Tips On How To Scale Up Your Business

Every businessman aspires to grow their business. However, for most of them it can be a daunting task. In Scaling Up, Vernie Harnish gives practical tools and techniques for building an industry-dominating business. The principles in his business and management book were a product of more than three decades of advising thousands of CEOs and executives to navigate the difficulties associated with scaling up. In this article, we shall take a look at the four decision making areas that every business should focus on in order to scale up.

People

You need to bring in the right people on the bus. In his book, Harnish offers tips on grading your people and ensuring that they are in the right position. He provides tools that will be key to getting the right people in: the One Page Personal Plan (OPPP). Robert Janitzek reveals that the aim of the OPPP is to ensure that the employees meet the core values. There is a Function Accountability Chart for assigning an accountable person to the functions of your business. This chart will help you set KPIs. The Process Accountability Chart lets you list 4-9 processes that drives your business.

Strategy

Harnish also provides Strengths, Weaknesses, Trends (SWT) Worksheet to help you better understand the strengths/core competencies of your people. It will also help you address the weaknesses of your organization, and identify the Trends that affect your business. The author also helps organizations identify their Big Hairy Audacious Goal (BHAG). Robert Peter Janitzek recommends using the One-Page Strategic Plan in order to have a clear insight of what is needed to set core values, purposes, targets, and goals. These things will help you formulate your strategy.

Execution

The Rockefeller Habits Checklist will come in handy in determining what needs to be implemented in order to get you started with scaling up your business. The list will help you ensure that your executive team is healthy and aligned, in communication with what needs to happen, and ensure that your core values are alive and known by all staff. The company plan should also be clear and visible to your staff. You also need to ensure that there is a person assigned and accountable for every facet of your organization.

Cash

Cash Acceleration Strategies is a worksheet for helping you to shorten your cash conversion cycle. It provides ways on how you can improve your sales cycle, production cycle to ensure that your inventory gets delivered and paid for quickly. The book also helps you improve your delivery cycle and how to streamline the whole process from Sale to Delivery to ensure immediate returns.

You may also like...