If you’ve launched a successful business, it’s because you’ve mastered the basics of entrepreneurship, marketing, customer acquisition, and team management.
While this is more than enough to continue to operate your business at its current level, what should you do if you aspire to scale your business? Figuring out how to do it isn’t easy because it means revamping your company’s processes and systems and multiplying its output.
Two ways to grow your business to impressive numbers are expanding your market reach and uncover hidden business constraints.
Expand Your Market Reach
One way to do this is to research different types of outdoor advertising media.
While your initial research might suggest that you could advertise your business on bulletins, digital billboards, and wallscapes, this is only a small fraction of your outdoor options.
You could promote your business with ads on street furniture, placing your ads on bus benches, city trash cans, and urban pillars or kiosks. Advertising on buses, interstate rail lines, taxis, elevators, bars, restaurants, and shopping malls is a great way to get the word out about your business too.
Uncover Business Constraints
Although you have an established business, you may be wrestling with limitations you haven’t yet noticed.
When you apply the Theory of Constraints (TOC) developed by Dr. Eliyahu Goldratt to your business, you’ll be astonished at what you might find.
TOC is a powerful method to uncover the reasons why your business has yet to reach its full potential.
Once you identify bottlenecks, you’ll find out why your company isn’t growing as fast as you thought it would be based on your earlier market analysis, and you can now fix things you didn’t even know were broken.
Here are some possible reasons your business may not have reached its full potential.
- If you aren’t marketing online, focus your time and energy on promoting your product or service on social media platforms to generate more sales.
- You should also send out surveys to find out what your customers need from your business. Perhaps your prices are too high, your delivery too slow, or your products too fragile. Once you’ve identified the problem, you can fix it. Incidentally, these are constraints that Tesla faced, problems that forced them on the verge of bankruptcy. Once they resolved these issues with their electric vehicles, the company’s revenues soared.
- Your business may have low levels of employee productivity. Suppose you have not been paying much attention to building a flourishing workplace culture. In that case, many of your employees may only be showing up for their paychecks because their efforts have gone unrecognized and unappreciated for a long time.
- You may have old machines or are using outdated programs. If that’s the case, it’s time to modernize! Adapt to the modern equipment used in your industry. If you’re not prepared for change, your business will begin to lag. Find the best software for your business that will make your work more efficient and productive.
- You may not be tracking the right metrics. If this is a problem, it’s time to set up your business analytics properly. If you’re a small business owner and you haven’t been tracking your marketing and sales efforts accurately, then you’re missing out on insights that could improve your business. For instance, you may be spending money in ways that don’t have a positive return on investment. Perhaps you might be using the wrong marketing channels for your business. It’s critical to know if what you’re doing is working
Adopt a Methodical Approach
Intelligent scaling can only be done with patience, planning, and perseverance. It takes time and effort to know what you could be doing when upgrading your business processes and connecting with a larger slice of the market.