We love to save you time (and help you grow!) So we’ve scoured the Internet for the best of the best tips to scale your business. You get the ultimate advice from across the web all in a one stop shop.
- Think Big; Go Big
It’s what we’ve previously mentioned sets entrepreneurs apart from the rest of us mere mortals and that’s the ability to take action. We like to think of the life of an entrepreneur as:
Wake up. Be awesome. Hustle. Repeat.
But the missing subsection to “Hustle” is perhaps to “Be Bold.” You won’t scale a thing if you’re not willing to go big. This doesn’t mean you shouldn’t also take into account the risks– but, that’s a blog for another day.
- Consider Recurring Revenue and/or Your Product Innovation
If you can, consider developing a Monthly Recurring Revenue (MRR) stream. This is huge in terms of having “predictable revenue” to pay bills, allowing you to focus on growth. Plus, it looks great to investors if you have a solid MRR. It’s becoming more common to see even non-SaaS businesses finding a way to generate MRR through subscriptions for products. Think Birchbox: they sell an array of beauty & skincare products, but also offer a subscription service for those same items. Or Club W: you can buy wine as a subscription but, if you’re a member, you can also purchase a one-off package, like their current BBQ 3-Pack.
No Recurring Revenue? Then be sure to focus on innovative ways to perfect your product.
“Innovation is not about saying yes to everything. It’s about saying no to all but the most crucial features.” — Steve Jobs
Search for and identify growth opportunities in new market segments to drive the innovation around your product. Excel at your product. Polish it. Then, perfect it. Focus on what you know you’re best at.
- Network and Build Connections
Sorry, but the old adage still rings true. It’s all about who you know. Make connections and maintain them. This doesn’t just apply to investment opportunities. Your network can help you break into other markets and if you have a good relationship with them, can sell your product for you.
- Don’t Ignore Your Metrics
Use those metrics we’ve been harping about. Companies that use customer analytics grow in profit 126% more than their competitors according to McKinsey.
Forbes suggests that if you’re running a new business, you should spend 80 percent of each day on sales and if it’s an established company, you should spend at least 30 percent. If this is something you struggle to maintain, consider your leadership model. Do you have one executive/manager to focus outwardly on investors, customers and partners and those metrics while the other focuses on refining your operations? Don’t get trapped managing operational details and neglecting your sales pipeline.
“Only going out there and asking more people to buy your stuff will make a real difference in the long run.” — Simon Reynolds
- Have a Clear Business Plan for Growth
Be able to clearly articulate your strategy for growth. Emphasize your value proposition and then focus your innovation there. Your investors want to see an attractive business plan with high margins, solid research, strong talent and financial targets in line with your innovation and the market structures.