[vc_row][vc_column width=”1/1″][vc_column_text]No one goes into business to fail. In fact most of us gutsy enough to start off on our own have a fair amount of confidence and do so full of hope and visions of prosperity. The truth of the matter though is that many new businesses never make it past start-up phase. In fact, statistics show that 44% of businesses fail by their third year in business. Of those that do “make” it, there are many that never grow to their full potential.
While there are always exceptions, for the most part, businesses that succeed are businesses with a viable market that are built to scale — those that incorporate repeatable processes and systems throughout their organization that allow them to grow and expand with no limit.
Having worked with a number of businesses through new product launches, re-launches and start-ups, we’ve found that the most successful are those that have the following bases covered.
Top 10 things you need to scale a business
- A viable product or service
- An identified target market
- Cash flow
- Management that is in tune with all levels of the business and understands the sales learning curve.1
- A good understanding of organizational strengths and weaknesses – knowing what functions are core to the business and what can be outsourced for more optimal results.
- A good team of people with passion, motivation and exceptional product knowledge.
- Recruiting processes. Unless your business is fully automated, growth requires investing in human capital. Hiring good people isn’t easy. Have systems and procedures in place for attracting, screening, hiring and training so that when you need to hire, you are ready.
- Repeatable sales processes. These processes include effective use of a territory management plan and CRM, backed by a strong lead generation effort that keeps a constant stream of viable leads in the pipeline.
- Production processes, designed for capacity that can be quickly ramped up when sales exceed expectations.
- Repeatable and sustainable marketing processes that support the sales effort and are built in to the overall territory management plan.
A common thread running through the list above is process. At NuGrowth we are firm believers in empowerment through systems – in documenting and implementing structured systems that allow us to consistently measure both efforts and results so that we are in a position to move quickly and adjust direction if need be. Our clients benefit from our cost effective virtual sales and marketing model that is built to scale.
If you are interested in leveraging our virtual sales and marketing model and working with a partner you can trust to grow business, please fill out a short contact form or give us a call at 800-966-3051.
1Leslie, Mark, and Charles A. Holloway. “The Sales Learning Curve.” The Harvard Business review, July 2006[/vc_column_text][/vc_column][/vc_row]