Is 2020 the year you will take your business to the next level? Whether you have a relatively new business that has already expanded rapidly, or your company has been teetering on the verge of greatness for some time, this could be your year.
Launching a new business and being successful in the early stages requires one particular set of approaches. When scaling your business, on the other hand, there is a different set of things you must do in order to be successful.
Here are the 5 key things you should do if you want to scale your business in 2020.
Learn to Delegate
One of the biggest shifts that happens around the time you start to scale is that you as CEO or leader can no longer focus on “work” but need to shift to looking almost exclusively at the bigger picture. This is the time when you need to delegate the nuts and bolts tasks to your team, and instead work on managing, strategizing and driving growth.
This can be a huge challenge for hands-on entrepreneurs who need to learn to delegate. In the early stages of your business you probably were up to the early hours coding, making, writing or designing. Now you have a team to do that and your job is to oversee what they do, and drive growth on the macro not micro level.
Create New Revenue Streams
When you first started your business, you may have focused on just one product and service, and therefore just one revenue stream. This makes a lot of sense when you’re starting out. However, as you scale you need to boost your revenue, and do so quickly. Unless you have phenomenal growth within your primary revenue stream (which can happen) the best way to do this is to create new revenue streams. These could be diversifying your product range, introducing services complimentary to those you already offer, or something else.
The logic here is hard to fault: multiple revenue streams could exponentially increase your revenue. Scaling is also the perfect time to introduce new revenue streams for a few reasons. Firstly, you already have an established audience that you can sell new types of products and services. You also have established credibility that you can use to sell these new ventures. Finally, as your business grows you will have more resources and not to mention in-house talent to branch out into new areas.
Build Your Personal Profile
When you think of the world’s biggest brands, you probably also instantaneously think about the people who built them. Think of Apple and you call to mind Steve Jobs, for example. The same is true for Microsoft and Bill Gates. One of the key aspects of scaling your business is your personal profile as the leader and face of the brand.
In order to have an impact, your brand needs a strong leader who relates to your customer base on a personal level. This is also essential to building trust, which in turn, builds loyalty and will establish a strong base of regular customers. There are many ways you can build a strong personal profile, from speaking engagements and appearances at conferences, to social media activity and guest blogging.
Diversify Your Marketing Tactics
Marketing is an essential part of grow of any business, and no more so when you are scaling. You may very well have found that what worked best in the early stages of your business was to focus on a limited number of marketing tactics and to do them well. This can be a very effective approach for new businesses and startups.
However, when scaling your business, diversity in marketing is key. This is the time when you need to grow your customer base, widen your audience and reach new market segments. To do this, you will need to employ new and different marketing tactics. Look at your social media and consider incorporating new platforms. Invest more in your website to improve SEO if you haven’t already. Expand to additional marketing streams, like trade show marketing, sponsorships, local promotions and email marketing.
There are very few businesses that scaled based purely on internal profits. This means that in order to scale your business you’ll need to look for external funding sources. Investment is obviously one of the most common ways to do this, and this stage of the business cycle is one of the best times to attract investors. There are also other ways to give your business a cash injection, such as small business grants and bank funds through a loan or a line of credit.