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Your business’s journey should be one of continuing growth and climbing ever higher. That’s not to say that the climb is always going to be smooth. There are going to be pauses and moments you have to redirect your path before continuing.
What you shouldn’t allow, however, are slips that can you drag you down, even right back to square one. While scaling the business, here are four slipups you need to avoid.
The money side of things
Many small business owners are driven by their feelings when they have an opportunity to grow their business. This belief leads them to pursue an expansion without being prepared for the amount of overhead they will need.
Scaling very rarely comes for free. You might need a new commercial property, new team members, or just new equipment. If you can’t sustain growth on your own profit alone, you have to look at new ways to acquire funding.
Taking on a business loan, finding an angel investor, and maybe even crowdfunding can help ensure you have the funds you need. Just make sure you ask for the funding you need based on a carefully put-together budget.
Getting too loose with estimations can end up with you having not enough or asking for too much and having more trouble paying it back.
The connectivity of it all
As your team grows, communication and resource sharing can become more difficult. In a larger office with a large team, you might need to expand your tech to incorporate a more connected internal network.
For that, you could need an IT consulting and strategy team. This can help set up the network, manage it, eliminate sources of downtime, and come with disaster recovery plans.
In time, you should aim to have an in-house IT support team, but outsourcing can give you immediate access to a professional level team and the chance to learn from some of the best.
The marketing push
The funding acquired in the first point might be enough to fund your scaling efforts, but not to continue it. You have to ensure you have the customer base to keep finances healthy enough to sustain the new resources and costs.
That often means that new marketing, outreach, and sales pushes have to be a core of your scaling efforts. You have to boost your traffic, improve word-of-mouth, find new advertising opportunities and take every marketing resource you can to use to your advantage.
Abdication of the throne
You might have started the business with your feet planted firmly on the ground, very much working alongside what few employees you had. As the business grows, your responsibility grows, too.
At some point, you will no longer be able to work in the front lines. You have to be ready to work on the business, not in it. Sometimes this means giving up responsibilities you truly loved.
No matter what, it means learning how to find manager material, whether internally or externally, and figuring how to delegate.
Before you begin scaling your business in earnest, make sure you identify your needs, what can get in the way of them, any weaknesses or interruptions you might suffer in the meantime.
Scaling your business to new heights can be a stressful time and being caught unaware can make it even harder.