Scaling your small business is an exciting opportunity to grow your revenue. But before you jump in, follow these tips to help you stay on track without burning out.
Create a Destination
Before you start scaling your business, whether through new products or new markets, make sure you know your final destination. Every step taken should be linked to that final goal, otherwise, it’s easy to get sidetracked. Scope creep can kill your momentum, so it’s important to stay focused and make sure every action gets you one step closer to your endgame.
Get Your Financing Straight
Don’t just think about your company’s short-term needs when scaling, think about the long-term as well. Much of this depends on where your business is today. Do you have the cash to purchase new equipment you may need? If not, consider equipment leasing in order to reach your goals. If you’re considering raising funds from outside investors, make sure the equity you lose is worth it in the long run. Get creative to find the working capital you need in a way that works for your company today and tomorrow.
Find a Mentor
Even the most seasoned business leaders always have room to learn more. But, if you’re new to the business world, you could greatly benefit from a mentor who has successfully scaled an existing business. While everyone you meet may want to offer advice, filter those suggestions and only implement tips from someone who actually has the experience. Ultimately, you’re the boss, so be sure to take any advice with a grain of salt.
Let Your Employees Lead
If your business already has staff in place, let your employees become leaders while scaling. They’re the ones involved in your company’s day to day operations, so they have a keen understanding of what works and what doesn’t, and how new markets may differ from existing ones. If you’re going to scale your business, it’s important to start trusting your top employees.
Stay Involved In The Process
That being said, don’t get so comfortable with your staff that you’re not involved in the process. Delegate tasks and responsibilities, but make sure you’re aware of everything that’s going on. Start scheduling check-in meetings, both one-on-one and with the entire team to make sure everyone is on the same page and communicating as effectively as possible.