The world operates in different time zones. This means that the time we do our business also differs. While others are sleeping, some are al...
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The world operates in different time zones. This means that the time we do our business also differs.
While others are sleeping, some are also working and vice versa. And depending on the type of business you are operating. The rate at which it is growing, you cannot scale your business at the same time as your competitor.By @Comic24Derick
When you decide to scale, the timing is crucial, it is not a competition. However, when to scale, depends on various factors affecting your business.
“When is the right time to scale your business?” asked the award-winning platform, Ring Central.
While they admit that you need to scale, they however did not offer a specific date and exact period to do it, meaning that it varies with the business you are running.
Ring Central adds: “Timing is crucial when it comes to scaling your business. But how do you know when it’s the right time? Timing is crucial when it comes to scaling your business. But how do you know when it’s the right time?”
For some companies, the process might take a few months, and they are ready to scale. While, for some, it might take longer, even a year.
Ring Central adds: “Timing is crucial when it comes to scaling your business. But how do you know when it’s the right time? Timing is crucial when it comes to scaling your business. But how do you know when it’s the right time?”
For some companies, the process might take a few months, and they are ready to scale. While, for some, it might take longer, even a year.
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| “When is the right time to scale your business?” |
The crucial point is that not all businesses grow at the same, so the time to scale will also vary with the systems that you have put in place.
“There is no universal timeframe for starting to scale. One company might be ready for growth after only a few months in business while another might not take its first step until it’s passed year one,” stated Grace Lau, in her contribution for Ring Central.
Still on the issue of time, urges entrepreneurs to be creative and think out of the box. “Ready to scale your business? Don’t be afraid of scaling your business,” urges Grace Lau.
According to Lau’s reasoning, some businesses fail to scale because of the fear to grow. why? Probably, because growth demands more responsibility and resources.
“When you start preparing early on and you lay the right foundation, taking the appropriate steps to scale won’t seem quite as overwhelming. Start with the basics—figure out what you need to do to scale before your growth gets out of your control. Then, just take it one step at a time,” the article continued.
Rome was not built in a day. Every success story starts from the bottom. Don’t be under pressure to do what you feel you are not ready to do. Access every move and its possible implications to the business as a whole. Scaling a business is a process, not a once-off event that can be accomplished overnight.
Feras Cherad, a spending consultant at Spendesk, who helps business spend smarter addressed the question of revenue growth, in his article titled: growth vs scaling: What’s the difference and why does it matter?
“Because of the costs associated with growth, modern founders have become obsessed with the idea of scaling. The key difference with growth is that scale is achieved by increasing revenue without incurring significant costs. While adding customers and revenue exponentially, costs should only increase incrementally, if at all,” Cherad argued.
If the scaling process increases costs, then it is not working. Expenditure should increase as the customer base also grows.
Another area that is often explored during scaling is joint ventures. Allen Brouwer and Cathryn Lavery support the idea, saying, “Working with someone else (who already serves your ideal client) is a quick and effective way to build your audience and create a greater pool of potential customers.”
Their piece for the Entrepreneur magazine continued, with advice on how to raise funds for the business. “Financing your invoices is a flexible way to generate cash now.
It can be useful if you want to boost cash flow immediately so you have the money you need to get your scale strategy moving. Interest rates are relatively low right now, which means you could secure the cash you need without sacrificing any equity.”
Without customers, scaling a business will lose its purpose. Tony Robbins asks: “What is scaling in business able to accomplish if it doesn’t also produce loyal customers?”
“Not much,” he answered. “Creating raving fans of your product is critical for your business to thrive amid the ebb and flow of ever-changing consumer preferences.
When you’re scaling a business, you’re in an incubation period where there’s room to test approaches to building and maintaining client relationships.
The strategies that you have worked on must be implemented to see if they work or not. The change from a startup to a scaleup is a time for trial and error, where a business can experiment and put its ideas into practice and see what brings positive results for the business.
The strategies that you have worked on must be implemented to see if they work or not. The change from a startup to a scaleup is a time for trial and error, where a business can experiment and put its ideas into practice and see what brings positive results for the business.
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