There’s lot of talk these days about how we should ‘set ourselves up for failure’. This ignores the fact that whether it’s self-limiting values, irrational behavior, or an unwillingness to do what it takes, failure waits around each corner anyway.
An interesting study by Forbes reveals the five key things that successful entrepreneurs do to scale small companies into large ones that include: Think Big and Be Bold; Build a Public Profile; Work on the Business rather than In It; Establish Key Advisory Networks and Evaluate Financing and Expansion.
Success, it turns out, is largely a matter of conscious decision. Launching a scale-up is a conscious decision. Scale-up can be taught through an actionable program. Here are some pointers to consider.
Starting a Process
Success is all about people and processes. Process development is essential to business growth. Depending on your business, these processes could be quite simple. The more concise and clear these instructions are, the better it is for your business’s future.
If you don’t know where you’re going – and how you’re going to get there – you can be pulled off the track pretty quickly. Your strategic plan gives you clarity, focus and supports the sort of quick decisions you need to make to keep your business surging ahead.
Start preparing a marketing routine. Build your networking contacts. Send out a newsletter and start keeping a log of when and how you do these things. To begin with, send out posts on Facebook (LinkedIn for a B2B audience), assess the response and plan your next step.
Once you have established your activities in a way that’s clear and concise, evaluate them. Is your routine efficient? Is it producing results? How can you make it better? After evaluating your instructions, start a work manual for your company.
Remember there’s always a better way to do something, and as new technologies are created or your business environment changes, you should update your processes accordingly to maintain efficiency and a competitive edge.
People and Your Company
Scaling your business means adding more staff. Eventually you’ll be operating at full capacity, and your business can only stay at this level unless you take on more staff to grow your operations.
Transparency and Accountability
Besides hiring a staff that agrees with your company culture and values, you should share the company goals with your staff, promote accountability and develop leadership in your staff, have them create their own goals to achieve the overall company goals. Have staff report on their progress regularly to ensure that goals are completed on time.
When people create their own goals, they feel more accountable for their results. Lastly, teach your staff how to evaluate, edit or develop processes for their activities.
Striving for Excellence
No matter how well you and your small business services deliver to meet your customer expectations, one key factor that makes your business appealing – it’s excellence. Excellence is the irresistible topping that has your clients coming back for more.
You should not compromise with less than excellent methods. Performance sparkles when you fold in excellence – even though no one is watching. Seneca said, “Life is like a play; it’s not the length but the excellence of the acting that matters.” Excellence makes your business appetizing.
Excellence is going the extra mile, which is rare today. People want to do enough to get by. Give something extra, like a cherry on top, to let your customers know they are important to your business. You can’t mess this up!
About the Author: Vishal Dhar is the President- Marketing and Co-founder, iYogi, a remote tech support firm based in Gurgaon.
Image credit: Shutterstock.