The two biggest complaints most business owners have are “lack of time and/or lack of money.”
Can you relate to this?
“It’s difficult to find enough time to balance the demands of running a business and trying to manage your home life.”
Plus, many people don’t feel like they have sufficient funds to invest in their business the way they want to.
This, too, can be a major frustration. You have a vision – can you realise it?
So what are the answers? Pinnacle can offer some tips:
#1. TAKE STOCK
The first thing to do is be honest with yourself about where you are, as opposed to where you’d like to be.
‘What if you woke up tomorrow to find that your sales had magically tripled overnight? Every business owner’s dream, right?’
In fact, be honest – does your business have the people and systems in place to handle all of that new work? For many people, the answer would be “no.”
By taking stock of where you really are, you’ll see what plans you need to have in place to deliver, in reality, as a bigger business.
If you’re serious about scaling, you need to learn to delegate. ‘Outsource Everything You Can’ is how we would put it.
Business owners are used to wearing many hats, especially in the early stages of growing a business. You are a business owner, customer service representative, graphic designer, writer, and more!
This may have been fine to start with; less so now. Basically, it doesn’t work if you are hoping to scale.
Not least, because you need to free up some serious time of your own. Everything can’t fall on your shoulders. If it does, then you will never be able to do the work necessary to scale your business.
The point is, no one can do it all by themselves. You need to learn how to hire the right people to help you achieve your business goals.
#3. AND AUTOMATE
Same difference really. You can’t afford to spend all your time ‘working in your business and not on your business’.
One way to ease the load – and a necessary one – is to automate systems.
‘A system’, is a way of solving a recurring business issue in a simple, effortless way. That way you aren’t constantly having to come up with new ways to address the same problem.
We suggest you introduce automated systems, if you haven’t already, for a whole list of business areas – including cloud accounting, content marketing and social media.
Systems take time to figure out and put in place, which is why many people don’t do them. But it’s time well invested. It will save you so much time in the long run.
#4. EMPHASISE CUSTOMER RETENTION
We know it’s much easier and cheaper to keep selling to existing customers than to bring on new ones cold.
Pinnacle cites the ‘Pareto Principle’: ‘80 percent of your future profits will come from 20 percent of your current customers’.
And this, it suggests, is key to scaling up successfully: learning to hang on to customers.
It also helps build momentum and make people more engaged – feeling part of something. Which is also critical to social media marketing.
Pinnacle prospects love hearing that once they are on board with us, we’ve got a whole team of people whose job it is to make sure they stay happy.
Food for thought.
#5. ‘DON’T MAKE IT ABOUT YOU’
Final tip: and maybe crucial?
Most importantly, it you want to scale your brand then you have to realise that your business is not all about you.
This means, first and foremost, your business functioning fine when you’re not present; once this happens, that’s when you know you’re truly ready to scale.
Really interesting insights, we think.