8 Keys to Upscaling Your Business
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Loading... - Aatiya Lim
- 31 Mar 2023
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Risky decisions come with the territory of running and growing your business, but you can minimize the risks with a sustainable business growth strategy.
As a business owner, you must be prepared to explore unconventional and innovative options to remain competitive. You have to be willing to pivot from the security of structured forecasts and plans to experience business growth. Of course, scaling your operations inherently carries risk. But the right strategy can help you avoid common mistakes so you successfully upscale your company and set it up for a sustainable future.
Tips for scaling your business
Small business owners often have to deal with naysayers telling them to be content with what they have. Friends and family will warn against investing in new opportunities because of the risks. Although this principle of contentment works for most of us in our personal lives, it can be crippling to emerging businesses and the entrepreneurial mindset. In fact, businesses that don’t grow may instead wither on the vine and die.
Here are some tips to make the most out of efforts to scale your company, given all the potential risks involved.
1. Have a plan in place.
When leaving your safety net, planning isn’t the enemy. On the contrary, it’s essential. In fact, even pivoting from plans successfully requires new or alternate plans. That holds true for the strategic scaling of businesses. Having a plan of action will make it easier to maintain your quality performance and implement new operations as you scale up while minimizing your vulnerability to risks and losses. A good starting point is to identify all barriers that could hinder your growth so you can plan how to avoid or overcome them. Read More…
