Are you holding yourself back from success? When it comes to developing your business, you might be unintentionally limiting your expansion. Luckily, these issues are easy fixes. To get past that growth plateau and allow your business to scale, you need to have these five things to make it happen.
1. Understand Your Finances
For your business to thrive, you need to understand where you stand financially. At the bare minimum, you should know the services you generate the most revenue on and your expenses. Even if you think you aren’t spending a lot, there are probably a few expenses you’re underestimating. On the flip side, you might be overspending on things that don’t contribute meaningful knowledge or data to your business.
How do you know if you’re overspending? The best place to start is with your bookkeeping software. View the spending and income analytics to see where your money is going. The most common culprits of overspending are recurring transactions for subscriptions, software, and data management.
If you’re overspending, cut back. Overspending often results from a lack of planning. Create a budget for your business, and always check the status of your books before spending. Make financial goals and stick to them. For your business to be successful, it needs to be financially healthy.
You can do a few things to stay within your budget. Monitor your expenses frequently by keeping your accounts up-to-date and reviewing spending trends. Be on the lookout for abnormal or fraudulent transactions. Take control of your spending starting today with a little bit of time and some handy spreadsheets. Tackling finances can be intimidating, but it’s necessary for scaling your business.
2. Raise Your Prices
Are you undercharging? Raising your prices can be a scary thing. You might assume no one will buy your services as soon as you raise prices, but that rarely is the case. Pricing is subjective! One person’s maximum price tag may be another’s minimum.
You might not be able to make everyone happy with your rates, but don’t lower them if it hurts your bottom line. Your business will never be financially healthy if you’re consistently operating in the red. It’s also a matter of underselling yourself! Know the value of your knowledge and skills. Consider the sources of accreditation that differentiate you from other providers and see what others charge for their services. Be confident and stick with your prices!
When should you raise your rates? Increase your prices if you haven’t within the past year or so (to keep up with economic and market trends). If you notice other service providers in your industry charging more, it’s a sign to do the same. As a general rule of thumb, your prices should always be able to cover your business expenses. So when costs rise, your rates should increase proportionately.
Outsourcing might seem counterintuitive, but you can’t grow without help! Outsourcing tasks will help you prioritize work that serves your clients and grows your business. Hire others to complete small and tedious tasks, projects you don’t have time for, or to develop your business.
Outsourcing these types of tasks saves you time and allows you to focus on your clients. Building connections in the industry is never a bad thing, either! If the person you outsource your work to knows someone who could use your services, they would be happy to recommend you.
Businesses that outsource tend to be more productive and profitable. Outsourcing leads to faster results, which increases the amount of work and clients you can take on, meaning more profit. However, you should only outsource if you can financially afford it. Outsourcing will not help your business if you’re struggling to make ends meet.
4. Market Your Services More
You can’t scale if no one knows who you are. Get creative on ways you can market yourself! Experiment with channels to see what works for you. When you find the one with the best results, use that channel as the primary way to advertise your business. And if you don’t know how to market yourself, outsourcing a marketer or social media manager is a great idea.
A few marketing channels that can help you grow and spread the word include social media platforms, blogs, SEO, email lists, and Facebook groups. You should also attend local industry networking events and reach out to ask clients for referrals and recommendations. You don’t need to go overboard, but it’s okay to switch strategies if there’s a platform or channel not working for you.
5. Optimize Your Lead Funnel
At a minimum, your lead funnel should include the following:
- Introduce yourself and your business. Do this through social media, blogs, videos, word of mouth, etc. The effectiveness of your funnel depends on your first impression.
- Give leads something they want. Attract leads to learn more about your business with an email list, freebies, or consultation calls to prospects interested in your services. Always include a CTA!
- Offer discovery calls. These meetings set you up with potential clients to learn more about their wants and needs, what you can deliver, and what they can expect when working with you. These calls help sell your services and determine if the client is a good fit.
- Send a proposal. If the prospect expresses interest during the discovery call, punch the numbers and calculate how much it would be to work with them. Remember, stick to your prices! You can negotiate, but you should never undersell yourself. You may have to adjust your pricing to account for other factors, like an added-on service or complex work.
Once they accept your offer, congratulations! You just booked a client, and now you can start their onboarding process. Sometimes there’s an area of your funnel that isn’t working as well as others. See where leads frequently get removed from your funnel and prioritize improving that part. A fully optimized funnel will streamline your lead generation and sales process, helping you achieve six figures.
Scaling your business requires adaptation, but these changes are worth the value your business will gain. The best way to tackle that intimidation is to start small and build your way up over time.
Scaling your business and reaching your growth goals can be an overwhelming task to take on by yourself. Whether you need help starting a blog or creating a converting lead funnel, I’m here to help you improve! Schedule a consultation call with me to discuss your needs and how we can work together to scale your business to six figures.
About Wildly Creative Studio
We work with 6-7 figure coaches and online service providers just like you to… Find, nurture, and sell your $5-$10k programs in the DMs. Look, we get it. You’re a busy online business owner that is looking to expand their business but needs some extra support when it comes to your sales funnel. My team and I are the behind-the-scenes magicians that help you bring a lead from cold to sold all through a social media sales funnel. Book a discovery call with me to get started.