Fast growth is the goal of any new business entrepreneur, but there is a big difference between “growth for the sake of growth” and orderly, managed growth that helps to scale your business.
One common mistake that many entrepreneurs make is jumping at every possible business opportunity. They immediately say “yes” to every new deal, every new partnership and every new transaction. But what happens? They soon find themselves overworked, overstretched, and overextended. All of a sudden, they find themselves being pulled in several different directions at once.
Before saying “yes” to any new opportunity, then, ask yourself a simple question: “Does this opportunity really align with what I am trying to accomplish?”
If you are looking to scale your business successfully, you will need to keep a few other things in mind. For example, do you have the financial and personnel resources to grow at the current time? That’s why many companies launch with just one product, or a very limited number of products. That helps them keep focused on delivering a superior product. Then, once they’ve established the template for success, they can scale into new products and new product lines.
Another tactic used by companies to scale successfully involves developing a business plan that clearly outlines projections, assumptions and goals for the next 12 months. The most important aspect of a business plan is being able to transform fuzzy, big picture thinking (usually included in your mission statement) into realistic numbers. A business plan is a living, breathing document that will evolve as your company evolves.
Scaling a business successfully requires a bit of foresight and thinking in advance. Otherwise, you will find yourself confused, anxious and uncertain of how to proceed next. The starting point is realizing that there is a big difference between “growing a business” and “scaling a business.”