Starting a small business and making it through the first few years is an exciting, yet challenging time.
When you make it to the point where you’re ready to grow, take a moment to congratulate yourself and recognize your achievement. It takes time, resources, and hard work to get to the point where you’re ready to scale. Transitioning from initial startup to the business growth phase takes planning. This article will help you do it.
Entrepreneur Help for Business Scaling
Here’s the biggest lesson for every entrepreneur to remember: every corporation was founded from a startup. At some point in any organization’s history, the founder took a leap of faith necessary to launch and grow the business. Although how they got to their ultimate goal may be different, each business followed a similar path to success.
Here are five areas that will help you prepare for scaling your business:
- Plan out the roadmap for your growth. While you may have a growth goal when starting a small business, is it really the right time to star scaling? First, look at your projected sales growth to determine how the bottom-line reality of closed deals or sold products will support your desire to scale. Break down the numbers and set sales goals but be sure to consider the realities of the market before moving forward.
- Take a look at your current workflows. Consider how they will need to change to handle the increased pressures of growth. Are your processes simple enough to scale upward? Behind-the-scenes complexities can thwart growth by creating hurdles in response to market shifts or competitor encroachment. Before considering growth, determine if your current processes are capable of handling it.
- Focus on your existing customers more, not less. Don’t make the mistake of concentrating so much on your growth dreams that you end up frustrating your current clients. Scaling up should be, first, about keeping your current customers satisfied, and second, about bringing in a wealth of additional clients. Determine how many of these clients can turn into a recurring revenue stream to protect your cash flows while you scale.
- Also, focus on your employees. You can’t grow without the support of your internal team. The reality is that growth puts added pressure on these trusted professionals to do more, work harder, and add value. If you’re considering external growth, make sure you’re paying attention to the important people inside your business first. Don’t let your financial goals create pressure that threatens your valuable employees.
- Consider the financial stream. How much money will you need to add equipment or facilities, hire more staff, or purchase more raw products? And where will the financial support come from? While there are many traditional resources, Benetrends Financial can help you with small business funding, including 401(k) rollover funding, known as a ROBS, or Rollover as Business Startups, strategy.
When you’re starting a small business, the dream is that it will thrive and grow. With careful planning and the right resources, scaling the business can be a smooth process. Benetrends Financial will help you realize your dreams of entrepreneurship. To learn more, download Innovative Funding Strategies For Entrepreneurs.