Tuesday November 10, 2020
Secrets to Scaling Your Small Business
Are you ready to grow your business but not sure how to make the transition from the level you’re currently at? Our tips on scaling your business, and what it takes to be a big success!
What Level are You Willing to Get to?
Many business owners start their business with the goal and intention to get it to the level where the business can run effectively without a lot of the owners involvement. For most, the ideal business is one that brings in profits, but is able to operate with or without owner involvement. Many small business owners want to shift away from the stress of owning their business to the reward of having built a successful organization.
There are very few aspects in your business that make sense for you to actually do yourself. Look at the areas in your business where you are not the expert, these areas are opportunities to look to outside resources and professionals. Your business is not worth nearly as much to you until it can operate without you! The best way to scale your business upward for growth is through delegation and outsourcing.
Take an Inventory
Make a list of ALL the tasks you currently do yourself. The newer, or smaller, your business is, the longer your list of tasks will be. Making this list should take some time, as an owner you’re deeply involved, but we want to help you identify areas in your business in which you can extend the responsibility to someone else and begin to take some hands off the ins and out of everything that goes on with your business.
Take this list and categorize them by the enjoyment of the task. Make a list of the work you hate, the work you must do, and the work you can’t do. From those lists, look at each task and ask yourself if you could get someone else to do the task less expensively, or with greater output than doing it on your own.
Next establish the cost of each task, focusing on the work with the greatest value to your business. The tasks that have little value are the kind of work that should be the most easy to delegate to your team. The tasks with high value that you can’t do should be done by experts or professionals. For example, a bookkeeping assistant online is an outsourced task that will cost you money, but saves you time and frees you up to focus on the high value tasks.
Keep Some Tasks for Yourself
When your daily tasks are delegated and outsourced it allows you as a business owner to focus your energies on taking those next steps for growing. As you grow and become less involved in your business, there are a few things that should not be delegated or outsourced, that you as the owner need to keep a presence within.
Even if you put together an awesome internal and outsourced team, there are a few things that small business owners shouldn’t delegate, including:
In order to make the transition and scale your business, you must replace yourself in the doing of the work that makes your business money, and replace yourself in the selling of the work or service that makes you money. It may seem counterintuitive to let go to grow, but scaling up successfully involves an owners willingness to find the right people for the right tasks!