I’ve shared before that I’m a serial entrepreneur, with 4 successful businesses under my belt. And in hindsight, when I retrace my steps, there are 7 strategies that helped me scale my current business faster than I ever thought possible. Don’t let these things get lost in the shuffle of the everyday!
There are a lot of little things to consider when you’re starting to build your business, from cash flow to marketing strategies; all of these moving pieces can be a bit overwhelming for entrepreneurs. But if you step back from the overwhelm and make sure you are hitting these 7 strategies, it can keep your business on track for growth.
#1: Take steps to effective cash flow management.
Lots of businesses face challenges when it comes to cash flow. But if you manage your money properly, you can avoid a lot of potential issues in the early years of running your business. I’m a big believer in the “Profit First” method of cash flow and accounting and have been using this in my business for the past year. Whether you have $100 dollars coming in monthly, or $100K, this technique will save you a lot of stress. Take a look at Mike Michalowicz’s site and learn more about the book and the method.
#2: Set goals for the first year of your business, and every year.
Goals are important no matter what type of business you’re starting. Set goals and start measuring from the get-go. Don’t just measure revenue and expenses, but measure how many cold calls you make, the size of your email list, how many connections you have on each of your social media platforms, how may networking events you attend. Set realistic goals in those categories, to keep you “out there” and visible, ultimately leading to more business.
#3. Technology is your friend. Use it well.
Technology can sometimes create distractions for small business owners. But if you choose the right tech, it can really make you more productive and enable you to accomplish yourself what it used to take an army of employees to do. We can’t all start out with every tool, but whatever you have, make sure you are using it optimally so you are getting all the business growth potential out of it.
I have created a list of the Ultimate Toolbox for every solopreneur and entrepreneur. Click below to download a copy.
#4: Always be list building.
I wish I had taken this more seriously in the very early stages of my business. Your email list will become your business lifeline as you use it to stay top of mind and engaged with both your customers and prospects. Make sure that most of the content you create is “sticky” with opportunities to register and download valuable content that you are providing for free. The earlier you can start an ongoing list-building strategy, the healthier your business will be.
#5. Consistency is your most important growth lever.
Keep showing up. Whether it’s your weekly podcast, email newsletter, Facebook Live, IGTV, or networking events, maintain a consistent and predictable schedule. Your tribe and prospects will start to expect it, will become more engaged, and will start sharing your content with others. Your credibility will grow; you will be creating a body of content that is “bingeable.” Prospects will build trust in you faster (and therefore be willing to buy from you) the more bingeable you are. Don’t wait for “the muse to strike,” or that magic moment when you feel in the mood to create. Just do it. Weekly.
#6. Utilize video in your social media.
I REALLY fought this. I didn’t like how I looked on camera; I didn’t see myself as a media queen. But the changing social media algorithms forced me to change my mind. I saw that any video that I posted had at least 3 times the reach and engagement than graphics or just text. Lesson learned. Social media changes by the day, it seems, but the emphasis on video content is only getting stronger. Don’t wait another day to start using this tactic.
#7. Reduce expenses for your small business.
New businesses don’t usually have a ton of cash to work with. That means you need to keep expenses as low as possible when you’re just starting out. Start with FREE. Most platforms, or apps, or coaches provide free trials or free content that you can learn from, or put into practice in our business. Try them out, and see if it is something your business can really use. Only if the answer is yes should you invest.
If you have been in business for a while, re-examing your expenses quarterly so you stay as profitable as you can.