Dear Entrepreneur, Here Is How To Build A Personal Business Model

By Getrude Mathayo / Published March 12, 2022 | 3:24 pm




KEY POINTS

When your business starts to scale up, things can begin to creak. Weaknesses can be exposed, and you can't always fix them once the journey's started.


investor

KEY TAKEAWAYS


Scaling a business is reliant on creating customer loyalty. Focus on employee loyalty first so they can spread the word and pass their enthusiasm for your company on to those they serve.


Entrepreneurs often place their focus on achieving it right away and lose focus on what matters. To create a working definition of scaling a business, first, consider what it means to start and grow a business. You started your company to fill a need in your market, make a profit and likely fulfill a dream.

You need to grow your business in order to keep it profitable and expand your market reach. Many people think of business expansion as “hockey stick growth,” where there is an initial period of linear growth, but once the business hits an inflection point, revenue shoots up sharply.

If growth causes your company to stumble because of confusion, orders falling through the cracks, insufficient staff, miscommunication, not enough manufacturing or delivery capacity, you’re going to have unhappy customers.

  1. Know your purpose

Scaling a business is reliant on creating customer loyalty. Focus on employee loyalty first so they can spread the word and pass their enthusiasm for your company on to those they serve. Employees are loyal to companies whose purpose and values align with their own so they can feel their careers have a higher purpose

  1. Evaluate and Plan

Take a hard look inside your business to see if you are ready for growth. You can’t know what to do differently unless you take stock of where your business stands today. Strategize what you need to do to increase sales.  Then assume your orders doubled or tripled overnight

  1. Find the money

Scaling a business doesn’t come free. Your growth plan may call for hiring staff, deploying new technology, adding equipment and facilities, and creating reporting systems to measure and manage results.

  1. Mindset

You must have a firm belief and confidence that you will reach your destination. Successful businesses tend to be run by people with an unstoppable mindset. They don’t let anything or anyone get in their way from reaching their goal.

  1. Develop a business map

Business maps are an effective, comprehensive way for scaling a business and meeting its goals. Creating a business map prompts you to ask foundational questions. Business maps encourage and challenge you to look at where you came from, define your purpose for starting this business and look ahead.

  1. Perfect your products or service

With their focus on massive growth, many business owners forget to ensure that their product or service is solid. They often figure that they will just fix it after getting more users or more distribution. learning how to scale a business before pursuing growth will save you headaches and money in the long run.

  1. Make sure you’re ready and prepared for growth

When your business starts to scale up, things can begin to creak. Weaknesses can be exposed, and you can’t always fix them once the journey’s started. Think very carefully about how scaling up and growing your business will affect your company, you must be ready and your processes must be robust.

  1. Learn from competitors who’ve successfully grown

Think about how they’ve done it. How they have succeeded. Finding out how many staff they now have could give you a rough idea of how many you’ll need. Where are they selling and how? Understand their business model and learn lessons.

  1. Create a sense of urgency

You need three things to scale a business. First, hire well so you can delegate. You’ll never scale if you have to handle everything yourself. Second, pick your battles and focus on acquiring more and bigger customers.

  1. Solve your customers’ problems

Providing real value to your customers is powerful. Its importance cannot be overstated. Offering a solution to a real problem that people care about will make it much easier to run a business.

Read More: Dear Entrepreneur, Here Are 8 Ways Of Building A Personal Business Model






More Articles From This Author








Trending Stories










Other Related Articles










SOKO DIRECTORY & FINANCIAL GUIDE



ARCHIVES

2022
  • January 2022 (293)
  • February 2022 (329)
  • March 2022 (360)
  • April 2022 (294)
  • May 2022 (271)
  • June 2022 (232)
  • July 2022 (278)
  • August 2022 (253)
  • September 2022 (246)
  • October 2022 (196)
  • November 2022 (230)
  • 2021
  • January 2021 (182)
  • February 2021 (227)
  • March 2021 (325)
  • April 2021 (259)
  • May 2021 (285)
  • June 2021 (273)
  • July 2021 (277)
  • August 2021 (232)
  • September 2021 (271)
  • October 2021 (305)
  • November 2021 (364)
  • December 2021 (249)
  • 2020
  • January 2020 (272)
  • February 2020 (310)
  • March 2020 (390)
  • April 2020 (321)
  • May 2020 (335)
  • June 2020 (327)
  • July 2020 (333)
  • August 2020 (276)
  • September 2020 (214)
  • October 2020 (233)
  • November 2020 (242)
  • December 2020 (187)
  • 2019
  • January 2019 (251)
  • February 2019 (215)
  • March 2019 (283)
  • April 2019 (254)
  • May 2019 (269)
  • June 2019 (249)
  • July 2019 (335)
  • August 2019 (293)
  • September 2019 (306)
  • October 2019 (313)
  • November 2019 (362)
  • December 2019 (318)
  • 2018
  • January 2018 (291)
  • February 2018 (213)
  • March 2018 (275)
  • April 2018 (223)
  • May 2018 (235)
  • June 2018 (176)
  • July 2018 (256)
  • August 2018 (247)
  • September 2018 (255)
  • October 2018 (282)
  • November 2018 (282)
  • December 2018 (184)
  • 2017
  • January 2017 (183)
  • February 2017 (194)
  • March 2017 (207)
  • April 2017 (104)
  • May 2017 (169)
  • June 2017 (205)
  • July 2017 (189)
  • August 2017 (195)
  • September 2017 (186)
  • October 2017 (235)
  • November 2017 (253)
  • December 2017 (266)
  • 2016
  • January 2016 (164)
  • February 2016 (165)
  • March 2016 (189)
  • April 2016 (143)
  • May 2016 (245)
  • June 2016 (182)
  • July 2016 (271)
  • August 2016 (247)
  • September 2016 (233)
  • October 2016 (191)
  • November 2016 (243)
  • December 2016 (153)
  • 2015
  • January 2015 (1)
  • February 2015 (4)
  • March 2015 (164)
  • April 2015 (107)
  • May 2015 (116)
  • June 2015 (119)
  • July 2015 (145)
  • August 2015 (157)
  • September 2015 (186)
  • October 2015 (169)
  • November 2015 (173)
  • December 2015 (205)
  • 2014
  • March 2014 (2)
  • 2013
  • March 2013 (10)
  • June 2013 (1)
  • 2012
  • March 2012 (7)
  • April 2012 (15)
  • May 2012 (1)
  • July 2012 (1)
  • August 2012 (4)
  • October 2012 (2)
  • November 2012 (2)
  • December 2012 (1)
  • 2011
    2010
    2009
    2008
    2007
    2006
    2005
    2004
    2003
    2002
    2001
    2000
    1999
    1998
    1997
    1996
    1995
    1994
    1993
    1992
    1991
    1990
    1989
    1988
    1987
    1986
    1985
    1984
    1983
    1982
    1981
    1980
    1979
    1978
    1977
    1976
    1975
    1974
    1973
    1972
    1971
    1970
    1969
    1968
    1967
    1966
    1965
    1964
    1963
    1962
    1961
    1960
    1959
    1958
    1957
    1956
    1955
    1954
    1953
    1952
    1951
    1950