Now that you have established your business, the question is: Are you ready to scale it to greater heights?
Scaling a business is like setting out on an epic journey – one where responsibilities and risks grow, financial commitments expand, and the potential rewards are boundless.
Yet, this decision shouldn’t be taken lightly. Before you decide to scale, you must have unwavering clarity about your objectives. Is it about amplifying responsibilities for greater profits? Is it to prepare for an eventual sale, affording you the chance to step back and embrace a different lifestyle?
When you’re on the brink of scaling, take a moment to ponder the rewards and reasons. But remember, before you set out on this journey, you must master your current business – because sometimes, what you have may already be enough
Flashback to the EFF kitchen, where we were pumping out 10,000 meals a week across Sydney and Melbourne. One of my biggest lessons was ‘Nail It Before You Scale It.’ If you think you have problems when you are small, they only magnify as you grow.
Here are my top lessons on scaling:
1 – Make sure you have a solid plan, and your financial projections are spot on. As you grow, where will you get further investment from to be able to scale your business?
2 – Who is your dream team? When you are working on the business, who is working in it to take the pressure off the everyday tasks of running the day to day operations?
3 – And as for your product, ensure the quality remains impeccable, and have an incredible personal customer service team to keep those loyal customers happy.
It’s a cliché to say that founders flounder, but unfortunately, that’s usually the case. Wild exceptions like Bill Gates, Steve Jobs, and Michael Dell aside, executives who start a business or project fizzle more often than not once they’ve gotten their venture on its feet.
Scaling a business can indeed be exhilarating, part of the thrilling entrepreneurial roller coaster we ride. However, finding equal reward in a well-run, profitable business that aligns with your desired lifestyle is just as fulfilling. In the pursuit of success and happiness, consider that the journey is as vital as the destination. Strive to define your unique version of success and work steadfastly towards it. And if you find scaling isn’t a solo venture, contemplate the value of a partner to navigate the path to success together.
Remember, scaling isn’t just about growth – it’s about adapting to the changing needs of your business.
As Zig Ziglar said, ‘You don’t build a business; you build people, then people build the business.”
