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Starting a business is tricky, scaling it is even more so. After we nailed down the “secret sauce” that sets our transcription company apart from the rest, I was able to scale my business to where it is at now. While doing so, I learned a few lessons from some setbacks that I faced during the process. If I had to go through it again, I would follow these four tips.
Look At The Big Picture
When first starting out, many entrepreneurs forget to look at their business as a whole. Not envisioning the future of your business can stunt your growth. For example, we started out in medical transcription, not knowing that legal transcription and law enforcement transcription was also in high demand. Once things started to change in the healthcare industry, we were forced to take a step back and reevaluate what we could to keep the doors open. That's when we started to listen more to the people calling us from law enforcement agencies and law firms. We always knew they existed, but not the extent to which the demand did. Had we done more research in the beginning for the transcription industry as a whole, we would have been able to pivot sooner.
Work With An Advisor
Creating a step-by-step game plan as to how you are going to scale your business is the first thing any entrepreneur should do. Going into it blindly will cause many errors, setbacks and could potentially lead you nowhere. Having an advisor can be as formal as an investor or someone in your industry that is happy to share advice over a cup of coffee.
Make Scaling Your Business Your Main Priority
I found it tough to let go of control so I could focus on growing my business when first starting out. Now, most of the time I let my employees run the office while I am out networking and marketing my company. Step in and work in your business when it is totally necessary. Don’t be there to help pick out the wallpaper for the kitchen. Do be there if you are losing clients and need to brainstorm what’s happening so you can fix it. For example, a large government agency was upset with us because we turned in some work late. Instead of letting it go, I jumped on a plane and flew out to see the client. I sat down with them and we hashed it all out. That's never happened again and the client actually referred us to more departments within their agency because of the way we handled the situation upfront and immediately.
Don’t Be Afraid To Ask For Help
">Shutterstock
Starting a business is tricky, scaling it is even more so. After we nailed down the “secret sauce” that sets our transcription company apart from the rest, I was able to scale my business to where it is at now. While doing so, I learned a few lessons from some setbacks that I faced during the process. If I had to go through it again, I would follow these four tips.
Look At The Big Picture
When first starting out, many entrepreneurs forget to look at their business as a whole. Not envisioning the future of your business can stunt your growth. For example, we started out in medical transcription, not knowing that legal transcription and law enforcement transcription was also in high demand. Once things started to change in the healthcare industry, we were forced to take a step back and reevaluate what we could to keep the doors open. That's when we started to listen more to the people calling us from law enforcement agencies and law firms. We always knew they existed, but not the extent to which the demand did. Had we done more research in the beginning for the transcription industry as a whole, we would have been able to pivot sooner.
Work With An Advisor
Creating a step-by-step game plan as to how you are going to scale your business is the first thing any entrepreneur should do. Going into it blindly will cause many errors, setbacks and could potentially lead you nowhere. Having an advisor can be as formal as an investor or someone in your industry that is happy to share advice over a cup of coffee.
Make Scaling Your Business Your Main Priority
I found it tough to let go of control so I could focus on growing my business when first starting out. Now, most of the time I let my employees run the office while I am out networking and marketing my company. Step in and work in your business when it is totally necessary. Don’t be there to help pick out the wallpaper for the kitchen. Do be there if you are losing clients and need to brainstorm what’s happening so you can fix it. For example, a large government agency was upset with us because we turned in some work late. Instead of letting it go, I jumped on a plane and flew out to see the client. I sat down with them and we hashed it all out. That's never happened again and the client actually referred us to more departments within their agency because of the way we handled the situation upfront and immediately.
Don’t Be Afraid To Ask For Help
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