Wherever you turn on the internet you’re bombarded with messages from business experts banging on with their ‘exclusive strategies’ to help you grow your business.
And, of course, you’re told that you MUST be on social media, you MUST be blogging, you MUST be implementing their new paid advertising formula – but what if all of that’s not your thing?
What if you’re not a natural-born salesperson?
What if you HATE networking?
What if the whole ‘business growth’ thing just feels like one big, overwhelming pain in the arse?
If that’s how you feel, then I have some good news for you: You don’t have to do any of that stuff. And in fact, trying to do all those things could just be a fast ticket to business – and personal – burnout.
Think about it for a minute. What does growing your business REALLY look like?
It probably looks like more customers….
It most likely looks like more sales…
Widely promoted concepts – but the underlying truth is that growing a business in this traditional sense also means more stock, more hours and more overheads. And that’s without considering the issues of supply chain complexities, increased freight costs and other operating challenges.
Not really my definition of success because what I’m forever seeing this result in is overwhelmingly increased stress for business owners who believe they’re following the plan and taking the right steps but at the end of it all, they’re still not spending enough time with the family or seeing genuine profitability in their business.
In fact, this whole notion of ‘growth hacking’ your business is complete BS.
So, what’s the solution?
In my opinion, it’s time to start thinking about things a little bit differently and focus on scaling your business instead of growing it.
Success means something different for everyone, but scaling your business can bring results such as:
- Having more freedom and flexibility in your work hours
- Earning a good living while working fewer hours
- Being able to take regular holidays without having to worry about the business falling apart
- Feeling happier and more fulfilled in your work life
- Having greater profitability
Sounds pretty good, right? And guess what – it’s totally possible! All you need to do is begin thinking about your business success a bit differently.
Scaling a business, rather than growing it, makes sense. And it’s the smart way of going about things for long-term survival in the ever-changing business climate.
So, how do you go about scaling your business rather than just trying to grow it and be bigger?
Well, here are a few ideas to get you started:
Automate as much as possible.
There’s no need to reinvent the wheel – automating tasks such as social media updates, email marketing and even bookkeeping can save you a lot of time and hassle.
Delegate, delegate, delegate!
If you’re feeling overwhelmed with all the work that needs to be done, it’s time to start delegating tasks to other people. This could include hiring staff or outsourcing specific tasks to freelancers.
Simplify your processes.
Streamlining your processes makes them easier to follow and less likely to cause confusion or mistakes.
Having a system in place for everything from sales to operations will make life so much easier (and help you scale more easily).
Increase your prices.
If you’re selling products or services that are in high demand, there’s no shame in increasing your prices. This will help you to make more profit without having to increase your workload.
Focus on quality, not quantity.
It’s better to have a small number of high-paying customers than a large number of low-paying ones. By focusing on quality, you can reduce the amount of work you have to do while still making a healthy profit.
Offer premium products or services.
One way to scale your business without increasing your workload is to offer premium products or services that come with a higher price tag.
Create an online product.
If you’re an expert in your field, you can create an online product such as a course or workbook that can be sold to a wide audience. This is a great way to make passive income and scale your business without putting in endless hours of work.
Focus on recurring revenue.
A great way to scale your business is to focus on creating recurring revenue streams. This could include setting up a subscription service for your customers or offering membership to an exclusive club or group.
The smart approach to a sustainable and profitable future is to scale your business rather than grow it. When you focus on existing customer retention, increasing the average spend of those customers through upsells and complementary products as well as embracing technology to streamline and systemise processes, you’ll be on your way to success.