When you think about business growth, you’re probably thinking about making more money. And that’s definitely a part of growth, there’s no question about that. But increased income is the RESULT of growth, not the RECIPE. The recipe for growth is what this blog is all about.
Even if you’re content with where you are or aren’t sure which direction you want to take your business, you need to think about the future NOW.
Here are the 5 areas of your business that need your attention as you structure your business for growth:
Ideal Client and Target Market
Wait! Don’t tune me out! I know you’ve heard this a million times in a million different ways, but here are some specific questions I want you to ask yourself about your ideal client and target market:
Does my ideal client own a profitable business? Basically, here’s your takeaway: Don’t target broke businesses. You’re setting yourself up to struggle finding clients, or to struggle finding clients who can pay you what you’re worth.
Does my current ideal client line up with the direction I want to take my business in the future? This question overlaps with my next point, but it’s never too early to ask yourself if the ideal client and target market you have now is the same one you’ll be looking for in the future. Can they grow with your business?
Choosing Your Specialty and Offers
If you haven’t already chosen a specialty service, now is the time to figure out what that might be. If you’ve chosen a speciality, these questions are still relevant, so stick with me.
Consider your future earning potential. Is this a specialty that can grow with you? Is there a ceiling on your earning potential? If the answer is “yes”, or “maybe”, start thinking about how you can expand or shift your offers towards a more sustainable model.
Examine your offers. After your specialty, it’s time to take a good look at your offers and make sure that you are offering your ideal clients services that they actually want and need. Do the services you’re offering give a specific transformation? More specifically, does it give a money transformation?
Remember, not all specialty services are created equal – so try to choose something that doesn’t require you to reinvent the wheel with every client. If you can’t duplicate your process, you’re leaving time and money on the table.
Pricing
The bottom line on pricing is this: structuring your prices for growth is moving away from hourly pricing and completely into package pricing (with a few exceptions we won’t get into here). No more hourly fees, and no more logging your time.
This requires a mindset shift as well as a pricing shift. It’s time to start considering the VALUE you’re providing vs. the TIME it takes you to provide it. Remember, hourly pricing is a constant exchange of money for time. If you want to work less and make more, you have to let go of the idea of hourly pay.
I’ve written a few blogs on this topic, and now would be a great time to dig into how to shift your pricing structure to position yourself for business growth. You can find them here and here.
Internal Systems
It feels like too much work to set up systems when you are just starting out. It’s so much easier to just send a single email, or to manually generate an invoice, right? But eventually, that type of thinking will keep you from any type of significant growth. Automate everything you can. Create systems for everything. And then? Document all your systems with detailed SOPs (Standard Operating Procedures).
Have you ever wanted to outsource something and then thought, “Nah, it’s just faster if I do it myself.”? Yup, that’s why you need detailed SOPs. When growth comes knocking on your door and you need to find some more time in your day, it will be so much easier to onboard team members and delegate tasks.
Some other internal systems you need to have in place:
- Onboarding for new clients (scheduling, proposals, contracts, invoicing, etc.)
- Financial and budget planning systems
- Client retention system
Boundaries
Last, but certainly not least, we need to talk about boundaries. This might feel like a “tack on” topic, but it’s just as important as everything else in this blog. Here’s why: Growth can only happen when a business has a SUSTAINABLE structure. And a business with weak or non-existent boundaries is not sustainable. If you don’t define and enforce your boundaries, you’re going to crash and burn or leave the industry with a bad taste in your mouth. Get clear on what you want your business to look like and then build boundaries around that ideal model.
Define your boundaries with your clients early and often. Put scope of work limits in your proposal and contracts. Define your working hours, and decide ahead of time how you’ll respond when clients inevitably push your boundaries.
It’s not just about the clients. You also need to create healthy boundaries for yourself. When you work from home, it’s easy to slip into a routine of being in “work mode” 24/7 – and that’s a good way to burn out completely and to sabotage your personal relationships. Define those personal boundaries and then stick to them.
Get Ready To Grow
Are there a thousand more tiny details that can set you apart and help you structure your business for growth? YES. But these five elements are foundational to a healthy, thriving business. If you don’t have a solid handle on these things, you’re going to struggle.
It’s absolutely possible to be completely booked, maxed out on time, and not be anywhere close to your income goals. This is why setting up these systems NOW can help you grow seamlessly in the future.
Practical application: Designate time every day to work ON your business and not for your clients. Start with the 5 things on this list. Clarify your ideal client and target market, nail down that specialty service and your offers, and then restructure your pricing if you need to. Take the time to set up strong internal systems, and then fight for the boundaries you’ve created. If you can do those five things – you’ve just created the foundation for exponential business growth.
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