9. 5 Practical Tips to Scale & Grow
Increase revenue. Decrease expenses.
Reinvest profit.
Scale.
Grow.
Scaling and growing a small business is simple, right?
Well, yes and no….
There are many levers you can activate, some more complicated than others.
First, it’s worth asking the hard question – “Do I actually want to scale and grow?”
The world often says, “Scale. Scale. Scale. Grow. Grow. Grow.”
But maybe you’re happy with your current business. Or maybe this isn’t the right season of life.
When it is time, here are five practical tips that don’t require doubling your client base, venture capital, or a traditional asset-backed loan right off the bat.
Those may also be a great fit, but you can always start here –
Value-based Pricing – Have you done the research to understand what the market values your offerings at and priced them accordingly? Small to medium sized businesses (SMBs) may initially underprice, and it can be hard work to catch up. If you adjust, the risk is some clients may not follow. The reward is that you may attract new customers who are closer to your ideal fit.
Cash is Queen – Cash flow is critical, especially for SMBs. A 60-day lag in Accounts Receivable can be challenging. Can you negotiate shorter payment terms – 30 or 45 days – and invoice upfront? Automate wherever possible to avoid the awkward, “Hi, remember that invoice…can you please, um, like, pay it?” and follow through.
The Perfect Pair – How can your products and services complement one another? If you offer a service, is there a way to productize your offering? Maybe a book or course. If you offer a product, is there a way to offer a complementary service? Perhaps, a tailored assessment to utilize certain product features.
Spring Cleaning – Just like an annual house cleaning or personal financial review, it’s worth reviewing your business each year. Think of that shirt in your closet that you’re “keeping just in case” or the Hello Fresh subscription that no longer meets your needs. Inventory your business expenses annually – subscriptions, memberships, and other recurring expenses – see if you need them, and pivot, if not.
The Fractional Edge – It’s hard to build a leadership team overnight. And expensive mis-hires can be hard to absorb, particularly for SMBs. Consider bringing on a fractional executive – for strategy, marketing, sales, finance and more. Fractional leaders go beyond traditional consulting to help develop and mature a specific function and either embed in the business as a long-term partner or transition the capability to a full-time leader.
These are just a few ideas.
So, what does it look like for your business?
What levers are you using to scale and grow?
Is there a new lever you want to activate?
What is one thing you can do today to drive greater clarity?
I help small technology and professional services businesses scale and grow. This means leaders work ON the business instead of IN the business. Whether it's a 10-year vision, 3–5 year strategy, or 90-day action plan - we partner to achieve your goals.
If you want to break through to the next level in your business, drop me a message, and we'll arrange a 15-min call to see if I can help.
Be well.
~Susan
