Did you know that there are over 30 million small businesses in the United States? Everyone that starts a business goes into business to make money and have a profit. If you recently made a decision to grow your business, we are going to share how to scale a business right here.
No matter what phase you are in your business, scaling a business will help you grow as long as you know what to do and what to expect. Keep reading to learn more about growing a business and having the ability to not only make a lot of sales but also deliver to all of your customers.
1. Evaluate Your Business
First, you will want to take a look at your business and see if you are indeed ready to grow it. This will allow you to strategize what you need to do in order to increase your sales. You will want to also plan for your sales to double and triple.
If and when your sales grow, do you have enough manpower to handle all of the extra orders? Evaluating your business also comes with planning.
If possible, create a spreadsheet where you have a sales growth forecast that includes how many new customers you anticipate along with how much revenue you want to have every month. Use those numbers to then create another spreadsheet where you forecast how much money you will need to fulfill those numbers. Using tools like an MRR calculator will make it easier to figure out your numbers.
2. Time to Lock in the Money
Once you have all of your numbers projected and your business evaluated, you can find the money you need in order to scale your business. Scaling any business is never a free endeavor. You will need to hire more staff, buy new technology, add equipment, etc.
You will need to find ways to get the money in order to invest in what you need. You can apply for a business loan, a personal loan, reach out to friends and family, or apply for small business grants.
3. Finding Staff
In order to grow, you will need more hands-on deck. If you are looking at fulfilling more orders, more people will be needed in order to fulfill these orders to avoid having unhappy customers waiting around for their items. Having a system in place for recruiting and hiring will make this process much easier and it will go quicker and smoother.
If you prefer to outsource you can look for reputable companies that have a good track record. It is best to find companies that have people that have been doing the work that you need to be done for years. Before committing to a company for outsourcing do your research and choose the company with the best reviews. GlobalPEO is one example of a reputable outsourcing platform you can commit to, having a Canada PEO and many other PEO across different countries.
Now You Know How to Scale a Business
Now that you have the steps above on how to scale a business you can start taking action right away. With growth, you will have to make some tough choices but with the information above we hope that you will have an easier time making those decisions.
Did you learn something new today? Please check back often to always stay in the know!