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Thursday, 3 October 2019

Ready to Scale Your Business


Get These 3 Things Right  

Entrepreneurship is not for the meek, and this next step of scaling your business takes equal courage. You have a sound business; it’s making a profit, it’s supporting numerous employees, and is making its way into the public sphere. You don’t want to ruin a good thing. Keep these three things in mind when designing your 10x.


Data 

You probably have data stored on multiple platforms like SalesForce and Excel, for example. These are all trusted software, but when expanding, you’ll want to see your data in one place. Data warehousing allows you or your business manager to upload data from multiple sources so you can see them all together. Having combined data will enable you to get an accurate picture and make better decisions to grow your business.


Purpose, Systems, and People  

When scaling your business, don’t make the mistake of watering it down. Many business owners who want to scale up think they need to expand their services or product line. It’s best to know what sets you apart and stay focused on that until the next stage of development. Have systems in place that your management and employees can follow. You want to have a stable company, so the people working for you aren’t working in an unpredictable environment with unpredictable pay. Promote managers and hire consultants that can think as big as you can and are willing to follow through. Continue to network and grow your connections. Who you know and who you surround yourself with can make or break your business.


Financing  

A full scale is going to need funding to succeed. If you’re like most entrepreneurs, you may have secured small amounts of money through family, angel investors, or banks. To take it to your business to the next level, let your next hire be an experienced financial advisor. Having someone you can consult about funding and where best to put your money will be the most noticeably useful addition to your business. He or she can advise you about expansion in a practical, unemotional way that is still 100% intent on growth.


You’ve already done the hard work with a start-up. Taking your business to the next level is an exciting and rewarding process. Continue to use new data and keep it organized, stay focused on your strengths and network, ensure your finances are being put to their best use, and don’t forget to think big.

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