Scaling a Business Effectively
How do some businesses make the jump into seven figures and beyond while others languish with stagnant growth? Why don’t the same strategies that help small businesses succeed translate to even larger successes as those same companies reach the seven-figure mark? The answer lies in the power of scaling.
One of the most famous examples of scaling a business to the next level is the story of Henry Ford. Ford revolutionized the automobile industry. By incorporating an assembly line into the mass production of cars, he slashed the time needed to produce a car from more than 12 hours to just 93 minutes, History.com explained. When you think of businesses that scale, it’s hard to find a better example than Ford.
As his production costs fell, Ford had the power to offer automobiles at a lower cost. More people could afford his products – and sales went through the roof. The rest is, as they say, history.
How Do I Scale My Business??
As a business owner, you offer a valuable product or service to your customers. However, in the lifetime of every growing business, there comes a point where you need to at least have the option to take more time for yourself without your business suffering.
By systematizing what you do, you can train a team of your trusted staff to deliver results., This strategy empowers your company to serve more customers, multiply revenue, and increase profits, while you step back and spend your time doing what only you can do. Scaling a business effectively means putting the processes and workflows in place that support greater stability and future success.
How to Scale Your Business
It’s not hard to scale a business once you learn the strategies and solutions to get you there. Scaling is about creating systems to streamline the workflow of your team. It’s about optimizing revenue streams to work smarter, not harder. Scaling your business creates cash flow and sustainable growth to carry your business to the next level of success.
How to Scale a Business Fast: Is my Company Ready? ?
Knowing when and how to scale a small business can be a challenge for many business owners, so how will you know when to act?
There are some telltale signs. You may notice that your business has stalled, and the strategies you used to grow you to this point are no longer working. Maybe you’ve hit a plateau in your revenue and can’t quite take it to the next level.
Perhaps you feel drained because you cannot take time away from your business without sacrificing revenue. If your business cannot efficiently function without your personal attention on a day to day basis, it’s time to scale.
If you want to expand your team with people just as passionate about your business’s mission as you are, reliable team members who will do things consistently and systematically to maintain a high level of quality and customer satisfaction, you’re ready to scale.
What are scaling strategies?
No two companies are exactly alike, which means there’s no single answer to the question of how to scale your business. However, there are a few general principles you can turn to as you start your planning.
Business support nonprofit SCORE highlighted a few key areas you’ll need to address and some important needs to consider. You can’t scale without the appropriate funding — think of the people, equipment and transformational processes needed. Technology will probably come into play, too. Automated systems, effective integration, and powerful new tools can drive positive change.
Finding the right scaling strategies, resources, and systems is vital for long-term success. Dedicated coaching from experts and specialists who know how to scale a business effectively can go a long way.
How to Scale Your Small Business: Where to Begin
Start working smarter, not harder! Download our 17 Ways to Scale Your Company Fast. This includes a free download as well as a video training with Allison Maslan.
Want more info about effectively scaling your business? Contact us today!
Allison Maslan, CEO of Pinnacle Global Network, is the Wall Street Journal Best Selling Author of Scale or Fail, which is endorsed by Daymond John and Barbara Corcoran of Shark Tank. Allison’s built 10 successful companies starting out at age 19.
Now she and her team of CEO Mentors pay it forward by helping business owners scale their companies, fast-track their success, and create a more meaningful life. Pinnacle Global Network, a world leader in scaling companies and empowering business leaders has guided thousands of CEO's and Founders to success over the past decade. Allison’s been featured in Inc., Success, Fortune, Fast Company, and Forbes Magazines, is a regular contributor to Entrepreneur Magazine, and a featured expert on ABC, CBS, NBC, CNN, and Fox across the US. She is also the host and producer of The Scale or Fail Show podcast, and the Women Who Own it Podcast in partnership with WBENC, the largest certifier of women-owned businesses in North America.
WHAT’S BLOCKING YOU FROM SCALING YOUR BUSINESS FROM 7 FIGURES TO 8 FIGURES AND BEYOND?
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