ReportWire

Tag: Scaling

  • Why Mastering Alignment in Marketing Is The Key to Scaling Smarter

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    This article was written by Jim Mitte, an Entrepreneurs’ Organization member in Detroit. Mitte is also the founder and CEO of Turtlehut, which provides internet marketing solutions that focus on empowering multiple location services businesses and franchise groups with growth, scalability, and consistency. Mitte shared why marketing infrastructure is the key to alignment and optimizing performance.

    Every private equity (PE) investment is made on the premise of future returns. In many cases, those investments pay off in spades. However, what if weaknesses in your marketing structures are quietly cutting into your future gains? Even when returns are good, could they be better?  

    Whether you’re a founder seeking investment before exiting or a PE firm looking to maximize profit, assessing the efficiency of your systems or those of your acquisition targets is critical to optimizing performance.  

    When done well, PE-funded service brand portfolios supercharge gains by injecting capital for expansion, while combining it with increased operational efficiencies that yield outsized growth. The model works well when organization-wide systems are in place to bring expertise and scale to enterprises that don’t have the means to achieve those gains on their own. With sellers looking to maximize their valuations and PE groups amping up for major returns, there is a lot at stake in those systems.  

    When not everything goes as planned: The breakdown in leads and scalability  

    One of the greatest challenges in scaling any multi-brand enterprise is dealing with the inefficiencies and disorder that creep in as staff and operations grow. A major culprit is the patchwork of marketing systems inherited from independent brands. Disparate tech stacks, disconnected data, and inconsistent brand execution make it nearly impossible to measure performance or replicate success.  

    The result? Lost gains, opaque data, slower scaling, and a decline in brand momentum once local owners step away. The good news is that these issues aren’t inevitable. They’re structural and fixable.  

    Here’s how private equity leaders can create a marketing infrastructure that scales as intelligently as their capital.  

    Go inside one interesting founder-led company each day to find out how its strategy works, and what risk factors it faces. Sign up for 1 Smart Business Story from Inc. on Beehiiv.

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    Entrepreneurs’ Organization

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  • Why Growth Turns HR Into a Founder Problem

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    The first thing growth takes from founders is not money. It is attention. At some point, usually earlier than expected, entrepreneurs realize they are spending more time clarifying pay, contracts, roles, and responsibilities than thinking about customers, strategy, or growth. None of these interruptions feel serious on their own. Together, they quietly slow the business down. 

    Most founders misread this moment. They assume it is a temporary mess. A side effect of hiring fast. Something that will settle once the next milestone is reached. If this feels familiar, it is because almost every growing company passes through this phase and most do not notice it until it has already changed how the business feels to run. It rarely does settle. 

    When informality stops working 

    What is actually happening is structural. Informal people systems that worked when the company was small are starting to collapse under complexity. HR has stopped being background admin and started becoming growth infrastructure. 

    Elite organizations encounter this moment early because the consequences of getting it wrong are immediate. When Arsenal Football Club, one of the world’s most recognizable soccer organizations, announced a partnership naming Deel as its official HR platform partner this week, the decision was not about branding or sponsorship. It was about control. Operating at speed, across borders, and under scrutiny requires systems that remove ambiguity before it spreads. 

    With the men’s World Cup coming to North America next year, global soccer is drawing increased attention from U.S. investors and executives. However, the relevance of this example has little to do with sport. It has to do with pressure. Organizations that operate under it cannot afford people chaos. 

    Fast-growing small and medium-sized enterprises face the same inflection point. They just experience it later and with less warning. Early on, founders are the system. They know who is paid what, who is contracted how, and which exceptions exist. Decisions are informal. Questions are answered quickly. The business moves fast because the founder holds everything together. 

    Growth changes that. Distance appears. Employment types multiply. Regulations vary. A contractor becomes an employee. Someone works from another state or country. Payroll slips once. A question arrives that no one can answer with confidence. 

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    Benjamin Laker

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  • Are You Part of Your Customer Demographic?

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    In marketing, understanding your company’s target customer demographic is crucial to success. Yes, it’s important to know your demographic data: age, sex, education level, income, family status, and location. But what is the best way to understand your customers’ psychology?

    How about being one of them?

    This is arguably the biggest advantage you could ever have.

