In this episode of the Better Than Success Podcast, your host Nicole Purvy, talks about ways and specific actionable tips to scale your business. Be sure to start by listening to episode 21 of the Better Than Success Podcast.
4 Ways to Scale Your Business
- Increase your hourly rate.
- Simplify your product offerings.
- Start a certification or training program.
- Create a subscription service rather than charging a one-time fee.
Tools mentioned: BetterthanSuccess.com/calculateit
5 Tips to Scale Your Business
- Think Big and Act Bold
- Evaluate Financing Options
- Work on the Business and Not in It
- Create systems and processes for day-to-day activities and delegate those.
- Planning & Strategizing
- Improving the business and systems
- Create company Manuals
- Use your time management system and personal techniques as your starting point. What are the things you will do today? Are any of them recurring tasks? For example, will you send out a customer email blast? Will you check your ecommerce solution emails for new orders that need to be shipped? Will you update your inventory? Will you place an order for new products? All of the tasks that you do need to be documented.
- Aim to begin by documenting just three to five tasks each day.
If you do a lot, or all of it, I would suggest that you start with the easiest and most recurring tasks. Write down all of the things you think you do to complete that task before you do it. While you’re completing the task, document anything you may need to do to troubleshoot or, in the event that a problem arises, the steps that should be taken to resolve it. Once it is completed, you review the steps, and edit if necessary. Now place the task in your binder. This is the very first standard operating procedure. Be sure to include any, and all, pertinent information. For example, if you need to login somewhere be sure to include logins. If it’s a task that needs to be done, such as an inventory check, be sure to identify where the inventory checklists are kept, either digitally or as a hard copy. If you want to get fancy you can create a header and footer or add other design elements to your document.
- Repeat this process every day
You should document at least three to five of your tasks everyday. It may seem like a lot a first, but once you get started, you’ll see you only need to set aside a few minutes to get the job done. Once you’ve completed the steps that are related to your position, move onto any employees or assistants you may have.
- Review your procedures weekly
At the end of the week, review each new procedure that’s been added and check to be sure that they are in the appropriate section. You’ll want to do this until you’ve completed the manual. Keep a list of things you think to add or notice are missing. This way you’ll be able to track your progress effectively.
- Divide your processes into sections
The easiest way to organize your company manual is by dividing it into sections. These sections should be based on the products and services that you provide. While there are some general sections that every business will want to include at some point, not all sections are applicable to all businesses. A clothing boutique may want to include their inventory, website, email marketing, coupons and promotions, social media, photo-shoots, and customer service. A business that needs to renew certifications or licenses annually should include that as well as their other processes in the manual. As your business grows and changes, you can add processes and sections as needed.
- Stash Your extra Cash
- Be prepared – Be proactive