How to Scale a Business in 3 Steps
Scaling a business is no easy feat, and requires your business to be operating successfully before you begin. Many entrepreneurs make the mistake of scaling too early which can lead to a fast crash and burn. Instead, we recommend you wait until your business has established processes and loyal customers, and then start to work on your plan to grow.
Of course, there are more than 3 steps required to scale a business. However, by following the 3 steps outlined in this article you can facilitate a smooth(ish!) business growth journey.
1. Think big, plan big.
Thinking big does not mean daydreaming, rather setting challenging but achievable goals. If you are currently running a business with turnover of $500k, what is stopping you from scaling to $5M?
A clear, actionable plan with goals and timelines is the first step in scaling your business. Work out where you are now and where you want to be, then write down each of the steps you need to take to get there. If you need to increase sales by 50%, how exactly will you do that? Who will you target? And which staff and mentors can help you achieve your goal? Educate yourself and research what is bringing others success, then you simply need to replicate their methods.
2. Build a public profile
It’s no longer possible to run your business from behind a computer screen. These days, Founders and CEOs need to create a public profile to match the growth that they desire for their business. With the rise of social media it is now easier than ever to get your name in the lights through platforms such as YouTube, Instagram or LinkedIn, and this opportunity should be used to connect with your ideal customers and investors.
With a popular public profile, you have the opportunity to create a community around your product or business. We no longer live in a B2B and B2C world – nowadays it’s all about people to people, and a people-first business strategy starts with your public profile.
3. Evaluate finance options for expansion
There are very few big businesses that are self-funded. Whether you sell products, services or are in the tech industry, there will come a time when you can’t expand quickly without outside funding. At Lendfin, we work with small to large businesses to help them obtain the best finance strategy for their situation. With our links to over 20 lenders, we can choose from a suite of products to find the perfect finance solution that will allow your business to grow in line with your income and tolerance to risk.
For example, a bakery looking to expand may benefit from an asset finance agreement to fund the purchase of new industrial equipment, whereas a fashion importer may require cash flow funding in order to secure stock from overseas until it can be sold.
If you are looking scale your business, contact Lendfin today to discuss a finance strategy that will help you grow.