3 *More* Tips for Scaling Your Business in 2024
Matt has reacted to a lot of videos on this channel, and quite a few have tips on how to scale your business. This video is no exception. Watch to see if Matt will agree with these 3 tips or if they are just like the videos of the past and not so great for all businesses.
There are tons of people out on social media giving business advice. Some of it is good advice, but most of it isn’t good. In this series watch CapForge’s owner react to different advice videos. He’s an expert in all things business and has 20+ years of experience under his belt. Some of the things he reacts to might even surprise you!
Video Transcript:
Business Advice Video:
Top three tips in scaling your small business. No. 1 Perfect your trade and outsource the system. No. 2 Focus 80% of your time on marketing. No. 3 Don’t be afraid of financial investment. You must be willing to spend money to make money.
Matt’s Review:
There are three tips for growing your business. 1 outsource. Yes. it doesn’t make sense to do everything yourself. if you do, you’re definitely gonna be limiting your growth cause there’s only so much time that you have. Hiring people to help whether they’re internal or external makes a lot of sense. Just make sure you’re hiring the right people and they’re really giving you more of your time back and they’re not sucking up time or costing a lot more than they should. 2 marketing. Absolutely. still, 99% of businesses rely on word-of-mouth marketing. They don’t really have a marketing plan. They don’t really know who their customers are. They’re not proactively bringing in new customers on a regular basis. So if you wanna grow you gotta be doing that. You gotta be thinking about marketing. 80% of your time marketing may be a bit of a stretch, but definitely more than the 5% or less that I’d say most small business owners are thinking about – think about marketing. You have to have a marketing plan. You have to put it in place. You have to test it make sure it works and then tweak it as you go. That’s what’s gonna enable you to grow everything else. Third, don’t be afraid of investment. That sounds like something somebody would say if they’re selling you a course. Or wanting to sell you a course. “You have to spend money to make money”, which is code for buy my course and I’ll help you make money. Not necessarily, there’s a lot of things you can do that don’t cost anything. In my weekly newsletter, I’m often talking about stuff that are no-cost changes you can make to your business that will help it grow. While there are some things that do cost money and there’s no avoiding it, I wouldn’t say as a blanket rule look to spend a lot of money to make money. Spend intelligently. Invest so that you’re getting a good return on that investment. Don’t just throw it out there and assume that if you spend it you’re gonna get it back. Cause that’s not how it works.
