Part 3: Scaling up Your Business on The Back of a Downturn
Finally, we have part 3…
These last points are crucial for scaling up your business and link with all those previously mentioned.
Find your Niche
Where possible, discover your niche and hone your expertise in a particular area. When a company tries to offer too many services or products to too many audiences, the quality of the service can suffer, which makes customers want to do business with other companies.
A previous step was to carry out some market research. Use this research to your advantage and find out where the gap in the market is for your business and put your focus into this for the time being as not to confuse, you’re target audience. If you can’t find a gap in the market make your niche a new market area, touching on points that your competitors have missed.
An example of this is the blue ocean strategy, invest your time in discovering how you can become unique from your competitors by bringing something fresh to the industry.
Learn how to Delegate
You can’t have control over everything that happens within your business, especially when moving out of start-up mode and into growth. Also, if you haven’t realised by now it is impossible to be in more than one place at a time…
So, delegate… the reason you invest in your employees is for support. Bringing the ‘right’ people in was previously discussed, and therefore, having those you can trust in your business will make delegating easier.
Think long term, similar to the systems and processes. Great leaders hire people who are better than them in certain areas of the business. Trust in your staff and empower them to do what you hired them to do which will of course, make your role easier and allow you, as founder and/or leader, to spend your time adding value at the right level.
Build your Brand
When carrying out all these points to help support your business, don’t forget why you started. Your brand needs to replicate the core your business, the values and principles and ethos that you want promoted to your clients.
Be the brand that you would want to work with. This is an opportunity to connect with people and develop relationships to support your business.
The best place to start with this is building a Vision and a Mission enabling your team to have something to stand by when selling your brand to others.
Connecting all of this together will help to create the best structure for when you need to scale up your business. These are just the main areas to keep in mind, enabling your business to grow and develop without losing focus on why you started in the first place.
Good luck and enjoy the ride