Growing and Scaling Your Business
Growing and scaling your business plays a fundamental role in whether your business will or will not prosper. A question that I hear business owners ask when getting started is: “Where do I start?” As a business owner who has experienced the right and wrong ways of growing and scaling a business, I have found that growing and scaling requires following a repeatable process. If you are one person looking to grow and hire new team members, you can follow these steps to identify what to do next:
1. Identify and Evaluate:
Identify and label all of the roles and responsibilities of your business that you are currently fulfilling.
Identify and label the areas of your business that will control 80% of the production.
Evaluate where you are now and where you want to go. Determine your revenue and production goals.
2. Break Down Your Business:
Do the Math! Decide how many people you need in each area of the business you have identified to reach your goals.
Example: You calculate that it takes 13 people to produce 80 policies per month.
Break down each role’s daily activities, metrics, and to list items they are responsible for hitting in order to achieve your desired outcome.
3. Communication and Tracking:
Communicate to every person what their roles and responsibilities are. Communicate the daily activities, to do list items, and metrics they are responsible for hitting. The expectations for your team need to be clear!
Track the metrics you have identified for each role on a weekly/daily basis to determine if you are on track.
Once you have identified the major areas of your business, it allows other areas to open up to scale your company more by creating sub-departments. The beauty of creating a system is that you can transition it into a repeatable process. You can apply this system over and over as you begin to generate more income. When your goals begin to expand, you set your target number higher and repeat the process continuously.
One of my favorite analogies that helped me understand this better was ‘KISS.’ Keep it simple stupid. This process is crazy powerful and very simple once you have executed the beginning steps. You are setting yourself up with a system that will allow you to delegate more responsibility so you have more time. It is an investment, but it is an investment that will multiply if you put in the work to get it there.
If you are looking for guidance on growing and scaling your business, book a call with me!