Scalability

Scalability 

 

Many people confuse and use the terms growth and scalability interchangably. Growing your business means increasing your revenue. Which increases your costs and resources directly in proportion to that growth. Scaling your business increases revenue without necessairly increasing the associated costs. When it does increase the cost, it does so at a substantially lower/slower rate than the growth occurs. This my friends is smart business.
 
For example:
 
Drunk Squirrels could not meet its goals if they only offered individual coaching. With 24 hours in a day, there is a limit on how many clients can receive service. In addition there is a maximum on the amount people are willing to pay for each product and service.
 
Using traditional growth strategies, the only way to grow is hiring a team. By increasing coaches, we increase clients served which achieves growth. With this approach the operating costs rise at close to the same rate as growth.
 
How can you increase your business’s revenue without increasing costs? The answer is simple … Scalability.
 
Increasing revenue by offering additional complimentary products and services. The products and service we chose are scalable. An example is our launching of Squirrel Nation April 1st, 2018. This is a group coaching and education program. The program uses a subscription based pricing strategy.
 
Coaching is a 1 : 1 exchange of a set block of time for money (even if you use value based pricing). A group program can see ratios of 1 : 400+ and still maintain their success, effectiveness, integrity, and value.
 
A group program allows us to help more individuals. We can do this without an increase in time spent providing support and training. Rhonda will spend 12-15 hours per month providing training videos, and doing Q& A Sessions. This happens regardless of how many individuals are enrolled in the program. The training time is the same if one person is enrolled or 400 people are enrolled. For every 100 women who enroll, Rhonda’s time investment increases by up to 10 hours/month. As you can see The costs rise at a much lower and slower rate than growth occurs.

Competitive Strategy

Competitive Strategy

 

One of the most important things you can do for your business is to develop a Competitive Strategy. Having a Competitive Strategy means that you are taking a close look at the competition. This is not for the sake of comparison and seeing how you and your business measure up. Don’t get caught up in that madness, nothing good will come of it. Instead, stay focused. Your review of the competition has a solid purpose. You need to know what they do, how they do it and what sets you apart. This is key to your company’s success. Today we are going to look at different ways a business can compete.

Build A Client-Centric Buisness: It is the single best thing you can do as a small business owner or solopreneur. Research has shown that client-centric businesses are up to 60% more profitable. A client-centric strategy puts your clients at the center of your business. Every decision at every level of business gets filtered through that lens. What is best for our clients? How does this impact our clients? How can we improve our clients experience?

Build A Brand: as opposed to building a business. What most people don’t realize is that branding is so much more than a logo and visual identity for your business. Branding is a deep understanding of your business, your business goals and objectives. It’s an analysis of what you do, how you do it, understanding ideal clients, your market and how to create demand.

Unique Value Proposition: What is different about your business, your products/services, and/or your how you do these things? Why should clients choose your business? How does your product/service solve the problem better than the competition? How does your product/service provide more value than the competition? 

 Differentiation: What sets you apart? What is your unique and memorable way of doing business?

Position yourself: as an industry expert.

Partnerships: Create a partnership with a like minded business. Cross promote one another, collaborate on special offers

Get Specific: Narrow down your niche. Be the solution for a very specific market segment. It doesn’t have to be a large segment for you to make a powerful and meaningful contribution.

 

My Recommendation For All Small Business Owners and Solopreneurs 

 

Combine the top two strategies and Create A Client-Centric Brand, you won’t be sorry!