Scaling Up Your Business? Here's What You Need to Know
Graham Mitchell, CEO of GROW Business Coaching was at the Business Day SME Summit in March 2018, where he explained exactly what’s required for a business to scale up:
- In order to take a business to levels that have never before been achieved, the founder/entrepreneur of the business must always be willing to learn.
- For businesses that are scaling up, the founder needs to be able to recognise their strengths and weaknesses. The strengths that allow you to build a successful business are different to those required to scale up the business to even greater levels.
- The founder needs to have the vision to scale the business, together with a strong purpose that explains why the business exists, and why they want to scale up.
- It’s crucial for the business that are scaling up to get the right people on the team – always be looking for talent.
- To scale up a business, the right strategy is crucial:
6. If you’re going to scale up, you need a strong sales and marketing system to support that growth that generates qualified leads and a sales capacity to close those leads.
7. Fast-growing businesses take up a lot of cash and require a deeper level of financial analysis, so founders need to invest significantly in these areas.
Ready to scale up your business?Attend one of our FREE Business Growth Seminars, where we’ll go a lot deeper into:
- How to improve cash flow;
- How to differentiate your business from the competition;
- How to turn your marketing into an investment rather than an expense;
- How to leverage your time to maximise efficiency and profits;
- How to recruit the right employees and build them into a strong and effective team