Working hard on growing your business?
Ready to make the next 6 months the most explosive season yet?
If so, you’ll want to make sure that you are taking the time regularly to evaluate your company for scale and growth opportunities. This involves looking at areas like your customer base, revenue streams, and operational efficiency. By taking a closer look at these factors, you can determine whether or not your business is ready for growth.
P.S. notice how we said regularly? We mean it, schedule this into your calendar every few months and you’ll be surprised at the strides you’re able to make! Now, let’s get to it!
Strategic Audit
At MBS y’all know we love this one (& we’re determined to make you as well!). A strategic audit is a great way to get an objective look at your business and see where it stands concerning growth. This can be a helpful exercise for any business, but it’s especially important for businesses that are looking to scale up.
Client/Customer Base
One of the most important things to consider when evaluating your business for growth is your customer base.
- Do you have a large enough client base to support growth?
- Are your customers loyal and likely to stick around as you scale up?
- Do your clients fit your ideal client profile?
- Does the work you currently do for your clients match your long-term vision?
These are important questions to ask yourself when assessing your company’s readiness for growth.
Revenue Streams
Take a look at your business’s revenue streams. Do you have multiple revenue streams that can support growth? Are your revenue streams diversified enough to weather changes in the market?
When you better understand the revenue streams you can get a clear picture of where you sit currently in regards to revenue and where there may be an opportunity for growth!
Reevaluate Frequently
It’s important to reevaluate your business regularly to ensure that it is still on track for growth. Things can change quickly, so it’s important to stay flexible and adaptable. By frequently evaluating your business, you can make sure that you are prepared for whatever comes next.
Operational efficiency
Ensuring that your business is set up to run smoothly while in a season of growth means evaluating your operational efficiency and making sure that your business has the backend support it needs to grow effectively.
You’ll want to look at:
- Your systems: Do you manually have to do everything or have you automated tasks that do not need your help?
- Your procedures: Do you have your procedures documented so that you can easily bring on help as you grow? Think about ensuring you have multiple SOPs for different processes ready to go.
- Your team: Have you created a team that is both hungry and motivated for growth but also fits within your company culture. Your team is a huge part of your growth.
Learn to love the process
While it seems annoying to have to schedule a review session for your business every few months, turn it into something fun. I mean, you’re planning for some big growth here — embrace it!
Start asking yourself the question – how can I make this more fun? Then, take it from there.
A few ideas from the MBS team:
- Take yourself out for a little date to a coffee shop for your evaluation sessions
- Treat yourself to something special after you’ve completed your session
- Turn on some good tunes, open those windows and embrace this season of your business!
- Got a biz buddy? Plan to do an evaluation session together now and again.
It’s your business and it GETS to be fun, so let it!
At MBS we help all our clients ensure they are setting up their business for success, both in the short and long-term. We take an individualized approach to our clients and provide each client with experienced support from a team that truly cares about their business.
If you’ve ever considered working with us, now is the time! Get your name on the waitlist here.