So business is booming, sales are increasing week to week month to month, yet you are struggling to breathe… It seems there are never enough hours in the day to service the clients and customers that you have, particularly if you want to continue to do this at the high standard to which you pride your business.
Are you asking yourself, ‘Is it time to scale my business?’
Sure, it’s a big step when you do decide that it is time to scale your business. Being able to grow without restriction does require some groundwork to be done first, particularly to ensure that you are successful and that it remains sustainable. It will require planning, some funding, ensuring systems and processes are in place, more staff, and perhaps even technology will play a more prominent role in your new setup. Think of all of these aspects as investments in your business, and like any investment, you want to see a return. The whole idea is to grow in a cost-effective way, alleviating pressure, rather than creating it.
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Although you will want to plan for best case and high growth, we think it is important to take a measured approach. To make these changes and increases of capability at a conservative pace. Not only will this ensure that processes are streamlined and tasks are completed to a high standard, it also allows for some trial and error (or as we prefer to call it, opportunities to learn) before rolling out on a larger level, it also means that from a financial perspective a smaller amount can be used to initiate the growth systems that your business now requires.
It is all well and good to say that additional funds are required when you are planning to scale your business, but where is the money tree that will fund the said project? Well, if you have implemented Profit First into your business’s cash flow money management, you should have a growing pot set aside for you to invest back into your business for this purpose. If you haven’t implemented Profit First, then this should be your next step!
Australia relies heavily on micro and small businesses which represent over 97.3% of businesses in our country, more than half of these businesses have no employees, yet approximately a third of Australian businesses have 1-4 employees, the opportunity for growth and sustainable scaling does exist, and is a high priority for many small business owners who are unable to do ALL OF THE THINGS, ALL OF THE TIME in their business on their own.
With 60% of businesses in Australia failing to reach their 3rd birthday celebration, and of that 60% only half of them being profitable (according to Wiseman Accountant’s research) it is more important than ever to ensure that your business’s foundations are rock solid before any scaling can take place.
If scaling seems like the next logical step for you and your business, then you need to ensure that you have the right team and advice behind you. As experts in business fundamentals and growth, we pride ourselves on partnering with our clients to ensure that their business is operating efficiently and to their capabilities. Get in contact with us and let’s ensure that your business celebrates many birthdays!
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