So you're thinking about SCALING YOUR BUSINESS?
Are you ready to scale? Are your foundations right? Your growth may come quickly and so you need to make sure you’re ready before you start.
What’s right for you and your business? Growth isn’t for everyone and every business – make the right decisions for you.
Scaling can be dangerous if it happens too fast - growing in size and revenue before the business is ready, over investing in resources and not creating solid foundations as required to support the growth can create disastrous outcomes.
If you decide that scaling is the right move for you, create the right mindset, make sure your team is ready, determine what your core competencies are (what makes your business successful?), collaborate with the right advisors, employees and mentors and ensure that your foundations are correct.
Is your existing legal structure adequate, appropriate and robust enough to support your anticipated growth? If and when you get financial injections (be that via third-party investments or otherwise), you will need to consider the deal structures and payment requirements.
The key takeaway: get the basics right before scaling. The basics can be tedious and no where near as sexy as launching a new brand, new product line or service offering, but scaling before getting the basics right could be a major flop, produce mediocre growth or set you up to fail.