Is It Time to Scale Your Small Business?

Scaling your business is about growing in a way that is sustainable and strategic. It creates a framework that makes your company more productive and able to handle a larger capacity of sales. Think it may be time to scale your small business? Consider the following checklist to help you find out:

• You Have the Right Team

Your business will never be scalable without the right team. Having a strong core group of people on board who work well together, are reliable, and are open to learning new things, is essential to scaling successfully.

• You Have to Turn Down Opportunities

If you can’t keep up with demand because of lack of time, inventory, or resources and you have to turn away customers, now may be the right time to scale. This also holds true if you have a backlog of orders to fulfill.

• You’re Exceeding Your Business Goals
  

Surpassing your business goals is a clear indicator that it’s time to reevaluate your goals and think bigger.

• You Have a Steady Stream of Sales

Are you generating a steady stream of sales? If you have a solid customer base, repeat customers, and your projected revenue is growing, your business is more probably ready to scale.

5 Key Steps to Scaling Your Small Business

If your business has checked off the boxes above, it’s a good indicator that you’re ready for growth. Here are 5 key steps to successfully scaling your small business:

• Secure Funding

In order to grow, you may need to hire more employees, purchase new equipment, or invest in new technology. Work on securing the funding you need now, so you can scale your business without financial worries.

• Research and Plan

Before scaling, you need to do a lot of strategic and systematic planning. Consider conducting a SWOT analysis to help you pinpoint your strengths, weaknesses, opportunities, and threats. This will help you determine how to use your strengths to maximize your opportunities to scale your business and how you can minimize your weaknesses and avoid potential threats in the future.

• Let Go and Say No

As a leader, it’s important to remember that just because you can do a lot of tasks yourself it doesn’t mean you should. If you truly want to scale, you need to give up the reins and allow others to handle those smaller, time-consuming tasks that you really don’t need to be doing. Instead, focus on the areas where you can better put your time and skills to good use.

• Automate Processes

Part of scaling is figuring out how to run your business more efficiently. Think about how to automate time-consuming manual processes in your business such as payroll or paying bills. Automating processes helps you optimize workflows, expedite tasks, increase revenue, and reduce costs. You’ll be able to handle more orders and sales in less time.

• Build a Strong Network

Forming strategic partnerships and having a strong network in place are important parts of scaling. From outsourcing to referrals, you’ll have many more opportunities when you cultivate a solid and diverse network.

Ready to Scale?

SBG Funding can help you seize opportunities and scale your business with access to financing that is not limited by the same time-consuming, stringent regulations as traditional banks. For more information about how we can help your business grow, click here or call us at (844) 284–2725.