As AB Law grows, I thought I’d share some tips and strategies on how to effectively and sustainably grow a small business. We’re doing this in real-time, for us and our clients.
Growing a small business can be tricky. In fact, rapid growth can actually harm your company if you don’t plan properly. When you are first starting out, you may not have the revenue to hire staff to handle the increased business that rapid growth brings, and trying to do everything on your own is neither effective or efficient.
At the same time, if your operation isn’t scaled properly, rapid growth can cause your costs and workload to quickly reach unmanageable levels, making growth unsustainable and potentially causing your company to implode. Fortunately, by using a combination of outsourcing, processes, and technology, even smaller operations can maximize growth, while keeping costs and workloads at sustainable levels. Here are some tips and thoughts.
1. Do a Time Study: To begin, conduct a two-week time study, during which you track every single thing you do for two weeks, from the minute you wake up until the minute you go to sleep. What could you outsource or delegate to someone else? Remember, hiring is your #1 growth strategy – you can always make more money, but you cannot make more time.
2. Leverage Technology: Today’s business technology solutions allow even the smallest operations to achieve incredible growth with minimal staff and infrastructure. Many tasks that used to take multiple people can now be completely automated, increasing efficiency and enhancing the experience for your customers. When you look at your weekly list from above, see if there are tasks that can be accomplished by a technology system rather than a person. Frustrated with the difficulty or speed of locating customer records or information? Try using a content management system. Overwhelmed by the creation and maintenance of too many paper files? Consider moving to a paperless office to free up your team’s time – and yours.
3. Streamline Your Processes: Take a good look at how your business is operating. Have you implemented processes like standard operating procedures to make the repeating tasks in your company as efficient as possible? Standard operating procedures (SOPs) are detailed instructions describing the procedures for carrying out recurring business tasks. SOPs are critical for productivity and efficiency, and they can save your business both time and money in the long run. SOPs are also essential for growth, as they allow you to replicate key processes on a larger scale. Moreover, standardization facilitates training and helps ensure that your operation won’t come to a standstill if you lose a key team member.
AB Law is a full service business law and estate planning firm in Texas. Reach out if you would like to work together to review what you currently have in place and how we can make your business more efficient. www.ab-firm.com.