Getting a franchised business up off the ground is a welcome challenge for a vested owner. But are you scaling your business growth properly? It’s one thing to have initial success, but another thing entirely to manage the scalability of your business growth. Scalability in this sense means adding to your bottom line through more sales, more staff and ultimately—more overall success.
There are perils in getting it just right. Scale your business growth too slowly and you risk running your operation like a car stuck in a lower gear. Scale your business too quickly and you may outstrip the need for added resources. As in all things proper, seeking a good balance is the answer. During this week’s blog addition, we’re going to take a look at a few tips to help measure the scale and growth of your business.
Assess, Assess, Assess…
Good small business owners have a benchmark in mind. You likely do as well. Even the most rudimentary business plans have the break-even points. But these won’t do you much good if you don’t take a periodic assessment of your operation and how it is achieving its stated goals. If you sell goods, are you meeting the quotas you established? If you sell a service, are you meeting the number of clients you planned for? You truly can’t begin to scale any type of growth in your business if you don’t know your starting point. Begin weekly or monthly assessments of your bottom line and go from there.
Set the Triggers
In order to scale your business growth properly, put a focus on diligent planning. And when you’re planning, plan for success. Find out exactly when you have enough growth to add a staff member, for example. This is setting a trigger for action. It works the same when you’re stocking inventory. When you get low enough, you know it’s time to re-order. Set triggers for things like expanding staff, adding products (or service offerings) and even adding additional locations. Think big, be big.
Cobble Your Own Shoes
Many of us have heard the saying, “The cobbler’s children have no shoes.” What it means is that the cobbler is so busy working on repairing his customer’s shoes, that he had no time to get his own children any. Is this how you’re running your business? Do you spend all of your time servicing your customers and clients and none of your time promoting yourself? If so, you best get to delegating. Find a good manager who can handle the day-to-day tasks. If you don’t have the time to promote your own business, where will your next generation of customers come from? This is what scalability is all about. Be thinking about the future, not just the present.
Scalability is an extremely important factor in the growth of your small business or franchise. Give it the attention it requires and your business will have a progressive future of success.