Every business person wants growth for his/her company, but not all of them are truly prepared for it. In order to best position your company to be prepared for such opportunities when they are presented, be sure that you are ready to scale up to that next higher level.
Make a real commitment to growth
It might seem odd to say, but the first requirement for preparing to scale up is to make a true commitment to it. It’s no exaggeration to say that a great many businesses don’t really take the time and effort to be ready for the next stage of growth, and are instead more or less content to maintain the status quo.
Build a strong team
Chances are, you won’t be able to achieve that next level of success all on your own, even if you have tremendous expertise yourself, and you bring a powerful skillset to the table. You’ll also need to build yourself a team that has strong and complementary skills, even some with management skills. Don’t overlook financial people, and executive types who can provide mentoring along the way.
Part of your mindset regarding growth and scaling should be to collaborate with other people and organizations to the greatest extent possible. Build partnerships with service providers, suppliers, sales channel personnel, and even customers who can participate in marketing surveys. In some cases, it may even be worthwhile to formalize these relationships, so they can be continued indefinitely.
Understand your core competence
This is essential for creating strategy and planning. What is meant by core competence is the set of skills, abilities, and general strengths of the company, which all combine to make it competitive in the marketplace. Whatever it is about your company that appeals to consumers, needs to be emphasized powerfully, because this should be what spearheads your growth for the future.
Standardize your business processes
As an owner or manager, you simply can’t be involved in all the processes which contribute to the success of your company, and that means you need to delegate to the competent members you have built up on your team. In order for this to work for the long term, it will be necessary to standardize your important business processes, and then train reliable personnel to carry them out, without you being personally involved.
Understand your customer base
There’s no substitute for having a clear and accurate understanding of how your company is perceived by the broad base of your customers. This does not mean that you can consider your personal perception of customer views, but instead it means that you need to do whatever it takes to go right to the source, and get the real customer perspective of your products, your services and your brand. Long-lasting business success is always fueled by customer interest and customer loyalty, so it’s essential when preparing to scale up, that you obtain this information and consider it in all your long-term strategies and planning.
At Palmetto Payroll, we want your business to be successful, and we want to help! Contact us for guidance or to learn more about the services we offer that can make running a business a whole lot easier.