Businesses change overtime, some years are prolific, and other years are slower. During the slower years, it’s important to prepare yourself for the next big year.
And if you haven’t had your big year yet, consider this time a build towards that first year in the black. This week’s blog post outlines two strategies to use to help scale up your business.
Education: One of the biggest ways you can set yourself apart is to work on your personal development growth. Spending a part of your business budget on consultations, workshops, conferences, and other development opportunities.
Instead of trial and error, use online classes and workshops to help give you the skills you need quickly and from an expert voice. Trial and error, experimentation, and process building are great, but maybe consider that using those methods towards art-making and product design. A workshop can give you a crash course in technical skills needed quicker than trying to teach yourself.
I am a big advocate for paying for what you don’t have skills in. Meaning – if there are certain areas of your business that are just not your strongest skillset (and when taking an educational course or two wouldn’t be very beneficial), then it’s time to hire out. Pay someone who has the skills you need to complete the task for you.
Comparison: Market research is really important. You need to have a grasp on what others in your field are doing (…and maybe what you are not doing.) This can give you insight into seeing how you are different from your competition. It can also tell you what you are missing.
For example, if you can identify that all of your closest competitors are on Instagram, it’s time you took the leap and got an account.
Comparison to make judgements about your business’s worth or being overly critical will not be beneficial. Leave your inner critic out of this. This is all about identifying strategies that other successful small businesses are using and molding that strategy, or a similar one, to fit your business.
Identify some competitors or some people in your same field who are doing a great job. You see them as successful and you desire to run your business like theirs. Check out their website, get on their mailing list, buy an item from them, download their freebies. Get insight into their business, customer experience.
Now think about combining competitive market research with education and you’re really set to scale up your business. Comment below and share your favorite workshops, courses and sources for education.