Scaling up your business
We are aware in the Michael Power Accountants office that scaling up your business isn’t about steady growth over time. It’s about having a clear strategy for quickly expanding the business to achieve full-scale hypergrowth and achieving your goals.
Most businesses grow organically, adding customers here and there and gradually expanding over time. Scaling up aims to accelerate this process, pushing your growth to move beyond that slow, organic pace.
The Michael Power Accountants team have 3 tips to grow your business:
Systemise your processes and build scalability into your DNA
Scaling up is a fast-paced, hectic and transformative process for any business. But with the right planning, strategy and funding, the return on your scale-up investment can be significant. Systemisation is the starting point and the driver of your efficiency.
The aim of your systemisation process is to make the business ordered, standardised and efficient. Look at how the business works. Write down every process and operational action. Then see how these processes can be made as lean and effective as possible, and aim to make these operations easily repeatable – so they can scale on demand as the business grows.
If any processes can be automated, automate them. Automation is a key driver of productivity and efficiency, so make use of any tech that could help you get more streamlined.
Remove yourself from the everyday running of the business
This may sound counterproductive, but a big goal of a scale-up strategy is to make yourself redundant from everyday business. If all the operational elements of the business have to pass through you, as the founder and CEO, then that limits your ability to scale.
Remove yourself from the equation, so the business can grow without your everyday input at the operational level. This allows the business to function without you, leaving you with more time to focus on the high-level strategic work. That’s more time for business development. More time working on innovation. More time building relationships with customers and suppliers.
Expand your executive team and workforce
Once you’ve stepped back from the day-to-day tasks, your CEO role can become far more of a driving force behind the growth of the business. But you can’t do this single-handedly. You’ll need a close and trusted executive team to work with. Plus an experienced management team who you can delegate to. And an expanded workforce at all levels of the organisation.
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