5 Steps to Scaling Your Business
In the world of IT services, there are two types of businesses. The first type allows you to do the work you love, be your own boss and take on challenging projects. Sounds good, right? Before you answer, consider the second type of business—one that runs without you and keeps making money even while you sleep or go on vacation. Now which one sounds better?
These are two very different types of companies, and the choices you make early on can either help you or prevent you from building the scalable business you want.
To do this, you need to change the way you think and adjust your skill set. The good news is that changing your mindset doesn’t have to take long; not nearly as long as it took you to become the expert that you are today. It does require that you acquire some basic skills, master some concepts, and learn to think strategically about your business.
Here are 5 steps to help grow your company to several times its current size.
Look at Financing Alternatives
As an entrepreneur, you need easy access to small business loans through banks, angel investors and other sources. You should also consider partnering with a larger organization that is seeking a small innovative partner like you. Business owners have great ideas, but many of those ideas require capital to get off the ground.
Think Big and Be Bold
Small business owners must be creative and think about where they can take their business. You’ll have to think both inside and outside your business to uncover where the opportunities really lie.
Increase Your Visibility
Make sure people consider you an expert in your field. Get as much publicity as possible through contact with local press and through online sources and social media. Participating in vendor-led webinars and speaking at tradeshows are also great ways to promote your expertise and your business.
Work On Your Business, Not In It
Fully understand your strengths and weaknesses and build a team accordingly. Make sure you have the right people in the right positions who can help you get to the next level and beyond. Knowing when to focus on the actual business instead of day-to-day tasks is one of the hardest things for business owners to learn. The sooner you find this balance, the sooner you’ll find success.
Establish a Support Network
Every small business, whether established or just starting up, should have a support network. At a minimum, this should be an informal group of friends or acquaintances who are there to provide both moral and subject matter support. Getting involved in peer groups is a great way to seek out mentorship and gain business knowledge and should also be a focal point when establishing your support network.
None of these steps are hard to do on their own. The key to transitioning smoothly from a small business to one that runs itself is stringing all five steps together to make it happen. When you’re focused on growing your bottom line through alternative financing routes, and when you’re spreading the word about your business through innovative thinking and visibility, you’re halfway there. Once you pull it together with a strong team, the right skill set, and a circle of like-minded professionals, a successful business will begin to take shape.