When you decide to grow your business, there are 3 things that are essential to accommodate that new growth. Without these 3 things in place, your business could buckle under the strain of the new growth.
Growing your business demands 3 things. They are: Capital, Staff, and Strategy. You need money to finance the growth, staff to put the new growth into action, and a strategy to make it all happen according to plan.
Here’s why you can’t grow a business without capital, staff, and strategy.
Growing Your Business Demands These 3 Things
Growing your business demands capital. Without money to finance the new growth, you won’t see much of it. As we noted in the blog post Growth vs Scaling, one of the necessary ingredients for growth is money because new growth happens in a locked ratio with the amount of cash you have to put into the business.
Sure, it’s possible to grow your business on a budget – but it will grow at a slower rate until you’re bringing in enough revenue to justify larger increases in company infrastructure.
Even with the proper capital in place, your business won’t grow efficiently without bringing on new staff. The problem many businesses have with this stage is that in order to put enough money toward financing new growth, there isn’t enough left over to spend on hiring new full-time staff. One of the best solutions at this stage is to outsource work to qualified third-party providers.
For example, instead of hiring an in-house receptionist to handle incoming calls and appointment scheduling, you can hire a call answering service for around $120/month and save thousands compared to hiring a full-time receptionist. That’s money you can put toward advertising, improving company infrastructure, website updates, and more to support your growth.
Finally, if you hope to see any real growth from investing capital and hiring new staff or outsourcing, you must have a solid strategy in place. Every change you plan to make should be outlined in your strategy, as well as the expected consequences or results of the changes. Take a look at all your existing strategies and find ways to simplify, update, or tweak them to support the direction of growth your company is taking.
Will it require you to be more present on social media? Post about different topics? Write more original content? Advertise in different channels? Utilize more email marketing? Consider these questions as you rework your strategies to fit your new growth expectations.