As an entrepreneur, you’re always thinking about how to grow your business. You may have reached the point where it’s time to scale. Scaling is growing a business to such a degree that revenue increases faster than new costs. This kind of growth requires a plan.
According to Investopedia, 65 percent of businesses fail during their first 10 years. Even after you make it past those benchmarks, you will need to discover what it takes to continue to grow year-over-year. In this blog, you will learn 4 Ways To Grow Your Business. They are:
- Reassess Your Business Plan
- Maximize Your Time
- Add Revenue Streams
- Attend The WealthBuilders Conference!
1. Reassess Your Business Plan
Before you start a business, you need a plan. A business plan is an essential document that structures your operations, and it will help you know how to scale. This should be your first priority when we talk about four ways to grow your business. Your business plan is a blueprint that allows you to learn what works and what is standing in the way of your growth.
I suggest you reassess these three areas in your business plan:
- Your team
- Revenue Streams
Start by consistently revisiting and reassessing your goals. If you have yet to meet these goals, reevaluating your business plan will show you why. If you have knocked your goals out of the park, you can begin to set new objectives.
Your team can give you indicators on how to scale, too. Did you start your business without a team? Taking on employees or trusted advisors can become one of your business goals. Reassessing your operations will show you adjustments that need to be made.
Growth in business is never guaranteed, but creating multiple revenue streams will give you a great shot. Later in this blog, I will discuss revenue streams in greater detail. Setting new goals, refining your operations, and getting feedback from your team can ensure your business plan stays relevant and effective.
2. Maximize Your Time
Timing is everything and making the most of it is a key factor to scaling your business. Let’s say you are a clothing business that wants to create new revenue streams by selling hats, scarves, and gloves in the summer. That is a risky move because it involves selling something out of season. The timing is wrong. In Psalm 90:12 (NIV), Moses says a prayer that I believe we can adopt in our own quiet time with God. He says, “Teach us to number our days, that we may gain a heart of wisdom.” When you learn to maximize your time, it can become one of the four key ways to grow your business.
In Genesis 1:28 (KJV), God says, “be fruitful and multiply.” You will only start to experience multiplication in your business after you start producing fruit. When it relates to business, the fruit I am speaking about here is your level of success and productivity. Before you can expand your business, you have to ensure that the timing is right. If you examine the fruit of your business and maximize your time, you will ensure there is a solid foundation that will support the level of growth you want to achieve.
3. Add Revenue Streams
Diversifying your income sources can help your business grow. If you want to learn how to scale, adding revenue streams to your business is a must. Multiple revenue streams reduce the amount of dependence you have on a single source of income. In times of economic uncertainty, this is extremely important to mention in the conversation about four ways to grow your business.
Even non-profit organizations have various revenue streams. No matter what type of business you have, there are a wealth of possibilities to help you diversify your income. Here are some examples:
- Asset Sales – Transfer ownership rights of goods or services
- Rental Fees – Grant someone temporary access of a physical asset for a fixed period
- Usage Fees – Charge customers for the use of your services
- Subscription – Give continues access to a service for monthly or annual fees.
- Rental and Leasing – Allow the usage of your property for a fee
- Licensing Fees – Allow customers to use protected intellectual property
- Brokerage Fees – Intermediation Services between two or more parties
- Advertising – Give visibility to a business, brand, or organization
While knowing how to scale a business can be challenging, adding revenue streams will help you. It will give you the opportunity to enhance your growth by creating new opportunities to attract customers. If you want to know more about how to add revenue streams to your business, read my blog, “8 Revenue Streams That Will Maximize Your Profit Margins.”
4. Attend The WealthBuilders Conference
For anyone who wants to know how to scale their business, attending The WealthBuilders Conference is a valuable investment. Out of the four ways to grow your business, The WealthBuilders Conference has to be my favorite. It is an opportunity for me to directly invest in entrepreneurs from around the world.
This conference will bring Christian entrepreneurs, financial coaches, real estate moguls, and investors together in one room to share their knowledge and experiences. This is an opportunity to learn how to scale your business through networking opportunities, gaining access to experts, and showcasing your business to others. Whether you attend in person or virtually, do not miss out on the one event that can help grow your business this year. The WealthBuilders Conference takes place from February 17-19, 2023. Click here to learn more and secure your ticket.
Thank you so much for these wealth builders tidbits, this year I can’t attend this conference, but I do plan to be a part of wealth builders in the near future
Theresa, that’s great to hear. We hope to see you next year, and we’re glad you’re a part of the WB community!