2023 was a big year for me. I stepped away from teaching MBA classes after 26 years. I took a leap without a safety net and left my full time W2 job after 6 years. And I finally decided to get serious about scaling my business, and it worked. In this edition, I wanted to include some tips to help you do the same. Here are the most important things that helped me move my business to the next level.
Strong Foundation:
A scalable business model is essential. Before you think of expansion, ensure that your core processes, technology infrastructure, and team structure are robust enough to handle growth. It’s about having a solid base where the increase in customers, sales, or production can be accommodated without a hitch in your operations. Here are some of the things I’ve implemented: transitioned fully from sole proprietor to LLC to soon to be S Corp. Updated my EMS to Convert Kit, paid for Zapier to run my ad campaigns, and batched my content creation to be consistent week by week.
Efficient Processes:
Streamlining operations is a game-changer. Focus on automating repetitive tasks, and standardizing procedures to boost efficiency. This not only saves time but also reduces the potential for mistakes (forgetting to do something), setting a smooth path for scaling up. Remember, efficiency in your current operations is the steppingstone to successful expansion. In addition to batching my content and time blocking my days, I have made it a habit, first thing in the morning, to concentrate on growing my email list! Every. Single. Day. Weekends, too. It has effectively paid off, and I have grown my customer base by 29% over the past month.
Financial Foresight:
Effective financial management is the backbone of scalability. Keep a close watch on your cash flow and anticipate future financial needs, including potential funding sources. Understanding your burn rate and maintaining a balance between profitability and growth investments is crucial for sustainable expansion. Do you know how much you are spending on subscription-based systems? If yes, do you know what your return on investment with these systems are? If no, it is time for you to revaluate if you really need them. I took a long hard look at where I was spending my business bucks, and cancelled things that weren’t contributing to my goals.
Customer Focus:
A loyal customer base is the fuel for growth. Understanding and adapting to your customers’ evolving needs ensures you remain relevant and competitive. Prioritize customer feedback and satisfaction; their loyalty and word-of-mouth can be more effective than any marketing strategy in driving your business growth. I recently switched my targeting strategy for attracting clients. Instead of posting daily mindless inspiration on Facebook, I decided to start posting 3-4x a day where my customers show up regularly: Linked In. As a result, within one week I gained 30 new followers. Consistent nurturing is key.
Talent Investment:
This was, and continues to be a tough one for me. This year, I hired a contract Project Manager who is excellent. I could not have launched my book or my course without her help. I also found a Graphic Designer and a Video Editor, that help me run my business. An administrative VA, however, has been hard to find, and I continue to actively recruit for one. A team is your greatest asset in scaling. You can’t do it all yourself! Invest early in hiring skilled professionals and focus on training and retaining them. A skilled, motivated team is critical for handling the increasing complexities as your business grows and allows you to work on the things that you want to work on.
I hope this gives you an idea of some of the ways I have grown my business in 2023. I know that in the future, investing in technology systems, learning new strategies for promotion through ad targeting, and my working on a mentorship roll out will only further scale my business.
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