    I spent the last 7 years as the cofounder of Fontana Candle Co. with my husband. We started the company in our home as a hobby and turned it into an Inc. 5000 business. In my role as chief marketing officer, I use my time to craft the strategy for our product development, content creation, collaborations, email marketing, and influencer outreach. Our marketing department is one of our superpowers, catapulting us into extreme growth.

    The secret sauce

    What secret sauce has propelled our brand to grow rapidly when others in the same industry stay stagnant?

    We know our niche intimately. We understand what our customers want, because we are very much part of our customer demographic, wanting the exact things they do.

    Being part of your customer demographic gives you two distinct advantages:

    1. A true understanding of your customer
    2. An authentic connection with your customer

    These two advantages, in turn, create customer trust, true brand loyalty, and strong brand advocates.

    Authentic marketing

    As a candle company in the wellness niche, our priority is safe and transparent ingredients, leading to healthier indoor air quality. The vast majority of our customers are educated millennial women seeking the best choices for their family. They read ingredient labels, scan barcode labels in the grocery store, swap out synthetically-fragranced personal care products, and use air purifiers throughout their homes.

    We bring our customers into our home and office through our social media; they see us making choices aligned with their ethos. The products in our home are the products in their homes. We show changing out the filters in our air purifiers, the best new organic coffee we found, and our rebounder and sauna for detox. My husband wears his Oura ring, and we record content while doing our walks with weighted vests.

    We come off as authentic, because what we do is authentic. We understand what words to use when talking to our customers, and it doesn’t sound forced or fake. It is a true connection because it isn’t forced or fake. Our daily lives mirror our customers’ daily lives.

    Is it scalable?

    I continually ask myself if this authentic, personable framework is scalable as we handle fewer of the daily tasks ourselves. We are in the health and wellness niche, but it is impossible for every team member to be passionate about wellness, because at our core, we are a manufacturer.

    We need to have employees skilled in important business functions: project development, manufacturing, fulfillment, email marketing, customer service, etc. Finding employees who are skilled at these functions, as well as passionate about nontoxic living, is like finding a needle in a haystack.

    Culture training and embodying our company values in everything we do is paramount as we continue to grow our team. We hope to foster a curiosity about wellness by offering wellness credits, access to sound bath meditations, and sauna sessions. Healthy food options are available at every function.

    Our wellness culture is never forced on any employee. It is available for those who want it, but not everyone on the team will. That is okay.

    However, the team members who set company strategy, develop products, and directly interact with our customers are the ones who have to embody our mission and understand of our customer demographic. This core group is where I focus my effort to ensure there is a true embodiment of our customers’ values.

    I have watched as other wellness brands massively scaled, and seemed to lose who they were. Recently, a probiotic soda brand launched collaborations with large brands with no ingredient ethos. The collaborations were fun and had the “virality factor.” However, when you delve deeper into the social media posts, you see comments from customers who wonder if the brand still cares about their “better for you” mission. The trust has been broken from one mismatched collaboration.

    As a CMO, this is one of my biggest nightmares.

    Maintain the mission

    What can I do to ensure that our authentic customer connections and mission remain as we continue growing beyond what I can manage on my own?

    In the last year, we created a Brand Marketing Manifesto that distills all our current team members’ innate knowledge about our brand and how it should interact with the world. We wanted a document to hand to all new customer-impacting employees on their first day, that was essentially like they are sitting next to me and can pick my brain, like our current employees have learned about our company.

    This document includes our mission, brand voice parameters, our brand story, and claims we are comfortable making. It has in-depth demographic information and customer personas to help our employees learn more about their lives and pain points, and where we fit into the picture.

    And finally, this document contains our partnership guidelines, so we have no collaboration mis-matches that would cause our customers to lose trust in our ingredient standards.

    When you are a small company, it is a superpower to be part of your customer demographic. It allows you to innately foster a connection that creates an unbreakable trust. Not everyone in your organization will be passionate about your niche, which is fine, as long as they understand your business’s mission and respect it. As you scale, it is important to find ways to share the knowledge of your niche to all of your customer-impacting employees and agencies. For us, our Brand Marketing Manifesto has been our answer to this scaling question.

