Every business owner has a big vision for their company and wants to make it happen. However, most business owners don’t follow a unified strategy to reach their business goals.
It’s like trying to bake a cake without a recipe. You add a dash of this and a pinch of that hoping that it will become a cake in the end. But you’re confused, unsure of the outcome and, pretty soon, frustrated that’s it not happening. It shouldn’t be so hard to grow a business others aspire to become.
In a recent LinkedIn post, I asked what was the one thing you wish you knew before you started your business. A business owner replied, “Starting a business is easy, but scaling a business is hard.” I get it. It can be overwhelming to know if you’re making the best decisions for the financial future of your business.
Scaling is all about people, processes, strategy, execution and cash. Let’s start with people:
- Are you looking to fill vacancies in your organization? Having a hard time finding the right people? There’s a war for talent going on in the marketplace. There are not enough people to fill all the openings in your business. Your best prospects for employment are your competitor’s best people, but the reverse is also true.
- It’s not enough to be effective or efficient to play on your team, you need both. An effective employee will produce what you want and an efficient employee will produce maximum output while minimizing wasted time or money. That combination of both is what makes an employee great. Employees who are either ineffective or inefficient will usually lengthen cycle times in your sales, production, delivery and payment cycles or make mistakes or create redundancies that will either cost you time or money or both.
- Get rid of motivation killers, toxic people, abrasive personalities, poor communication systems, and absence of opportunities for professional development. Make it a game. Use rewards, leader boards or rankings, and challenges to add a play dimension to aspects of a business operation. Set clear goals and provide feedback. Employees will be more motivated if they know what they are expected to achieve.
So, how much are you limiting the potential growth of your business? As Jim Collins said, “Get the right people on the bus and get them in the right seats.” is a good first step.
The Profitability Coach