Over the last month we’ve been asking our Excelerate Labs business growth advisers to offer us some key tips on how to maximise your business potential. If you follow @ExcelerateLab over on twitter you will catch our series #BusinessGrowthTips
Capacity planning is a key part of strategising for growth. Without the right team and resources your business with soon grow out of hand and beyond your control. Below are some key tips from our advisers looking at this element of growth in more detail.
“As you grow, you need to let go” says business adviser Mike Marsden. “Eventually your staff will reach their limits and your will outgrow some of your connections. Just make sure the next people on your journey are better than the last”.
Sometimes in business we can get sentimental about both our staff and those in our network. But actually when capacity planning it is crucial to identify what roles and connections we need for the next phase of the business and be honest as to whether those we already have in our circle match the business need. If not we may need to let go in order to grow.
“Systemise your business. Get your business working for itself, creating money. If the business is reliant on you, you have a job” says Mike.
Unpacking this tip from our growth adviser Mike, it shows that you need to give yourself space away from the business in order to grow. If you are basically the engine that keeps every cog turning then you essentially work for the business instead of having it work for you. You need to be able to step out without everything falling apart or how can you ever have those essential meetings and strategy hours to move it on? Putting systems in place, which can be everything from handbooks that ensure staff know what to do, digital tools, automation etc. that will keep everything running while you aren’t there is the best way to do this.
This is a massive part of capacity planning. List everything you do, and everything that relies solely on your expertise. Then plan and research ways to fill these gaps to ensure you can free up enough of your time to get the business growing. Some of these systems may have a cost attached to implement, so these should factor in your business growth budget planning.
If you are a woman running a growing business in the Greater Manchester area and would like support with capacity planning or any other area of business growth, please get in touch with our Excelerate Labs team. Part funded by European Regional Development Fund the programme is FREE for your to access (subject to eligibility) and will offer advice and support tailored to your business need.
Drop a line to firstname.lastname@example.org to find out more.