.”
When you standardize your operations, you are not only doing it for your benefit, but it helps you build a trusted brand that will meet customer needs.
“However, in order to sustain those new connections, your team needs to have the right processes in place. When you’re still small, you don’t really need standardized processes,” Laua concludes.
Today your business might be small, and you may escape with just a warning when you fail to meet certain operational standards.
But when you scale, you might lose or you might forfeit your operating license if you fail to meet certain requirements and regulations. So as you scale, you must also upgrade your standards to match the growth.
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