Achieving consistent growth at your company is the goal of any good manager. To be able to look at your bottom line each quarter, and see that sales are increasing and profits are as well, tells you that you are doing your job correctly. For start-ups, there is likely a period where profits might not come, or will be inconsistent, but good managers understand this and guide the company toward the black even though it might be a long way off.
The key to focus on regarding growth for most companies is how to scale your business. Scaling a business essentially means being able to do what you’re currently doing that is successful, more often, and bigger. On the surface, this might sound fairly simple, but in practice, it typically is extremely difficult to accomplish.
Scaling requires you to be able to sell your business without being a salesperson while essentially building your brand independently. Here are the things that you must do within your company to accomplish this.
Always Think Big
Nearly all companies start small, with only one or a few products and services. Most never scale but all of those that do believe that they can grow big. They promote a culture within their companies so that everyone knows that the goal is to grow bigger. They talk about the days when they will be the envied company, and this culture promotes their belief that they can take the business to the next level. When you think about the small companies that have grown large there is always an evangelist at the helm who got the employees to believe.
Build Your Company to Be Able to Scale
But believing alone is not enough, for companies to scale, they also put in place processes and elements that promote scaling. The most important perhaps is hiring great employees, employees that have a desire to push the limits of things. Department heads must both be great managers but also able to take the same tools that others use to create bigger outcomes. You should also protect your employees with great insurance plans so that they stay healthy and can put in the time and focus needed to help you scale.
The company must also put in a scaling framework. If you manufacture products, this means creating a manufacturing and delivery supply chain that is built to accommodate growth. You might not be able to access this supply chain initially, but as you need it, you must be prepared to adopt it quickly. This approach takes additional understanding of not just running your business, but also in creating strategies that encourage sales with complementary businesses.
Some of your supply chain partners should be in different territories, to allow you a foothold in new markets. Creating a network of these partners will also keep you abreast of trends that can impact the development of marketing strategies for your products and services.
One of the most important elements in making money in business is to always keep learning. Business today is moving faster, and you have to keep up with new technologies and business practices to remain competitive and relevant.