4 Steps to scaling your business

Scaling your business is undoubtedly one of the most important things you can do, not only in terms of profitability, but also in terms of efficiency. Your business is only as good as your ability to work productively long term, ensuring growth that is sustainable and that both you and your business avoid burnout. Scaling your business is a process, but one that can be made all the easier by adopting a few simple practices.

Number 1 – Know your customer

First thing is first, you can’t scale a business if you don’t know what your customer wants more off. Pursuing an unpopular idea or product will lead you down a rabbit hole that will simply cost you time and money! Instead, focus on researching what your market likes, what they need, what challenges they face, and any ways you can make their life easier. Market research is key here, and especially important as consumer preferences change in a post-COVID world.

Number 2 – Evaluate your strengths

Once you know what your customer needs, think about how you can most closely align your strengths to them. This is often done by consultations with your staff, who will perhaps be able to see different strengths to the business then you can. Everyone in a business plays a different role and thus has a different perspective on the strengths of the business. Try and collate 2-3 core strengths and ask yourself how you can capitalise these to grow your business capacity, without negatively disrupting other core operations. The Likeminded Collective experiences focuses on identifying such strengths through our GROW program, a must for any person seeking to scale their business.

Number 3 – Think bigger

You know what your customer needs, and how you can satisfy them using your strengths. Congrats, you’ve just identified your market. To scale your business however, you need to go deeper – and think bigger. Think about how you can strategically increase profits by 100%, then 200% and so on. Collaborate on the strategies that will get you there (because they exist!) and then get in the arena and be bold. An easy way to initially do so is to increase your public profile. As you do so, through the strategic use of social media and targeted advertising, your business will effectively scale itself. Remember, your product/service is more than just a business – it’s a brand. A part of building a brand is building YOU. So, market yourself! Ensure your website and social media gives a glimpse into who you are, why you love what you do, and how you started. You are the leader with the vision, but you must make it known.

Number 4 - Cement your relationships and networks

This is the most powerful way to scale your business. To scale your business, you need to reach out to other pioneers in your field. This gives you the ability to showcase what you know, and effectively find new opportunities to raise capital. At the end of the day, growth is expensive. However, investment can come from anywhere – particularly from people who understand and value your business. The Likeminded Collective can help you meet your network of commercially minded, strong independent women – who may just be your next investor.