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    Katie Roering

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  • How Diwali Is Driving Revenue and Traffic Across Industries

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    Diwali, the festival of lights, has long been a time of celebration, family gatherings, and gift-giving. In recent years, however, it has also emerged as a powerful catalyst for brand growth. This is especially true for businesses that understand and leverage the cultural significance of the occasion. Beyond mere transactional opportunities, brands that embed purpose and experience into their Diwali campaigns are discovering a path to sustainable scaling and deeper consumer connection. 

    Diwali: A multibillion-dollar opportunity  

    The economic impact of Diwali is undeniable. Consumers open their wallets for everything from traditional sweets and clothing to electronics and home décor. From Costco to Target to Home Goods, customers flock to stores looking for unique gifts and offerings. They want to feel connected to the festival. However, they want to find that connection where they have already shopped or where they can rely on markers such as quality and delivery time.  

    Beyond the sheer volume of sales, Diwali offers a unique platform for brands to build awareness and foster loyalty. Campaigns that resonate with the spirit of the festival—joy, togetherness, and new beginnings—often create lasting positive associations with consumers. 

    Purpose-drive brands shine brighter 

    While capitalizing on the festive spending spree is important, the true differentiator for brands looking to scale lies in integrating purpose into their Diwali strategies. Consumers, especially younger generations, are increasingly seeking brands that align with their values and demonstrate a commitment to social responsibility. Diwali provides a natural and authentic opportunity for brands to showcase this commitment. 

    Akruti Babaria, from Kulture Khazana, a brand deeply rooted in cultural celebration with a playful spin, offers insight into her brand ethos based on purpose and passion.  

    “I had always been obsessed with Rangoli because that’s my most favorite memory of Diwali, but the weather here did not support making them. So, I thought, OK, what if I take a giant Rangoli pattern, which is vibrant and beautiful, and turn it into a puzzle?” Babaria explained.  

    Babaria took that puzzle concept, bringing a non-messy Rangoli into U.S. homes, and built a brand based on it. Call it nostalgia or applicability to their lives, but consumers have taken notice. In our interview, she shared about her entrance into the world of entrepreneurship and the ups and downs she experienced. She also talked about her scaling success, which led her to more than 280 Target stores in 2025.  

    Babaria dove into operational planning, customer personas, and journey management to bring only the best customer experiences. She also shared how she engages with the community, celebrating and sharing her work with schools, and events such as a Diwali event at the Smithsonian Museum. 

    Brands that, like Kulture Khazana, go beyond purely commercial objectives and actively contribute to the community or promote cultural understanding during Diwali often stand out. This could involve supporting local artisans, promoting eco-friendly celebrations, or even educational initiatives related to the festival’s history and traditions. It adds to the greater brand experience and drives customer behavior associated with it. 

    A founder’s thoughts on purpose and branding 

    According to Babaria, the key to scaling through purpose and achieving her Diwali volume goals has been important to the mission. She has taken data and careful planning into account to be able to drive today’s results. Everything she does, however, she does with the end user in mind—the child.  

    This authentic connection to purpose allows brands to build trust and foster a loyal community. When consumers feel that a brand shares their values, they are more likely to support it, recommend it to others, and remain customers long after the festive season ends. This type of customer loyalty, driven by shared purpose, is a crucial ingredient for sustainable scaling. 

    The future of festive branding 

    As Diwali continues to grow in global recognition, its potential for brands will only expand. The brands that will thrive and scale are those that recognize the festival not just as a sales event. Instead, they will see it as a cultural cornerstone, tying experience to their sales to drive future expansion. 

    By embracing the spirit of Diwali and integrating genuine purpose into their campaigns, brands can foster deeper connections with consumers, build lasting loyalty, and achieve significant, sustainable growth. The insights from leaders like Babaria underscore that purpose isn’t just a buzzword. It’s a powerful engine for brand scaling in the vibrant landscape of festive celebrations. 

    The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.

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    Parul Bhandari

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  • I Turned My Hobby Into a Global Startup for Writers — Here’s the Playbook | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Since childhood, I’ve been a bookworm. My all-time favorite books include a mix of non-fiction and finance. However, this didn’t stop me from transforming my biggest hobby into My Passion, the top-2 e-book platform globally.

