With us today is Adam Steele, the CEO and Founder of “The Magistrate (https://magistrateinc.com/)”. Below you will find short actionable summaries of what we talked about in the episode. Be sure to listen to the episode so you get the full picture before you start to implement these strategies. Here’s to your success!
Scale your business
Scaling your company is all about growing your company efficiently. The first step in achieving this efficiency is being able to accurately predict all company expenses. You need to know exactly where all your money is going so you can cut any unnecessary cost. To better track your expenses, Adam recommends building in packages.
Build in Packages
A package is a set amount of products or services you offer for a given price. By giving your customers a limited amount of options to choose from, you are better able to estimate any given cost needed to complete the project.
- Consulting Firm: 8 hours of consulting over the phone for $650
- Graphic Designer: 1 new Logo design for $250
- SEO Marketing: 3 articles (400-500 words) a month for $500
Hiring online has its challenges
Not everyone is who they say they are. Applicants are able to hide behind a screen, put up a beautiful resume, and formulate the perfect response over email. You will never know for sure the true abilities and personality of an applicant. Use the following strategies to give you a deeper understanding of who they are and what they can do.
Use the following strategies when hiring online:
You might not always hire the right candidate
The new employee may not fit in with your company’s culture or complete task up to your standards. Even so, do all you can to pave the way for their success. Either way, have a probation system in place and let them clearly know how many times you will tolerate failure before they are out of the game. This will keep new workers accountable and will give them an understanding of what is expected.
Hire someone new to the game
Hiring an inexperienced employee, allows you to grow the talent you need. Newcomers are extremely eager to learn and more than willing to work countless hours to get the job done.
Since they are unaware of the certain biases from your industry, they are more than likely to spot when something is wrong. Work alongside them to create innovative solutions to your problems and do not be afraid to let them experiment.
Each of your new employees have their own talents. As their boss, you should be doing everything you can to bring out the best in them.
If you plan to bring on a new employee, consider developing a training course. This gives them a clear reference to look over as they learn the basics of the job and the industry.
In the long run, having a training course will alleviate you from having to always explain exactly what you expect and how to go about creating it. Be sure to include clear examples of finished work to aspire to.
You are not the only one
Often times you can find yourself working on an overwhelming amount of work. This is great for jobs only you can do but the reality is that some of your work can be passed on. Passing on your work can take immense pressure off your shoulders. Which frees you up to give extra time to more important task.
Ask yourself the following questions before you pass on your work. If you answer “no” to any of these, then you should pass on your work.:
- Am I the only one who can do this?
- Do I personally have to do this?
- Is there anyone else in my company that can do this?
- Is there anyone else I can hire to do this?
Automate your work
Not everything has to be done personally by someone in your company. You can shave off hours of repetitive work that can be done in seconds by a program. Ask your in-house programmer for suggestions on what you can automate. If you do not have a programmer, do a bit of research before you begin automating anything.
Here are a few examples of task you can automate:
- Email signatures
- Performance reports
- Email templates
- Responding to emails
- Posting to social media
- Scheduling appointments
Do as much as you can with the little that you have, before you start using what you do not have. When starting out a business it can be very tempting to take out a small business loan or place yourself in credit card debt. After all, we need money for everything we do.
Still, consider starting out with a minimum viable product that you can scale over time. This product has the bare bones of what you need and is by no means meant to be the finished product.
This gives you a product to run through your customers. Using their feedback you adjust and continue making changes. If your company fails, then it will not be too much of a financial hit for you and you can move on to something else.
Go all in
The other extreme is to give it all you got by putting yourself in a high stakes situation were everything depends on your success. You are constantly trying new things and failure to succeed could mean not eating anything that day or being kicked out of your home.
Using this strategy you have either taken out a small business loan or you have maxed out your credit cards. This is a very risky strategy and should be carefully calculated. Every dollar spend needs to be a stepping stone towards an ultimate goal.
If you choose to go this route, be prepared to lose everything but by no means give up.
You are not alone
People want to help you, you just have to be willing to reach out. Stay humble, listen, and be thankful regardless of what help they do or do not give you. There is just too much work and you are doing yourself and your company a disservice by keeping everything withing your own limitations.
Tools/Strategies to growing your business
- Upwork: A great place to find free-lancers to outsource your work to.
- Groups: Find and join a community you intent to grow inside of. Then spend about an hour a day getting to know the members and contributing to their success. Here you will make many meaningful partnerships and customer leads.
- Trello: A free tool to help you organize information and manage your projects.
- Slack: A messaging app for teams to communicate instantly. It eliminates the need to email your team which allows you to get things done faster.
- Freshbooks: A small business accounting software which helps you invoice clients, track time, and log expenses.
- Referral Spam Tool : A free tool created by Adam that helps remove referral spam from Google Analytics.
Till next time…
We hope this podcast episode has given you valuable insight to scaling your business. As always, we are committed to your success and we believe in your mission.