If youve vowed that 2017 is going to be the year that you see huge growth in your business, well done! Committing to growth is the first step.
The companies that dominated over the past decade have proven that it is possible to grow fast without losing the unique small business approach that won them loyal customers in the first place. The trick is to adopt a scalable business model to generate huge profits, so you can increase your customer base without increasing your overhead at the same pace.
The idea is to pair exceptional revenue growth with costs that are incrementally increasing. Software companies are excellent examples of this- once theyve completed the development stage, theyre able to continually replicate their end products, selling it to the customer at no additional cost.
Here are some ways you can grow your business this year:
Your need to scale shouldnt only be based on demand for your service or product. Sure, demand is likely to play a large role in your scalability, but if you have a competent growth strategy from the beginning, the aim is to ensure that scalability is entrenched in your business plan before your customer base starts expanding.
The idea is to have a business with a service or product thats replicable, while being run at a large scale without you having to physically be there.
Look into finance
Without an infusion of cash, at some point your business is likely to stagnate in terms of growth. OakNorth provides flexible and bespoke business loans up to 20m which are specifically designed for fast-growth business. It’s crucial that you begin looking into finance well before your business actually needs it- so that you can assess your options.
Be a cog in the machine
This may seem counter-intuitive, after all, businesses that want to grow also need to be able to attract and retain talent, but a good measure of your companys ability to continue to grow, is how independent (or dependent) it is on each individuals input. If your business is offering systematic products or services, then the absence of one team member should ideally have zero impact on the success of the company. This is why Fortune 500 companies are structured so that CEOs can come and go without causing problems or making any real difference to the company.
Look at the big picture
When youre a business owner its easy to get caught up in specific campaigns or projects, but its crucial to be able to look at the big picture. Once youre turning over 50 billion in annual sales, one consulting job is unlikely to move the needle much at all, and this is the type of thinking you need. That doesnt mean that you stop caring about the smaller projects or issues, just that you look ahead to the future and think about your business as an Oak tree with hundreds of different acorns, instead of just one acorn.