Martin Norbury, aka “The Scalability Coach”, is an award-winning business mentor who has helped many companies increase their performance and grow their businesses. What key tips does Martin Norbury have for scaling up?
Many clients come to our Office Space in Jersey City, NJbecause they are stuck. Some clients have seen some growth but are stuck. Some people lack the knowledge and skills to scale up their businesses, while others feel a little scared. Here are my top tips.
Instead of focusing on what you have, think about what you want.
Do not base your decisions on where you are at the moment. Instead, base them on what it is you want to be. What type of company do they want to be? PS1m per year. PS2m? PS5m? PS10m? It is important to have clear objectives. A PS200k-a year business will make different decisions than one that makes PS10m. You must think like a PS10m-sized business to achieve your goal of becoming a PS10m-sized business.
You must be ready for growth.
Things can start to creak when your business grows. You can expose weaknesses and can’t fix them after the journey has begun. Your IT system, processes cashflow, team, supply chain weaknesses or any combination of these could hold you back. You must think carefully about the impact scaling up and expanding your business will have on your company. Your processes and systems must be strong.
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Learn from those who have succeeded in growing their businesses
Consider how they did it. What is their secret to success? You can get an idea of how many employees they have by looking at their staff. What are they selling? Learn from their mistakes and understand their business model.
Protect your business’s values
When your business grows and scales up, things can change dramatically. There are many things that will vie for your attention and your time. Prepare for this. You must also be aware of the importance to protect your business values. They have helped you achieve your goals.
Create a great team of people
You will likely need more staff as you grow and scale your business. Although your relationship with them may not be as close to those of previous colleagues, they should all understand the importance and purpose of your business values. Quality and consistency are essential. You must create a culture that encourages people to succeed and a supportive environment. Then let them do their thing. Each member of the team must be motivated, engaged, recognized, and rewarded.
Set up rules for your staff.
I am not referring to a strict system, but rather a guide. My company has a manifesto that outlines 20 of the beliefs we hold. If anyone needs reminding, it’s posted on the wall. You can identify the talent you require by setting objectives and creating a strategy. Scaling up requires the ability to recruit the right people at every level. Attitude is just as important as skill and experience. People must be ambitious and hardworking. Everyone should work in the same direction. Employees should be able to suggest changes where possible. This will help you and your company grow, improve and stay relevant.
When you need it, get outside assistance
Sometimes, recruiting might not be the best option. Sometimes it is better to outsource tasks and function to get the best results. It is important to recognize when it is necessary to delegate responsibility. You can free up your time to focus on your business growth instead of getting caught up in the day-to-day. Keep your eyes on the “big picture”. You can operate at your current pay grade, and you will be able to honestly ask yourself if you are capable of leading the company.
Do not compromise on quality and consistency
Both of them enable growth. If your customer service or products are poor, it’s not worth growing your business. Customers will leave. It is crucial to have the right culture, processes, and people in order to maintain quality. While you will still make mistakes in scaling, it is important to learn from them and improve your skills.
Identify the barriers that prevent you from growing
When you have established your goals, it is important to consider the barriers that could hinder growth. Be open and honest. You can be honest and pragmatic. Understanding your weaknesses and potential threats can help you to address them.
Predict the future
Although setting up your business to grow is possible with the right products, processes, and people, it doesn’t guarantee smooth sailing. There are still obstacles that you will encounter along your journey. You need to be aware of these issues early on so they don’t damage your business. Alerts are simple numbers that let you know when something isn’t working. You can then fix the problem or take evasive measures. People often don’t recognize the signs when things go wrong. These signs can be obvious months before. You should be especially attentive to your finances and monitor your cashflow. This will allow you to have hundreds of opportunities per year to fix things.
Martin Norbury founded his Surrey-based consulting Advocate “to help business owners decide their future”. He wrote I don’t work Fridays: Proven strategies for scaling your business without being a slave to it. His passion for helping business owners achieve significant growth made him the #1 Amazon Bestselling author. Before launching Advocate, he was a senior executive in a large corporation.