Scale Your Business For Growth
Most business owners want to grow their business, but many get stuck with how to make that happen. Today we are focusing on scalability and a quick filter that your business can use to think about growth. It comes from the Value Builder System. The filter asks if each product/service is TVR.
TVR stands for:
Teachable – It’s hard to scale a product/service that requires the owner or key employees to either sell or deliver that product/service. The capacity of the business gets overwhelmed. Sales will get behind or delivery time will get delayed, which leads to upset customers. Instead, businesses that scale need to find a way to grow past their owners or key employees. The answer to this is make what you do teachable through training, systems, and policies.
Valuable – Many small businesses want to build a brand and it starts with understanding what is valuable to your customers. Valuable in this instance means something that is unique from the competition, but also something that your customers care about. It has to be both to make a difference. When your products/services are not valuable it means that you are offering a commodity. And while it’s okay to have a commodity, it’s important to understand that being able to set yourself apart from your competition allows your business to have pricing authority in the market.
Repeatable – Your business wants to scale the products/services that are more repeatable. It takes more work and money to go out and continuously find customers. When products/services are bought on a regular basis the revenue stream is often more predictable than if your sales team has to be searching for leads.
TVR is a simple, but POWERFUL way to take a fresh look at your business and your plan for growth. Just make sure you also follow these tips:
- Don’t make assumptions regarding what value means to your clients or prospects. Instead, ask them. A customer survey is a great tool to collect market research.
- Challenge yourself to document your knowledge in a way that allows your business to make tasks more teachable to others in your business.
- Ask your BBG business coach for resources regarding creating, organizing, and maintaining your systems.
- Ensure your business invests in a training program that includes onboarding and developing employees.
- Consider outsourcing as a way to bring in talented team members if you’re struggling to grow past a certain level or don’t have time to work on systems.
- Don’t get caught in the belief that "systems don’t work" or, even worse, that they are robotic. Sure they can be, but it’s all in the way that you write the systems and create a culture that uses systems.
- Brainstorm ways that your business might make its products/services more valuable in the eyes of your customers. Can you bundle any services together? Or offer a service with a product?