Whether it's a Fortune 500 company or a start-up working out of a garage, Douglas Greenberg understands that every business begins as something small. It's "scale" that enables them all to grow.
That's why the Portland financial adviser founded Pacific Northwest
Advisory (PNWA). Acting as a fiduciary, Douglas
Greenberg and his team work exclusively with owners and entrepreneurs to
provide a cohesive, comprehensive, and customized growth strategy. In addition
to offering a variety of financial services, he prides himself on offering
independent, unbiased advice. For this work, Douglas
Greenberg has received countless honors. This includes being recognized
as a top financial advisor by both Forbes and Barron's.
But Douglas Greenberg
understands that scaling a business isn't easy. Yet, with more than two decades
of experience, he is more equipped than most to navigate these challenges. With
this in mind, Douglas Greenberg lays
out seven tips for successfully scaling a business.
Make
a commitment
Part-time won't cut it. Scaling a business demands an
"all-in" mentality. Some owners are content with the status quo,
opting to remain small. And there's nothing wrong with that. But growth-minded
owners must establish long-term goals and structured processes in order to meet
them.
Create
a plan
Now is not the time for spontaneity. Construct a
detailed, thoughtful plan. This should be built around actionable reporting and
accurate projections. But, even more importantly, acknowledge your
deficiencies. Douglas
Greenberg advocates a proactive approach. Spot potential barriers and
ensure you can overcome these challenges.
Identify
core competency
What makes you unique? While this sounds like an
existential question, the answer can have profound implications for your
business. Maintain awareness of your company, its role in the market, and how
it's different from competitors. It should influence every decision you make
and sharpen your focus.
Develop
a leadership team
Entrepreneurs are used to operating as "one-man
bands." Yet scaling a business can't be accomplished alone. At the end of
the day, you are building a workplace. Train, teach, and mentor staff to handle
these new tasks. Douglas
Greenberg sees this as a key to unlocking sustainable growth.
Foster
a winning culture
Staffing decisions aren't about just filling seats. To
scale a business, you need buy-in from all employees. That's why Douglas Greenberg places a premium on
recruiting and development. This is rarely a top-down endeavor. Prioritize an
environment that values new ideas and collaboration.
Invest
in standard processes
Automation enables the integration of systems that are
measurable and easily replicated. It also relieves the pressures of day-to-day
responsibilities, allowing staff to direct their energy elsewhere. Through
outsourcing or upgraded software suites, necessary functions like payroll,
scheduling, and client management are less burdensome.
Evaluate,
analyze, adjust
This is essentially the "rinse and repeat"
instructions for scaling a business. No plan should ever be static. Comb
through collected data to refine your strategy. Be flexible, evolving with the
ebbs and flow of your growth. As Douglas Greenberg likes to remind his clients,
growth is never linear. There will be struggles. There will be valleys. But these
are not failures. These are opportunities to learn and innovate.
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