Business growth is the ultimate goal of any small business owner. Bigger is only better when it’s sustainable business growth that’s healthy. A business that scales too quickly without a proper foundation will be worse off in the end.
So how do you achieve sustainable business success in 2022 and beyond? Let’s take a look.
Scaling A Business
The first thing to consider when you plan on scaling your business is whether it’s truly necessary. Not every business really needs to scale. Instead, start by clarifying what you are creating, why you are creating it, and what you need to reach your goals. Scaling your business may or may not be what you need to increase revenue, free up your time, or make operations run smoothly.
Your role in making your business sustainable will depend on your skills, talents, and desires. The best fit for you may be providing the service in your business, or make the products, while you hire out all of the admin, sales, marketing, and executive functions. Or, conversely, your ideal role may be to be the leader of your business; the strategist, visionary, and overseer of sales, marketing, and executive functions while you hire out the tasks under these umbrellas.
It may not make sense for you to hold all the roles in your business, but unless you’ve got a proven product or service, and the team to support it, thinking about scale is not your next right step.
If your business has a proven track record, it may be time to consider climbing. A solid foundation, happy customers, and a promising future outlook are likely signs that scaling is prudent. This is especially true if you are becoming overwhelmed with maintaining the workload and customer satisfaction currently on your plate.
Clarifying your readiness for scaling is one of the things we can support you with as you move into 2022. We can guide you through the ways business law and sustainable business planning help you to focus your time, energy, attention, and money — which we call your TEAM resources — to align your desires for your life with your focus for your business’ future.
Sustainable Business - Factors to Focus On
Where should you align your resources for further growth? Here are a few things to consider:
Clarify how much you want to earn from your business, and how much time, energy, and attention you have to earn it. Then follow this by identifying where the gaps are between your current income and your current use of time, energy, and attention so you can focus on filling those gaps strategically.
Streamline your systems to increase productivity and efficiency. We’ll help you think about how best to improve your tech infrastructure, company policies, legal processes, and workflow.
Protect your business from the potential pitfalls of growth. Rapid growth can expose you to circumstances that can counteract the benefits of increased business. Small oversights can really add up when your business is experiencing expansion. We’ll help you to strengthen your legal, insurance, financial, and tax systems to support your next level of growth, so the “container” you’ve created can hold more, rather than “springing leaks” as you grow.
Leverage Your Assets
There are countless opportunities for leveraging your IP assets, which is one of the reasons such intangible property is so valuable. It’s vital that you get legal counsel to protect your intangible capital. With our guidance and support, we can ensure that your business can benefit from your creations. If you don’t think you have IP, then you may be wrong – Read On.
Hire key players whether they are employees or contractors. Who and how you hire can be one of the most important determiners of your next level of success, and the right agreements negotiated clearly can make all the difference.
Build strategic partnerships that will see you through your growth. It’s important to support your development with multiple vendor relationships so that they can meet your growing needs. Don’t put all your eggs in one basket. And ensure you’ve got airtight agreements with vendors that properly share the risk. We can help with this too!
What Lies Ahead for Your Business in 2022?
Growing a sustainable business is key to your long-term success. Now is the time to look at your next level of growth, and we’re here to support you!
Shaina Jones Magrone, Esq. specializes in helping businesses like yours grow and thrive. Get in touch with us today and let’s talk about where your business is headed in 2022!