If you want to grow your business income by 150 percent, there’s a three-step process you could take. This may sound too simple and yet impossible especially if you are operating in an economy that has not been buoyant and encouraging and the odds are really against your income projections. You can refer to entrepreneurs 101
Do you know, it is easier to grow your business from N50,000 per month to N150,000 than it is to build your initial N50,000. In other words, if you are yet to scale your business to reach the initial monthly income of N50,000 monthly, this process to be discussed might not be what you need yet. The processes to be discussed works once you have already confirmed a business model. Also, note that so many businesses work very hard to get up to this level and begin to realize that their business is not expanding in size, customers, and experience which all comes down to stagnated income growth. One of the goals of a business is to grow and expand to meet its long term income objectives with minimal resources.
In this article, we will discuss these three-step process that would help you scale up and get value for all the hard work and commitment invested in the early days of your business.
Step 1: Start and Build one-to-many relationships
It is natural that when you start your business, you spend most of your time and other resources to get your business and brand out. Most of your activities have been on a one on one basis and everything basically passes through you. Which can be commendable. It would help you build trust and authority.
But, you cannot keep this up as you continue to expand and grow. You will need to convert your one-to-one approach into one-to-many, but all the while still maintain intimacy and connection You can do this through email marketing and social media, but the point is to ensure you simplify and systematize as much of the process as you can so it no longer relies on you and it is available 24/7.
Step 2: Segment your market effectively
The idea here is to effectively focus on your business relationships on the right people. You would have to have a careful understanding of your customers’ profiles. You can start by taking steps to know who they are, where they are and what their need is. Also note that in the process of understanding your customer’s profile, it is important to know who is not.
You can only serve the need of certain people. If you serve everybody you will ultimately serve nobody and bring a disservice to yourself.
Your main strength lies in your ability to render service to a certain type of person but in a big way. Once you know who these people are, you can build their trust and create a more intimate relationship with them. At this stage, you’re ready to optimize your ability to sell to them and be ready to leverage on the referrals that will be directed to you that will help increase your customer base.
Once you do this you reclaim a lot of time and freedom, but more importantly, you will attract fresh people and ideas into your business who can do a better job and add more value to the business. At this stage, it would not be a surprise as you would already be scaling up to 150 percent growth
Step 3: Improve your processes to the highest notch
Depending on the product/service you are offering, you will have to take the business process to the highest level. Some processes will need a human effort while some will not. This third process is important as you will start to take control of the business and the processes are more automated and gives you the chance to work on the business and not in the business.
You would have a paradigm shift of focus by looking at the bigger picture and strategy. You would evolve from the ordinary entrepreneur to the CEO.