Better, Not Bigger

Small-business owners have a conundrum. Everyone around us uses the concept of scaling as the primary measure of business success.

If you believe the road to consistent revenue is paved with more clients, scaling your business means more staff, more processes, more complicated accounting, more management, and more stress. This “myth of more” leads to a whole new set of problems.

For some business owners, scaling is the pot of gold at the end of the rainbow. They have a high tolerance for risk and stress. But scaling is not the only measure of business success, contrary to popular opinion.

For many of us, we want our companies to evolve, using professional development and innovation to improve our outcomes. We want more revenue but not more risk and stress. We want consistency and predictability in our workload and revenue.

In my work with women business owners, one of the most prominent patterns I’ve found is the owner’s internal conflict and belief that she needs to scale – even though she loves the boutique approach to business and wants to remain small and exclusive.

High achievers often feel obligated to follow the “shoulds.” When we’re told we “should” scale our business, this often becomes an unwelcome challenge.

-- Excerpt from Patty’s book, Your Hidden Advantage: Unlock the Power to Attract Right-fit Clients and Boost Your Revenue

Today’s Question:

How has your business evolved over time? Have you intentionally set and implemented the strategy or have things ‘just happened’?

But Here’s the Twist . . .

We all have dreams – of financial success, leadership, achievement, and serving others. It’s what we do with those dreams that makes an impact.

Thomas Edison was right: vision without execution is just hallucination.

In 2018, I decided to expand my company nationwide and operate virtually. Since 2006, I met with clients in person, in Houston, Austin, and Dallas.

Keep in mind this was before the Covid-19 pandemic that forced the whole world to go virtual. So, I eased my existing clients into the virtual world and set the standards with all new clients that we would only meet virtually.

I knew that I didn’t want my business to get ‘bigger’ and I had no interest in ‘scaling’ it. I wanted to preserve the boutique structure but have a broader reach of who I worked with.

I then implemented a business development strategy, reaching out to colleagues in specific cities. Over time, I built relationships, joined networking groups, and developed business in my target cities.

That single strategy changed the trajectory of my company, and I consider it the finest business decision I ever made. It was fun to turn that idea into reality and I vastly expanded my client base and network.

Now What?

Even as a boutique company, you can build value and position your company for your exit. Many women think they can’t sell their expertise-based business, but you can.

Every company I’ve worked with has less than 15 team members, and the owner has built a powerful engine to generate revenue, while building real business value.

At some point, you will exit your business, whether it’s voluntary or not. Are you leaving your life’s work, your impact, and your legacy in the hands of fate?

Even if your planned exit is 5-10 years down the line, the time to prepare is now.

Intentionally building value and positioning your company for your exit is a solid business strategy. While you are planning your transition, you will make more money, lift the burden of the business from your shoulders, and find balance between work and leisure.

An Elegant Exit™ requires a new way of thinking, new skills, a simple and elegant design, and an advocate on your side. Contact me to learn more. 

Discover your Exit Readiness Index™ with this assessment: http://she-exits.com/