How to Scale Your Small Business
Most small business owners will come to a point in their business where it’s working like a well-oiled machine, revenues are good, and things are feeling consistent and steady.
They decide it seems like the right time to try scaling their business and creating profitable growth. But, often these kinds of smaller teams don’t have the resources available to hire a full-time CFO to help manage and oversee the scaling process, so they’re left a bit in the dark around how to move forward. We know that this step in the process can sometimes be a daunting one.
Depending on your line of business, you might be looking to open a new location or you might need to purchase some expensive new machinery. Maybe you’re just looking to increase sales volume and need to add additional headcount. Whatever the case, there are many different factors to consider when looking to scale your business. We’ve done this kind of work with many clients before and have put together our best tips and advice for how to start thinking about your business’s growth.
Often when we start to work with a new client, our first step is to help them uncover any existing resources that might be holding them back or working to their advantage. That could be excess money sitting in a bank account that isn’t actively working for the business or perhaps under-utilized resources that could be doing so much more. We also take a look at your debt-to-equity ratio to make sure that any borrowing needs are being kept in check.
Then, we’ll start to look at the various ways you might consider scaling your business. We’ve identified 4 main ways to scale your business in which we identify where it makes the most sense to focus your time and efforts.
If the business you own is a family-run operation, we’re also happy to work with you through any family business transitions. We know that this can be a delicate and sometimes complicated process, one we’ve gone through with many clients before, but it’s absolutely possible to grow and scale as one generation takes over from the previous. We’re here to make that transition as smooth and seamless as possible. Ready to learn how we can help you grow and scale your business profitably? Request a consultation now to get started.