Did you know there is a difference between growing and scaling your business? These words are used interchangeably often and we accept them to mean virtually the same thing. In my mind, as a business coach, however, these mean two very different things. So, what is the difference between growing versus scaling your business?
Growing your business refers to any and all growth that takes place purposeful or not. Yes, that can include scaling your business as well. Growing your business is often an overall general term. Whereas scaling, in most cases, refers to the purposeful implementation of a strategy to help build your business to make it grow, often by adding team members or employees.
Growing Versus Scaling
Below I’ve given you a number of ways to do each, grow and scale, your business moving forward.
Ways to Grow:
There are many ways to grow your business so here is a handful to help you.
- Increase your revenue by increasing your rates – this is one that many people forget. In the online service provider industry, I have found that pricing can be all over. Some price their services too high and some too low. Do competitive research to see where you fall in and if possible increase your rates. Each year you should evaluate this to see if you need to increase them.
- Selling more of your services to existing clients – often clients need additional services but may not know you offer them. Make sure you have maximized helping your current clients with the services they need before trying to create other revenue.
- Attract and add more clients (if you have the bandwidth) – find ways to add more to clients to your client base. This can be done in a number of ways. One of which is to create more content and share it.
- Through marketing efforts – Increasing your marketing efforts, both offline and online (digital). It is certainly better to create a plan (as in scaling) but you should be actively marketing your business.
- Add more service offerings – many businesses do not think of this and often it can be an easy way to grow the business. Considering services you are skilled in and that perhaps clients request also could increase your sales and grow your business significantly if it is an in-demand type of service.
- Add digital products – Service providers often have free offers but they could also create a number of other digital products to sell to prospective clients and others who need them. Whether an ebook, checklist, or other types of digital product these can be very lucrative.
- Increase your revenue streams – this means that you think about ways that you could add types of revenue to your business. It may include digital products, affiliate marketing, creating a course, or membership sites.
“If you want your business to bring in more money, there are only 4 Methods to Increase Revenue: increasing the number of customers, increasing average transaction size, “increasing the frequency of transactions per customer, and raising your prices.”-Josh Kaufman from Personal MBA – Master the Art of Business
Ways to Scale:
These are concentrated efforts from a strategic plan to scale your business.
- Bring on subcontractors – adding a team of subcontractors frees you up to work on your business and bring in more business.
- Hire employees – the same principle as subcontractors it begins to free your time up more so you can focus on working ON your business to help bring in more clients.
- Additional Clients – This is an obvious way to scale your business but you should have a plan of how to do this so that you do not scale too quickly also.
- Create a thorough digital marketing/marketing plan – creating a plan and goals to meet will give you something to strive for you as well as a plan to follow.
- Increase your authority by planning out ways to do this – increasing your authority through specific ways will begin to draw in more clients to scale your business.
Summary of Growing Versus Scaling
There is a difference between growing versus scaling your business. The most significant of which is that often growing happens organically and scaling is purposeful with a plan.
Don’t forget to pick up your Free Scaling Your Business Checklist below to help you navigate scaling.
Regardless of where you are in your online service business having a coach to help you guide you, even giving you step-by-step help (virtual hand-holding included) can be the difference between a stagnant business and one that is growing and/or scaling. If I can help you reach out below and set up a mini-session with me – it is FREE and you will leave with some great nuggets to help your business.
FREE Scaling Your Business Checklist
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