    The platform already has over 1,000 books, and every two weeks we release another 2–3 bestsellers. For entrepreneurs wondering if their passion could become their next startup, here’s exactly how I did it — and the framework that can work for you too.

    Related: AI Won’t Wait for Your Strategy — Why Should Your Leadership?

    Define your ‘Why’

    86% of people who started a hobby-based business report higher job satisfaction. But here’s what they don’t tell you: satisfaction doesn’t equal success, and most hobby businesses never scale beyond side hustles.

    Don’t quit your job just because you read how Zuckerberg started Facebook as a hobby project for Harvard students, or how Boeing turned his love of aircraft into a billion-dollar company. Instead, consider WHY you truly desire to launch your startup.

    Here’s how I discovered mine.

    For me, reading was more than just entertainment. This is what shaped my worldview.

    Books showed me the world beyond survival — I read about Van Gogh, artists and creators who transcended their environment. This sparked the belief that my background doesn’t define me — a mantra I carry to this day.

    I didn’t just want to open a bookstore, launch an app or write a book for money. My goal was to empower writers globally. Ultimately, storytelling became the DNA of my startup, Holywater, which unlocks people’s potential by combining their imagination with AI capabilities, from books to streaming and AI-powered series.

    Now, writers worldwide share stories and gain recognition through My Passion. Moreover, books evolve into My Drama’s vertical series with a global reach. We are also developing the PYSHY (WRITE) contest with Vivat Publishing, which creates real earning opportunities for writers.

    We got 444 submissions, 3 were picked for publication and 1 was adapted for a top-performing vertical series.

    You can simply monetize your hobby, for example, by selling your books, paintings or clay crafts. Or you can turn it into a global startup. Your why and scale make all the difference.

    Connect your passion with a real-world solution

    Your passion must translate into value for others, not just personal satisfaction. The reason 42% of startups fail is misreading market demand. Simply put, founders spent money and time launching a product that no one needed.

    Identify what other people’s problems or needs you can solve by turning your hobby into a startup. Consider how successful founders made this connection. Etsy transformed the love of handmade crafts into a global marketplace for unique goods. AeroPress turned one coffee enthusiast’s quest for the perfect brew into a portable solution for coffee lovers worldwide. These founders connected their passions with unmet market needs, creating products that solved real problems and resonated with millions.

    Through my reading journey, I realized a fundamental gap: people love stories, but they lack the tools and support to tell them well. Writer’s block, pacing issues and structural gaps limit creativity, and working on a book alone is exhausting. After all, professional storytellers have entire teams of editors, plot consultants and visual artists.

    Launching My Passion together with Anatolii Kasianov, we applied AI to democratize storytelling support, giving every writer access to plot development, visual elements, structure recommendations and pacing advice. Support that was previously only available to well-known authors is now available to all creators.

    Start with a small community

    Ask yourself: Is this hobby large enough to involve other people? Your passion requires a community to become a sustainable business.

    Many great businesses started as small communities that later scaled. For instance, Reddit began as a platform for niche interests and grew into a global discussion hub, and Duolingo was a small beta community of language learners testing early lessons. Nowadays, you can easily build a community on social media and get feedback there. It’s a great chance to get like-minded people together and test out your idea.

    The beauty of starting small is that it allows you to validate demand without massive investment. You can quickly discover whether others share your passion and face similar challenges.

    Related: How a Side Hustle Led to a $1 Million+ Passive Income Stream

    Don’t let your passion turn into a nightmare

    Understand the stakes and pressure that come with monetising your hobby. When your livelihood depends on what once brought you pure joy, the dynamic changes completely. Deadlines replace spontaneity. Market demands can override creative instincts. Financial pressure can drain the original magic. The result: burnout, which affects more than half of founders.

    What keeps me going? Again, books. Not for market research, but for myself. Besides, I have other passions. For example, I meditate every day and share insights on LinkedIn. It is extremely important for startup founders not to get stuck only in work, especially if their hobby and startup are now combined.

    The line between hobby and business disappears when your work helps others experience the same transformation that once changed you. When writers tell us our platform helped them overcome creative blocks they’d struggled with for years, I know we’ve moved beyond monetizing a hobby — we’re scaling transformation.

