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Scale your business with these proven tips

by Ozva Admin
Scale your business with these proven tips
Senior Budget Officer of the African Development Bank Naomi Wanjiru Njeri Monobolou. lFile, Standard]

Scaling your business depends on the careful execution of three principles.

First, what is your number one priority in the next 90 days? If you’re not scaling enough, it could be because you have too many priorities or you have the wrong priority and this goes back to, do you have the right question, what is the purpose of your business?

The second is, do you have the correct data, quantitative and qualitative? Are you getting enough information from your customers and the market to know what you need to work on next?

Third, are you walking into a room and talking about it, which is a bit like an hour-long marketing meeting with your team to drive the business forward? If you’re not clear on the number one issue you need to work on next, you may not have the right data or you may not get into the room to talk about it.

And these are the three foundations of Rockefeller’s habits.

The Ivy Lee Method

As the saying goes: “Goals without routines are desires and routines without goals have no direction.”

You have to understand that establishing routines frees you. And if you think rationally, success comes down to something very simple: Goals + Routines.

Remember that it is the establishment of routines that is critical. The trainer of the legendary 19th century American business magnate John D Rockefeller was a guy named Ivy Lee, who was also the trainer of many of the titans during the industrial age.

During a training session, Lee shared what he considered to be a key ingredient for success.

He taught his followers to consider the most important thing for an entrepreneur, which is that you and everyone in the organization set the top priorities for the next day, week, month, quarter, and year.

He argued that you can’t just make a list at random, you have to put them in order of priority, for example, from one to six, and the key is to follow that order wisely. You cannot go to three if one and two are not complete.

As the famous story goes, Lee said: “Look, I’m not going to charge you anything for this advice, use it for a month and pay me what you think it’s worth.” Charles Schwab, a shipping magnate and later one of the richest men in the world, wrote her a check for $25,000 which, in today’s dollars, would be close to half a million for that advice.

Performance

Execution helps you make a profit, if you want to execute correctly you have to be aware of when to say no and this is hard for entrepreneurs because you are enthusiastic and have lots of ideas.

Get into the rhythm of good execution by starting with two or three big priorities that you can accomplish over the next three months. Align everyone in the organization to contribute to the achievement of the organization’s mission and vision.

At the end of the quarter, measure success and learn from your performance, recalibrate or pivot as needed to stay on top of your priorities and move the business forward. Be clear about who is responsible for those priorities, even if many staff members are contributing to them.

Marketing

If you want to scale, you need to know how to reach top influencers and create a list of top 25 influencers to know about.

Then you need to set aside an hour a week for marketing, aside from sales or product or service design, and connect with these top 25 influencers who will help you scale your business.

List your top five and spend an hour each week figuring out how to reach those people and convince them to support and sign up for your product or business.

What you want to jump on is the power of the influencer in the business. The list of the 25 most important people in the industry could include, for example, presidents, socialites, YouTubers, magazines, bloggers, etc., with whom you need to establish close relationships and keep up with what is happening. doing.

Make the list and start reaching out, you may not know these influencers but don’t worry about it, you can meet a person who knows a person and start there. To keep in touch with the main influencers, you can, for example, give away an article or a book that has touched your influencers especially, or you can note the birthdays and anniversaries of your children and send a personalized card on this important day.

Another way to stay in touch is by setting up a Google alert if you don’t know what Google alerts are then google, google alerts and stay in touch with your top influencers.

Google Alerts monitors when their names appear in the media and uses that time to connect with them.

Call and meet your assistants and at least get the assistant’s email and start sending emails when a major issue comes up and start naturalizing those relationships and you’ll be surprised how far you’ll go.

Public relations

To scale your business you need to create good public relations, develop great press material and be willing to create good public relations, the more you can be the more you, the more press will follow you.

Get the press to write about your business, even if you don’t have money, try to be creative and innovative about how you attract the press.

You need to understand how to attract people to be interested in your business, figure out what will attract people to use your product, what will motivate them to want to invest money and time with you, and then package it creatively.

Host story-worthy events and brainstorm creative ideas.

Beware of icebergs

In business, you should always be on the lookout for icebergs – looming threats that could show up and wipe out your business or wipe out an entire industry, as we’ve seen with the Covid-19 pandemic.

All kinds of changes including technological change, legislative change, change of competition or even conflicts or geopolitical tensions. If you can learn to spot the iceberg early, and can learn to see it long before anyone else, you will achieve two important things: (i) avoid danger, and (ii) allow you to take advantage of the situation in many ways. For example, if there is a big change, like the pandemic, and you were able to see it, then you have a wide blue ocean where you can innovate and create great products.

Credit line

The next thing you want to do is build your relationship with a bank and establish yourself well enough to have the chance to go to lunch with the CEO of your bank.

Your bank should be big enough to grow with you. Build your relationship from the beginning when things are going well because most of all you need the bank when things are not going well.

Treat your bankers like a partner and not just a supplier. Remember that bank debt gives you leverage that allows you to invest again in your business. You must have access to cash which is necessary when you want to scale.

If you look at companies that can thrive and survive in any operating environment from a cash perspective, they have three to six times more cash reserves or access to credit lines than their competitors.

As a general rule of thumb, make sure you have at least six months of operating cash reserves, this will keep you focused on making your business great. A trusted banking relationship will serve you well in your business.

And in business always remember: “People don’t buy what you do; people buy why you do it”. As put by inspirational author and speaker Simon Sinek. He creates a compelling purpose for his business.

-The author is a Senior Budget Officer at the African Development Bank and author of Unlock Your Body Budget.

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