Steps Towards Scaling
Are you ready to scale your business? If so, here are some crucial steps, based off an article I found on Forbes. Yet before reading this, you need to realize there’s a time and a place for scaling, and that scaling at the wrong time is never a good idea. But that’s for another time. Here are the five steps to scaling your business:
Think big, act bold: This doesn’t mean delusional daydreaming, but rather thinking about how you can turn a $5 million business into a $50 million company. Yet simply sitting there and “thinking” about it doesn’t offer much in terms of value. Surround yourself with the right team, mentors and connections so you can build strategies to reach your “big thoughts”.
Build a public profile: Take a look at Apple. Apple’s a major brand, but a lot of that has to do with the personality of Steve Jobs. When you’re the leader of your company, other people want to know who you are. When people find your company’s site, they need to find you as well.
Work on your business: Most struggling entrepreneurs fail because they’re focused on the wrong things. We need to get work done inside your business, and it’s important to focus on details. Yet if you don’t focus on key activities that move your business forward, you’re doomed to stagnation. Get clarity on what core activities you need to be focused on as a leader and protect your boundaries around these actions.
Find and establish key relationships: You might have great ideas, and that’s essential, but nobody will care unless you know the right people.
Evaluate financing options for expansion: Getting from $50 million to $500 million requires some capital. Whether you want to expand your employee base, buy a new facility or develop a new product, taking a company to the next level involves capital. To get this, you’ll need a high-level finance person by your side.