When growing a business, it’s necessary to learn how to grow it in a stable way, take care of automation, delegation and managing the risks that arise. This blog will go through some of the things to keep in mind as your business grows, along with some points you may not have thought about.
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1. The Art of Strategy
2. Automate and Delegate
3. Hire a Virtual Assistant
4. Explore the Possibility of Partnerships
5. Consider a Coach
6. Customer Retention Over Acquisition
7. Risk Management
8. Invest in Yourself
The Art of Strategy
A business strategy is a foundation for your business. Your move is to think long-term, be adaptable, and always stay two steps ahead of the competition. A strategy will be the backbone of this. Remember, it’s not just about making moves; it’s about making the right moves.
Ever thought about having a business coach? Book a call and see if we’re right for your business today!
Automate and Delegate
You can’t do everything yourself, and why should you? Start small. Identify repetitive tasks and explore automation tools that fit your budget and needs. Think email marketing, invoicing, workflows or customer relationship management (CRM) systems.
And delegation? That’s about knowing when to hire help for tasks or outsourcing work that requires a skill you may not have so you can focus on your strengths. This frees up your most valuable asset—time—so you can focus on the big picture.
Hire a Virtual Assistant
Think about hiring a Virtual assistant (VA) for one-off or repetitive tasks. Our expert partner, Virtalent, is equipped with skilled VAs you can bring into your business to help you expand and grow the company without worrying about being buried in work and without the need to think about hiring employees from the get-go.
Explore The Possibility of Partnerships
Partnerships can offer resources, knowledge, and market access that might be hard to achieve solo. Plus, they can open doors you didn’t even know existed. The key is to find partners who complement your strengths and align with your values. This could be going into wholesale and partnering with a retail store, or finding partners to expand your services like we do at CH4B.
Additionally, embracing affiliate relationships and forming partnerships with other businesses can significantly increase referrals. These collaborative efforts not only widen your network but also boost your credibility through association, bringing more eyes and interest to what you do. Whether it’s through shared promotions, co-hosted events, or mutual referrals, the opportunities for growth in such alliances are boundless and mutually beneficial.
Consider a Coach
Investing in a coach as your business grows can be an invaluable tool. Someone with the knowledge and experience to guide you through to the next best step for your business. A proactive coach who works WITH you to achieve you goals. This is one of the ways we deliver member growth here at CH4B using tools such as the Business Roadmap to drive significant results and success for our community.
Customer Retention over Acquisition
While gaining new customers as your business grows you should intensify your retention efforts. Keeping current customers happy is more valuable than winning new ones. Show your existing customers some love, and they’ll keep coming back for more.
What’s the best way to focus on customer retention?
Personalisation and excellent customer service. Understand your customers’ needs and exceed their expectations. Happy customers are your best advocates. Take a look at Seven proven Strategies 4 Customer Retention That Actually Work
Risk Management
Risks will come whether you want them or not, but you can be smart by diversifying your portfolio, keeping an eye on market trends, and having a solid backup plan. It’s both big and small risks that can make or break a business in the growth stage. Here are some things to think about as your business grows.
Cyber Security
The theft of customer data is a big risk as a business expands because you’re dealing with a high volume of people who pass through the business. It’s imperative to ensure you’re taking great care with data and that you’re prepared for the influx in business.
And for all your cyber security needs, our expert partner Digiserve are here to get you set up!
Failure to acquire enough funding
As your business grows, you need to ensure the cash flow is stable. Employees, bills, and suppliers will all require funding. While there are economic circumstances that aren’t in your control, ensuring you have steady cash flow is one way to mitigate that big risk. Here are some ways you can achieve that:
- Regular Financial Monitoring: Regularly review and update your cash flow projections to anticipate shortfalls and surplus periods. Allowing you to make informed financial decisions.
- Manage Receivables Effectively: Invoice promptly and accurately, Set clear payment terms and follow up on overdue accounts.
- Maintain a Cash Reserve: Build and maintain a reserve fund to cushion against unexpected shortfalls.
Scaling Risks
There’s always the risk that the business grows too quickly or in an uncontrolled manner. This rapid growth can strain resources, processes, and people, potentially leading to operational failures. Here are a few ways to minimise scaling risks:
- Strategic Planning: Have a clear business roadmap with growth strategies and adapt to changes in the business environment and your company’s trajectory.
- Effective Communication: Keep lines of communication open across all levels of your organization. Effective communication can help identify and address problems early.
- Risk Management Planning: Have a plan to identify, assess and manage risks associated with growth.
CH4B are giving you tools to make this possible! Book a call now and find out how we can help you build a strategy that works for your business.
Invest in Yourself
Last but not least, invest in yourself. Your growth is your business’s growth. Attend workshops, read books, network and work on leadership development. Your brain is your greatest asset, so give it the VIP treatment it deserves. And be sure not to neglect physical health too.
Remember, growing your business is about thinking outside the box and daring to be different. Use these strategies as a starting point, and don’t be afraid to experiment.
CH4B will give you access to the tools you need to build the growth strategy that’s right for your business. Book a call with us today.
