5 Tips For Quickly Scaling Your Business And Achieving Repeatable Growth

No matter where you are in the lifecycle of your company, fostering strategic expansion is one of the most important things you can do to ensure a prosperous future for your organisation. Increasing the number of revenue streams can certainly boost your income, but it also necessitates internal growth inside the firm itself in order to be successful.

Unfortunately, a significant number of would-be business owners fail to appropriately address the numerous difficulties (as well as opportunities) connected with laying the groundwork for recurring growth, which can ultimately lead to the utter collapse of the business itself.

I recently had the opportunity to interview Josh Strebel, CEO of Pagely, along with fellow guest Christian Brink Frederiksen, co-founder and CEO of LEAPWORK. During our conversations, the topic of locating a growth model that is both sustainable and profitable came up numerous times.

During the course of our discussions, it became abundantly clear that there are a few key strategies that can significantly assist entrepreneurs in unlocking repeatable growth channels. While it is true that any type of business has a lot of work to do in order to scale successfully, this did not change the fact that there is a lot of work to be done. These are the approaches that can be taken.

1. Strengthen Your Individual Positioning

During the course of our discussion, Strebel brought up the fact that Pagely did not attain its current level of success overnight. Strebel recognised positioning as the key factor that contributed to the expansion of the company’s operations during the course of five years previous to the breakthrough achieved by the business.

It didn’t start to resonate until after we had set our approach and figured out where we stood in the market. We had no intention of engaging in a race to the finish with the numerous other quick followers that were already available. After conducting research on the market and locating our “blue ocean,” we came to the realisation that this is what we specialise in and that we are the leaders of the industry in this particular field, which exemplifies how we are in a category all to ourselves. Then, all of a sudden, there was a one hundred percent growth in it month after month for a long amount of time. This went on for quite some time.

Even though it may sound simple, if you want to scale your business, you will need to demonstrate to potential customers your one-of-a-kind value proposition. This is necessary even though scaling your business seems like an easy task.

You won’t be able to pry them away from your competitors and establish yourself as the go-to resource in a new service area until you do this first. Until you do this, you won’t be able to pry them away from your competitors. In the event that something needs to be readjusted, you shouldn’t be afraid to make a few minor alterations to the way you are positioned.

2. Let the Robots Share the Load

The inability of the current workforce to keep up with the increase of the company’s customer base is the primary factor that contributes to the collapse of many newly established companies.

During this stage of the development of the firm, it is essential to engage extra staff; however, the owners of the business should also consider adopting automation in order to reduce the amount of work that they are required to complete.

According to Frederiksen, “A lot of work that is done on computers is hard, monotonous, and dull; nonetheless, it is nonetheless unavoidable in the workplace of today.” [Citation needed] “This may lead to you and your employees becoming distracted, which increases the risk that you will make mistakes that are financially destructive to the company. You will end up wasting time that you could have used to focus on other tasks that are more important if you hadn’t done this instead. You will end up losing time.

This is one of the primary motivations that led to the development of LEAPWORK. Developing automation routines can be helpful in a broad variety of endeavours, including offering assistance with sales duties and the distribution of software patches, to name just two examples.

Even something as basic as automating data input can save your staff several hours each week, giving them more time to focus on the aspects of growing your business that are more crucial to the larger picture.

3. Encourage Your Current Customers to Promote Your Company

Pagely’s advertising efforts are remarkably understated for such a successful company (with annual revenue of eight figures).

Strebel provided an explanation by saying, “It’s still word of mouth, personal referrals, organic search, and other stuff like that.” Pay-per-click advertising is not something that we engage in at all. If we ever decide to try anything new, the monthly cost will be less than $500.”

Pagely is able to keep its advertising costs to a minimum in large part because of its powerful positioning. This positioning enables the company to earn referrals from advertising agencies and other businesses at the precise moment when Pagely is the appropriate solution for the brands of those agencies’ respective clients. This allows Pagely to keep its advertising costs to a minimum, which in turn allows Pagely to keep its prices competitive. Because they have worked with Pagely in the past and have had nothing but positive experiences with the firm, they are more than willing to suggest the services of the company to persons they are familiar with.

You can always encourage your current customers to spread the word about your business by offering them special discounts, free service offerings, or even an affiliate programme. These are just a few of the options available to you. You have the ability to carry this out, without a doubt.

These recommendations have the potential to bring in new customers whose characteristics are a close match to those of your desired audience. Even better, it doesn’t cost nearly as much as an expensive advertising campaign would, which guarantees that activities related to growth won’t put a strain on your company’s financial resources.

