We all know how tough it can be to start and build a new business. More often than not, it feels like treading water, just keeping your head above water and profits can be thin.
But what about when we start to hit the fertile ground and the business has stability and we start to see real growth, momentum, and the profit margins do in fact begin to increase? Heck, you might even be paying yourself a wage!
What do we do next? How do we take our business to the next level? Business owners should make the most of their achievement and to set the foundations for continued growth and success. This can be achieved by scaling your business.
Sounds scary, but it’s true and totally doable! Here are my top five tips to identify when you’re ready to scale:
- When your business is beginning to run seamlessly, you’re communicating effectively to your target audience, sales are consistently being made and profits are increasing each quarter, then you’re ready to scale!
- You have enough cashflow behind you and you have enough cashflow to put into the scale and that you understand and can cover the required anticipated budget to scale your business
- When you have staff who are consistently hitting their KPI’s and targets and are happy in their roles, then this is a sure sign that you’re ready to take the business to the next stage.
- You have an induction process ready to go and the necessary systems and procedures documented. Yes, this can sound a tad tedious, but it’s essential when taking your business to the next level so everything is organised and automated and people don’t get too bogged down in the nitty-gritty. You want your business to grow and flow, so make this happen.
- The last point is important. Confidence! Do you have confidence in yourself as the leader and do you have confidence in the business? This must be evident as self-belief is crucial for business success. If you feel you’re lacking in this area, then seek out support from a trusted mentor or coach who can help you with this.
Just like when building a house; the taller you go, the deeper the foundations need to be. If you want to build and scale a business, it’s vital to have solid foundations and certain structures in place. Many business owners approach me saying that their business is booming but they’re struggling to keep up with the demands of their business as it has grown too quickly and in turn created a monster that is uncontrollable.
By establishing fundamental areas of business operations, forward planning becomes clearer for the whole team and growth in the business becomes a positive change for the business owner instead of being to their detriment.
Suzzanne Laidlaw, business reformer and entrepreneurs’ mentor