How do you determine when it’s time to scale your business? The answer will differ from business to business (i.e., if you’re super specialized vs. mass production), but here are some important decision criteria to consider along with actions to take when you’re ready to go.
Are You Ready to Scale Your Business?
Business growth looks different for everyone, and the decision on when and how to scale is important to consider. Examine each following criterion as they relate to your business to help determine what’s right for you.
Simply Hudson Wants to Help
If you’re ready – or need – to scale, it’s time to take action, and Simply Hudson wants to help create your action plan. Strategic planning is one of our specialties: we’ll help you develop your vision and plan to scale. We’ll start with a free consultation and go from there.
In preparation for our appointment, get a jump start on these actions and we’ll help you get things organized!
Actions to Scale Your Business
1. Go for the gold
Transition your mode of thinking from one of scarcity to that of abundance. How far do you want your business to go? Without risk or restriction, where could it go beyond your initial vision? Reach for the stars, the world is your oyster, the sky is the limit…take your pick of metaphors on striving for the best to imagine the possibilities. Over time, you’ll narrow that down to develop your vision, strategy, and game plan.
3. Establish, expand, and/or improve your online presence and networks, if appropriate
There are slew of benefits for having a well-developed website and consistent social media presence. However, it can be time consuming and extra effort. We suggest evaluating if you have the time and dedication or taking a look at the ROI if you hire out this task.
Time to edit (or maybe even create) your first strategic plan to accommodate your future-state business. We know it sounds formal and corporate, but a strong plan is your roadmap for success. You’ve already done a lot of the work to get here, so now it’s time to focus on pulling it all together. Perhaps that’s outsourcing to a strategic business coach (like us!) or tackling this yourself.
5. Get the funds
Scaling isn’t free, so you’ll need to consider your funding options. Do you have the funds to reinvest? Does it make sense to bring on a partner who can help with funding and a particular area(s) of expertise? Is a loan or other funding source, such as venture capital, more aligned to your needs? Get the financial advice you need to make an informed decision on the best course of action for your future success.
You know where you are and where you want to be. You’ve got a solid client base and money to invest in your business. Now it’s time to take the leap and put it all into action. Set SMART goals and check your progress regularly. Stay accountable to your targets and readjust when needed.
Any ongoing business should continuously evaluate business performance, staff performance, process performance, etc. A continual re-evaluation will keep you a step ahead of any challenges and identify the shifts you need to stay aligned to your vision. We’ve got a great article on how to evaluate your team’s strengths.
What’s Your Status on Scaling?
Are you ready to scale your business and take action? We’ve just touched the surface but have offered you a great launch point. If you want to learn more, reach out for your free consultation to see if Simply Hudson is the right partner to help you scale.
We’d Love to Work With You
Struggling in your work environment? Need to streamline your processes? Is your work-life balance unbalanced?
We’d love to help you overcome any work challenge you’re facing! Contact us to set up a free consultation to discuss how we can help.