4. Maintain Consistency and Quality

According to Frederiksen, “one of the primary challenges I find with organisations wanting to scale is that they allow their product quality or customer service to suffer in order to gain new users.” [Citation needed] This was one of the explanations that Frederiksen provided to the audience. You can’t afford to slack up on the attributes that were essential to bringing in your first customers, so don’t even try. You should always put the quality of your products and services at the very top of your list of priorities, even if doing so requires you to acquire assistance from a third party. This is because the quality of your products and services directly impacts the satisfaction of your customers. This frame of mind has been of tremendous assistance to me at LEAPWORK, which has directly contributed to a great lot of success.

To avoid falling into this growth trap, the culture of the firm is something that must be prioritised above all else.

Making sure that everyone on your team is still committed to the goals and principles that you started with, as well as making sure that new recruits are buying into this culture, will help reduce scaling mistakes so that you do not alienate your consumers. Scaling mistakes can lead to alienating your customers.

5. Remember The Long-Term

It is extremely necessary to keep your attention fixed on the broad picture while growing your company; this is true even if you have your sights set on experiencing rapid expansion in the not too distant future.

This is Strebel’s top recommendation, and he is reported as saying that “the number one piece of advise I would offer for someone attempting to create an online business today is to not give up.” ” This may appear to be obvious, but from what I’ve seen, the average person only gives a new hobby or activity three months of their time before giving up on it altogether. When it comes to being successful in business, there is no such thing as an overnight success… sometimes it takes much longer than you imagine before things begin to come together.

The growth of Pagely and the current success it has enjoyed both required a significant investment of time and effort over the course of several years.

Strebel mentioned that a large amount of time was spent trying in order to find the best growth paths for their company. This was done in order to save the organisation time and money. However, in the end, they were successful in attaining the outcomes they intended by adhering to a primary concept and maintaining a consistent brand identity throughout the process.

You will be able to lay the groundwork for rapid and sustained expansion if you take into consideration all of these different variables.

If you concentrate on growing your customer base while concurrently working to improve the internal structures of your company, you will have a better chance of successfully scaling your business and planning for long-term success.

What small businesses need to know about scaling and growth

When you manage a small business, you may frequently get the impression that you are performing a delicate balancing act between remaining within your established boundaries of safety and pursuing the expansion necessary to realise your goals and realise your aspirations.

It is without a doubt a difficult balance to achieve, but it is one that is attainable if you organise your company in the appropriate manner. Here is what small business owner Nancy Youssef thinks you need to know about expanding your operations and scaling up your company…

Get outsourcing – now

You should spend the majority of your time concentrating on high-value activities that provide a strong return on the amount of time you put into them.

You will be able to take on additional high-value work or grow the firm in other ways, such as by networking, if you delegate jobs with a lower perceived value to staff or independent contractors. This will free up more of your working hours.

Beginning with contractors is a great option for getting your feet wet in the world of scaling if you are not quite ready to take the plunge and hire full-time workers.

You won’t be tied down to long-term employment contracts, PAYG tax, or any of the other administrative difficulties that can come along with hiring personnel, but you’ll still be able to outsource some of your activities and evaluate how scaling the firm could benefit you.

Strategise your next 90 days

It is of the utmost importance to write down goals that are both specific and attainable. Having said that, you need to do it in a way that moves you ahead, rather than setting a gigantic, impossible mountain as a goal for yourself to conquer.

One effective strategy for doing this is known as “reverse engineering,” which is breaking goals down into more manageable chunks that can be checked off one by one to provide a feeling of success. Because you are concentrating on what you want to do in the next thirty, sixty, or ninety days, it is also simpler to recognise what isn’t working, which enables you to replace it with a more effective method as soon as feasible.

When those three or five-year ambitions appear to be so far away, this will assist keep you on track to achieve them.

Create a supportive culture

When expanding your business and adding members to your team, one thing that you need to keep in mind is how crucial it is to have a positive culture for your organisation. This helps your business expand by attracting the right people who share the same values as you, which allows you to grow in the way that you want it to.

And another benefit of happiness is that it tends to increase people’s levels of productivity, which means that you can rely on a staff that is both more effective and more efficient.

Embrace automation

When it comes to expanding and developing your small business, the people you employ are not the only factor to consider. In addition to this, you need to have the right mechanisms in place to keep everything streamlined and seamless. There is no room for overcomplicating things at this point in time.

