Scaling up your business: what

Scaling up your business: what you should know

Increasing the scale of a business is easier said than done.

Scaling up your business: what

If your business objective is to scale up then you need to consider the following:

People make a firm – hiring the right people is critical. Therefore invest time and money into the hiring process in order to find the best people to take the company to the next level. Screen candidates not only for their skills and knowledge but for their personality and how well they fit the missions, value and culture of your firm.

Communications – you and your management should communicate openly, recognise and reward their achievements. Provide tools and training needed in order to succeed.

A simple strategy – in the words of Albert Einstein, “Everything should be made as simple as possible – but not simpler.” Businesses need a strategy to succeed, but it shouldn’t be complicated. The very best strategic plans are 1 page of A4. Include strengths, weaknesses, opportunities and threats, the company’s core mission and values.

Goals – have high-level goals for each quarter and year and communicate these effectively so everyone understands what the objectives are and what they need to do to achieve the overall growth of the business.

Manage risk – like anything in life, your business will encounter unexpected storms from time to time. As such, the management team should manage risk successfully to ensure the growth strategy isn’t derailed.

Manage cash flow – cash flow is very important when trying to scale up your business. Unnecessary outlay should be avoided. Focus on building up cash reserves which can be used from time to time to assist the business in achieving its growth.

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