    Your greatest obsession might just be your greatest business opportunity, but only if you can preserve what made you fall in love with it in the first place.

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    Bogdan Nesvit

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  • Scaling Without Systems? You’re Setting Your Business Up to Fail | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Most companies chase wins: a big client, a viral moment or a record quarter. When those wins happen, they celebrate. In my experience, however, the most sustainable businesses aren’t the ones that cheer the loudest after a win. They’re the ones that quietly get back to work, focused on building systems that make those wins repeatable.

    At Asset Living, we often talk about how scale is never accidental. Instead, it’s the byproduct of repeatable, resilient systems that evolve over time. More specifically, you build a lasting business by creating processes that get smarter, sharper and more reliable with every iteration.

    Start building infrastructure around wins

    Success, especially early on, can be misleading. One great hire doesn’t mean your recruiting process works. Similarly, one big acquisition doesn’t mean your integration playbook is ready.

    Short-term momentum can be enticing; a winning streak feels good, but then cracks begin to show. Because the underlying process in place wasn’t designed to last — in other words, it wasn’t repeatable.

    When I look at a win, the first question I ask isn’t, “How do we do that again?” It’s, “Can we build a system around this?”

    Related: 10 Critical Pieces to Gain Momentum in Business (and Life)

    What LLMs get right about improvement

    Large language models, like ChatGPT and Gemini, don’t rely on streaks. They get better through relentless feedback, learning from millions of interactions to become sharper with every cycle. The improvement is systemic. Rather than producing one good output, the system attempts to upgrade the model that produces all outputs. This is the mindset more businesses need.

    Wins are great, but the real value lies in the system that created them. Are you analyzing what worked? Are you refining the process? Are you creating feedback loops to feed the next version?

    I try to approach my own internal processes at work the same way: as living systems. From onboarding and acquisitions to reporting and operational handoffs, I don’t assume something works just because it worked once. I try to measure, adjust and re-architect as needed.

    Not every win is worth building around

    One of the toughest parts of leadership is resisting the urge to scale a win that isn’t actually sustainable. We’ve had moments where a strategy generated short-term success, but it wouldn’t hold up long-term. Sometimes it was overly dependent on one person or circumstance. Other times it didn’t align with our long-term operating strategy. As tempting as it was to double down, we walked away.

    Sustainable systems require discipline. You have to evaluate not just what worked, but why it worked, who it worked for and whether it can be repeated without you in the room.

    Related: Here’s How Scaling a Business Really Works (It’s Not What You Think)

    Behind the scenes: What strong systems look like

    The most effective organizations rely on playbooks that evolve over time, covering everything from acquisitions to internal promotions. While the specifics vary, the underlying structure tends to hold: clear milestones, cross-functional accountability and post-mortem reviews to capture lessons learned.

    That kind of structure creates the conditions for speed and consistency. It prevents teams from reinventing the wheel and reduces the drag that comes with scale. The same approach applies to how leaders are developed, how performance is evaluated and how information flows across large groups. When something works, it’s not left to chance — it’s documented, tested and improved.

    How to build a system

    1. Start with the outcome, then reverse-engineer the process. After a win, resist the urge to celebrate and move on. Instead, deconstruct what happened. Ask yourself: What specific actions led to the result? Who executed it? Was it replicable, or was it situational? This analysis becomes the blueprint for a future-ready process.
    2. Stress-test before scaling. Not everything that works once should be rolled out company-wide. Try the strategy under different scenarios, with different teams and at different altitudes. See if the outcome holds. If it breaks down quickly, the system needs work before it’s scaled.
    3. Create feedback loops. Great systems evolve by design. Build in opportunities for real-time feedback from the people closest to the process. Collect data, learn from missteps and adjust accordingly — just like a language model tuning its next version.
    4. Document it. Share it. Refine it. A process used by only one team or individual isn’t helpful. Write it down, make it easily accessible and let others pressure-test it. Then refine it through usage. The more people who can use and improve it, the stronger it becomes.
    5. Play the long game. If your strategy only works this quarter, it isn’t a strategy. The best systems are built for durability, not immediacy. Invest time and energy into infrastructure that compounds in value and reduces future friction.
    6. Make it teachable. If a process can’t be explained clearly to someone new and executed well without micromanagement, it hasn’t yet matured. The more teachable your systems are, the faster your team can grow.
    7. Build in redundancy. Systems need backups. If your results hinge on a single person or tool, you’re one variable away from failure. Build roles and technologies that overlap slightly, so if one part fails, the whole doesn’t collapse.
    8. Audit regularly. Even the best systems expire. Commit to regular reviews to reevaluate efficiency and relevance. Invite internal and external perspectives to avoid blind spots and surface better solutions.

