Could Your Business Scale?
I am not talking about dry skin here. What I am talking about is does your business have capability beyond what you do personally? Is your business more than just you?
Have you built a business that can easily grow? This is a challenge for the one or two person business. If all or most of the sales of the business are based on the effort of the owner then your business does not have scale, as of yet.
How can you change this? The approach would be to look at expanding your products, your services or your geographic reach beyond what you can do on your own. If you are running one store, consider opening another. Tim Horton's started with one! Can you develop products from the services you offer so that you increase your revenue? Brain storm around what products you might be able to sell, and consider selling digitally. Can you create reports, checklists or books?
How much income can your business make if the founder is not involved? We are all looking for passive income, income you can earn in your pajamas. If you make your money by selling your time, as many of us do, then you only have so much time to sell and you can likely only get so much for each hour. In order to grow your business you have to get beyond selling your time. This is an area where your website will help. Is your website just a brochure for your business? Can you change that so that your website can sell products for you, and deliver these products all on its own?
What if you had more people's time to sell? If you are able to obtain more work than you can do personally, it is time to hire more employees. You can be more profitable if you can hire people to do some of the work that you do and this will free up some of your time to do more profitable work.
Can you picture yourself with more employees? If not why not? Is it possible that what is holding your business back from growth is your own limiting beliefs? Maybe you could scale your business by visualization which is picturing yourself actually doing it. Imagine your business with 10 more employees or a number of new locations. What would you need to do to make that happen?
If your business is the size that you are comfortable with, then you do not care if it scales, enjoy things just the way they are.
Debi J. Peverill CA is an accountant with a sense of humour. She has written 11 books for business owners and is in demand as a speaker. Learn more business strategies at www.Peverill.ca
Have you built a business that can easily grow? This is a challenge for the one or two person business. If all or most of the sales of the business are based on the effort of the owner then your business does not have scale, as of yet.
How can you change this? The approach would be to look at expanding your products, your services or your geographic reach beyond what you can do on your own. If you are running one store, consider opening another. Tim Horton's started with one! Can you develop products from the services you offer so that you increase your revenue? Brain storm around what products you might be able to sell, and consider selling digitally. Can you create reports, checklists or books?
How much income can your business make if the founder is not involved? We are all looking for passive income, income you can earn in your pajamas. If you make your money by selling your time, as many of us do, then you only have so much time to sell and you can likely only get so much for each hour. In order to grow your business you have to get beyond selling your time. This is an area where your website will help. Is your website just a brochure for your business? Can you change that so that your website can sell products for you, and deliver these products all on its own?
What if you had more people's time to sell? If you are able to obtain more work than you can do personally, it is time to hire more employees. You can be more profitable if you can hire people to do some of the work that you do and this will free up some of your time to do more profitable work.
Can you picture yourself with more employees? If not why not? Is it possible that what is holding your business back from growth is your own limiting beliefs? Maybe you could scale your business by visualization which is picturing yourself actually doing it. Imagine your business with 10 more employees or a number of new locations. What would you need to do to make that happen?
If your business is the size that you are comfortable with, then you do not care if it scales, enjoy things just the way they are.
Debi J. Peverill CA is an accountant with a sense of humour. She has written 11 books for business owners and is in demand as a speaker. Learn more business strategies at www.Peverill.ca
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