6 Things You Can Do to Scale Your Business

As the CEO/ Founder of your company, it is very likely you are the bottleneck. 

If you want to build a business that gives you time freedom, money, and growth, then you need to remove yourself as much as possible from the day-to-day tasks. 

Remove yourself from micromanaging tasks such as fulfillment. 

To do this, you need to either eliminate unnecessary repetitive tasks by delegating or utilising technology to automate. 

The sooner you create systems, the better your business tasks, or deliverables will flow. Here are just a few benefits of having a system in place.

• More things are done consistently and efficiently
• Reduce mistakes and avoid issues
• Cut costs and increase profits
• Delegate more effectively
• And more!

I get it. Creating systems and processes is not exactly everyone’s definition of “fun”. 

However it forces us to slow down and unpack those critical systems used in our business day to day so that we can get out of the weeds of doing everything ourselves. 

Source: Entrepreneur Events

Whilst cashflow and profits are technically different concepts, both need your focus. 

For a business to be scalable, it needs funds. The sad part is not many businesses focus on keeping a healthy cash balance and maintaining a viable, profitable business model. 

If you want to grow at scale, you need both.

Check your key metrics weekly, amongst the most important:

• Cash balance 
• Forecasted revenue 
• Open A/R (accounts receivable – money owed to you)
• Total income received 

Knowing your numbers including what your margins and profits are will give you a stronger decision-making mindset. Being aware of where your cash is at will enable you to plan and better forecast to fuel your scalable business. 

Your cash is fuel. Run out of cash and your business stops. 

Don’t have any margin. You don’t have a business – it’s a hobby!

Sometimes what got you through your growth phase stops working as your business scales. That’s why it’s essential you update and optimise your sales and marketing strategies to not only optimise for conversion but also growth rate.

Remember what got you “here” may not be the same strategies that will get you “there”.

Simply put, here are some questions to ask yourself (and your team) to stay on top of the strategic planning process. 

• What goals do we really need to achieve this quarter to fulfill our vision, mission and purpose?
• What projects must be completed and when do they need to completed by?
• What resources, skills and assets do we need to ensure we’re on track to achieving our goals? 

Remember the time when communication was so easy when the team was small?

The methods of communication that got you “here” won’t get you “there” when you’re scaling. Here are some important questions to get you thinking about what’s required:

• Does everyone know what’s going on? 

• And more importantly, is everyone aligned with the current business priorities?
• Does the team know how the business is doing? What the business goals are? And how their contribution is contributing to the goals? 

It’s important that there’s a single source of truth for this information and everyone can see how their contribution helps to keep the business on track, in real time.