This entails automating as many of your systems, procedures, and documents as you possibly can in order to cut down on labour hours that are expensive and human errors that can result in a significant amount of wasted time and money.

Manage ‘money stuff.’

You also need to have a solid awareness of the financial health of your organisation, which can be accomplished through collaboration with your chief financial officer (CFO) or accountant, or by the hiring of an exceptional bookkeeper. Forecasting is essential in this situation because it enables you to anticipate potential monetary issues, obstacles, or downturns in the market and plan accordingly.

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If you are in need of more funding, you should make sure that you are well-prepared by having a solid understanding of the various financial solutions that are available. You need to make sure that you have access to your financial reserves, an overdraft, or something else that you can rely on that will not suffocate your business but instead provide you with the financial oxygen you need to keep breathing so that you can continue working towards your goals and keep expanding.

Protecting your company (and yourself) with insurance that is appropriate and sufficient should be another one of your highest priorities. This is not an area in which you should try to save money; I could give you so many tales of businesses that went bankrupt because the owners didn’t take insurance and compliance seriously. You shouldn’t try to save money in this area.

Seek solid advice

If you are in need of more funding, you should make sure that you are well-prepared by having a solid understanding of the various financial solutions that are available.

You need to make sure that you have access to your financial reserves, an overdraft, or something else that you can rely on that will not suffocate your business but instead provide you with the financial oxygen you need to keep breathing so that you can continue working towards your goals and keep your expanding.

5 top tips for scaling your business

If you own or run a successful firm and are searching for prospects for expansion, one option to explore is expanding the scope of your operations.

Scalability can only be achieved if one possesses both a tried and tested concept and dependable infrastructure. But as soon as you are certain that you have checked off all of those boxes, you can begin planning to scale!

Benefits of scaling a business

Consider your company and ask yourself this question: “Are we simply fulfilling expectations and easily achieving our goals, or may we challenge ourselves to think on a larger scale?”

The opportunity to boost sales with relatively little effort is the primary draw for expanding a business to a larger scale. However, there is more to the story than just straightforward sales…

Scaling your firm effectively helps you to perform the following things:

Manage the expansion of the market without taking on excessive risk (such as inability to meet demand, employee turnover, or financial risks).
Because the capabilities and systems required are already in place, it is possible to quickly launch new goods or train new employees.
Manage the company without the assistance of the company’s founder or its senior management.
When there is a need to expand services or move into new areas, it is important to maximise the use of existing assets.
It is important to provide a consistent experience for customers, so they are aware of what to anticipate and can be kept happy.

Scaling a business is not the same as expanding a business; before we get into our top five recommendations for scaling a business, it is essential to understand the difference between the two.

Growing a company involves expanding in terms of revenue, the number of employees, product offerings, and market share. Growth can frequently result in a significant drain on available resources.

Increasing a company’s revenue without significantly increasing its resources is the primary focus of scaling a firm.

Therefore, the key to successfully growing your business is to focus on optimising systems and adjusting processes so that your company can make a smooth transition from a small to large size without any disruptions.

bookkeeper tips

Five tips for scaling your business

Evaluate your current position

Be truthful about the current state of your company, and keep your expectations for the future in check. The next step is to evaluate the potential for expansion of your company.

Will the systems of your company, as well as the infrastructure and the personnel, be able to handle the growth?

Having a firm grasp on both your objectives and your resources is essential to achieving successful scalability.

Consider the steps that must be taken in order to boost your sales.

Create a list of all the different methods you could increase your sales. Examine which of these techniques may be made into standard operating procedures because having standard systems in place will enable you to swiftly introduce a new product and efficiently integrate new team members.

Look for ways to automate the procedures you use.

Therefore, common operations that can be automated are the golden ticket to successfully scaling your firm, as we touched on in the last section. You want to design your systems such that they can function with as little input from you as feasible.

Utilize modern tools to your advantage.

If you refuse to acknowledge the enormous potential benefits that new technology offers, scaling simply will not occur. Why? Because getting ahead is a lot less difficult and expensive to do when you have the appropriate technology to help you.

Integrating systems, automating processes, and streamlining operations allows a company to grow revenues with minimal additional labour. This process is referred to as “scaling your business.”

I want to see the money.

It’s true that in order to make a lot of money, you need to spend a little money first. It is crucial that you invest in your growth strategy. It’s possible that you’ll need to make some staffing or equipment purchases, as well as investments in new technology.