Learn how to scale a business fast: It just requires a mindset shift where you start looking at only 3 pillars to concentrate on.
Here’s a story of Ben, the owner of a printing business. Ben was struggling with ways to grow his business. He wanted to learn how to scale a business fast, but he felt stuck. He had started the business 3 years ago and had grown to 12 staff. However, it was getting harder and harder to get the growth that he wanted.
There were too many things that Ben had to focus on. Payroll, his staff’s career progression, marketing, accounting, and even coming up with new products.
It didn’t help that there were more and more competitors coming onto the market. Some of them were priced at least 25% cheaper than his prices, and Ben felt the pressure.
Business Scaling Woes
Ben’s situation is a common situation for most business owners, especially when they’re starting to grow past the first few years. In fact, 60% of businesses fail in the first 3 years.
How to scale a business fast is to do it in a structured, logical manner, through the 3 fundamentals: Strategy, Execution, Team.
These are the three pillars of the fundamentals needed for any successful business to scale up fast. Each pillar is as equally important as the others, and all three depend on each other for success.
As a business owner, founder, or entrepreneur, your responsibility is to develop each and every pillar for your business.
How to scale a business fast: Strategy
A strategy is your game plan, which is necessary when trying to get your team to move in a certain direction. A strategy encompasses your vision, as well as the goals needed to get you there.
A strategy answers the question of “why does your business exist”, and aligns everyone in the team so that everyone knows why they’re doing the things that they’re doing.
Businesses exists because of what customers want. If your business is unable to provide a clear solution to your customers, you don’t have a good strategy.
How to scale a business fast: Execution
Execution is critical to any business owner looking at how to scale a business fast.
Execution depends on the other two pillars of Team and Strategy. We need to come up with an execution plan that has the right team and right strategy, but with accountability so that everyone knows exactly what to do by when.
When you’re executing properly, you’ll also be refining and adjusting constantly as well so that you’re always on track. Just like firing a pistol, you’ll adjust after every shot to make sure you get closer to the bullseye.
How to scale a business fast: Team
I view employees as being the business owner’s team members, because everyone should be on the same team, working towards the same goals and vision.
Any significant venture will require a team because no one person encompasses all the skillsets needed to build a successful company, nor is it possible for one person to have the time and attention necessary to scale up a business.
As a leader, you need to know what kind of people you need on your team, put them in the right roles, and develop them properly.
In addition, you need to know the values, attitudes, and skillsets that you need and want to see in your team members.
How to scale a business fast
These are the three pillars that are critical to scaling up a business. Even without one of these three pillars, businesses will fail.
For example, if you have a great team but with a poor strategy, your business might get some results. However, with a poor strategy, it introduces a lot of friction for your team. That might result in your people being burnt out easily and leaving.
Look at properly developing all three pillars so that you can scale up your business fast. After that, you can explore the 12 ways to scale up a business further.
Questions? Thoughts? Leave a comment below.