So you’ve made the decision, it’s time to grow your business! But with growth comes risk. So, before you throw every dollar you’ve got at said growth, why not consider carefully scaling it instead?
Scaling is the smarter way to grow your business. Yes, it may require a little more time, but it also involves less risk.
Are you ready to scale?
Are you ready for growth, scalable or otherwise? You’ll still need to set goals and have a plan (and budget) in place. Ask yourself these questions:
- What are your business goals for the next stage of your business? Where do you want to be and what is achievable?
- Do you have enough existing leads and current customers? If you’re regularly reaching your sales targets and have a pipeline of new business it’s much easier to scale up.
- What’s your conversion rate? It’s imperative that you know this. If your conversion rate is high, you’re ready to scale. If it’s not, you might need to invest a little more time in upskilling in this area.
- What does your profit look like? Can it sustain growth? Remember, even scalable growth on a budget will incur a cost to your business, so make sure you’re happy with your profit before you take that next step.
- Have you documented your processes, so as your team grows you can be sure they’re following the same quality-focused, foolproof system?
- Do you have budget available for scaling your business? Yes, you can scale on a budget, but you will likely still need some budget to put towards marketing, new staff and overheads etc.
- Do you have the time to work on rather than in the business? Scaling takes time and energy. That’s time away from your clients. Do you have the time to commit to this growth?
If you’re comfortable with your answers to the questions above, the time could be right to scale your business.
How to scale on a budget
- Grow gradually. Yes, that’s about scaling. Add resources slowly and strategically. Perhaps a virtual assistant would be the best first hire, rather than a more expensive marketing executive? It’s always easier to build up than build down.
- Document your system and processes so your new team members are replicating your commitment to quality. Keep it simple! Free access to Nextpond software for teams of five will not only help you document processes and train your team with ease, zero cost is perfect for low budget scaling!
- Stick to your values when hiring coaches. Be clear about who you are and your values as this will help you to attract the best people for your organisation. Confidently share this information in your interviews to ensure you align with your next hire, be it a marketing exec or an assistant.
- Ask for referrals. Endorsements through friends, clients and peers are always a good idea. Whether you’re looking to employ a coach or find new clients, don’t be afraid to ask for referrals.
- Use your existing customer base for organic growth. Yes, this kind of growth is the safest, the most cost effective, and frankly, the easiest. Grow your existing clients with new services. And ask your clients for referrals onto their friends. Using testimonials will help with this process. Growth starts by growing your existing database – it’s that simple.
So, ultimately when it comes to scaling your coaching business, we suggest to be like a Boy Scout and “be prepared”, by following the advice and tips above, and also considering the Nextpond system for your business.
Enjoy free access to Nextpond for your team of five or less or month to month contracts for more. SIGN UP NOW!