Scaling your Business Growth
by Compass Cleaning Solutions • February 07, 2020
Hi, my name is Mike Derryberry, and I'm the owner and co-founder of Compass Cleaning Solutions.
Is your business stuck and unable to grow? There is a reason for that and it can be fixed with a willingness to make some difficult choices.
For the last several years, I have had an opportunity to meet and become friends with a lot of Solopreneurs, young guys, and gals learning to start a business and building something of significance.
As I've watched them, I've noticed several different things that have come up that are pretty consistent across all businesses, and I'd like to address one of those today.
One of those things is the point where a small business gets to where they have saturated their time. They've gone to the point where they've grown the company, and the owner is actually working 16 hours a day and pretty much can't do anything more.
The problem that I see is that in most cases, those entrepreneurs, those solopreneurs, have a difficult time getting their heads around the idea of scaling their business.
Now, what do I mean by scaling? If you're going to scale a business, you have to replicate yourself; you have to clone yourself in a sense. You have to be able to bring in new people and give them the ability, provide them with the opportunity, to work with you, and grow your business to meet or to achieve that goal that you have set forth.
What I find is that a lot of entrepreneurs have difficulty with this point because they think, "well if I hire somebody else then I'm going to lose money, I'm going to lose income." Here's the reality, yes, you are going to lose, or I should say, you're probably going to reduce your income for a minute.
There's a thing called a J curve; which basically means that you are growing and growing, and you get to the point of saturation. At that point, you have to hire people. You have to bring on new systems, or you have to hire new leadership, or you have to buy equipment to do something to scale your business. These things allow you to do more in the same amount of time, and that, for a moment, will cost you a bit. It will reduce your income, your revenue, and your net income.
Your revenue will go down for a moment. However, there will be a bounce that will come out of it. The systems that you put in place will allow the efficiencies to grow, and you will add a new component to your business. As a result, you're going to see a high bounce that's going to come out that. It's going to increase your revenue more significantly than the amount that you spent. The challenge is having an owner get to the point where they can accept the fact that there is going to be a short-term loss to achieve a higher success down the road. For entrepreneurs, issues like these are common.
I would love to be able to hear what you think about this. Maybe you've run into the same thing. Perhaps you've had this experience, and you've overcome it.
If you have some comments about this, I would love to have you leave a comment. I would love to get back to you and have a dialogue with you.
Thank you very much.
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