    Related: How to Think About the Systems in Your Business

    Why systems win in the long run

    The most impressive companies aren’t the ones with the flashiest headlines. They’re the ones with the most consistent output. That consistency is the result of systems — optimized daily, tested constantly and designed to scale.

    If you want to stop relying on luck, you need to start investing in infrastructure. Look beyond the highlight reel of your company. Study the engine that produced it because that’s where the real competitive advantage lives. Build the system; the wins will follow.

    Most companies chase wins: a big client, a viral moment or a record quarter. When those wins happen, they celebrate. In my experience, however, the most sustainable businesses aren’t the ones that cheer the loudest after a win. They’re the ones that quietly get back to work, focused on building systems that make those wins repeatable.

    At Asset Living, we often talk about how scale is never accidental. Instead, it’s the byproduct of repeatable, resilient systems that evolve over time. More specifically, you build a lasting business by creating processes that get smarter, sharper and more reliable with every iteration.

    Start building infrastructure around wins

    The rest of this article is locked.

    Join Entrepreneur+ today for access.

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    Ryan McGrath

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  • How to Grow a Business: Yum! Brands Co-Founder David Novak | Entrepreneur

    How to Grow a Business: Yum! Brands Co-Founder David Novak | Entrepreneur

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    As the co-founder and former CEO of Yum! Brands, one of the world’s largest restaurant companies with a portfolio including franchises like KFC and Pizza Hut, David Novak drove tangible results.

    In the 17 years he was CEO, from 1999 to 2016, Novak helped scale the company to eight times its original size, from a market capitalization of $4 billion to $32 billion. However, Novak credits the numbers to a more qualitative than quantitative aspect of leadership — creating the right work culture.

    In a conversation with Masters of Scale host Jeff Berman that aired earlier this month, Novak explained how he steered Yum! Brands from the beginning.

    “I made my number one priority to really create a powerful culture where everyone counts,” Novak said. “That became job number one for me as a CEO, because if I can create that right work environment, people will innovate and people will go further.”

    Novak explained that early on, he tried to learn from companies that were winning or consistently delivered good results. He went out and visited companies including Walmart, Home Depot, and General Electric.

    “We met with them,” Novak said. “Then we came back and we codified what’s really driving the success of these companies that allow them to get to great results year after year.”

    Related: The Side Hustle She Started in a High School Locker Room Hit Multimillion-Dollar Revenue — and Taylor Swift Is a Fan: ‘Invest in Yourself’

    Novak, who oversaw 1.5 million employees globally, began emphasizing recognition and encoding it into Yum!’s culture. In previous interviews, he talked about how he would use recognition to motivate employees. In one case, at KFC, Novak gave away rubber chickens and $100 as an award for a job well done.

    Today, Yum!’s culture remains one of recognition and collaboration, per its public-facing culture page.

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    Sherin Shibu

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  • Rapid Scaling Can Hurt Your Company. Here's How to Avoid Disaster. | Entrepreneur

    Rapid Scaling Can Hurt Your Company. Here's How to Avoid Disaster. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    According to Goldman Sachs, the economic stage for 2024 appears to be a bullish one, as it predicts an annual global GDP growth of 2.6%, which should buoy spirits if you’re a leader hoping for happy returns. Be careful, though: Growth and scaling aren’t always synonymous. If you have unrealistic expectations when it comes to the latter, you could well hamper the results of the former.

    The simple fact is that the vast majority of companies don’t have an unlimited capacity to scale. At some point, rapid and unchecked growth can cause them to buckle and break in operation and logistics, which upends vision, brand and broader intentions.

    At EOS Worldwide, we have a cultural ethos that everyone should fight for the greater good, which is seen in our core values, as well as in our focus and marketing strategy. Everyone moves forward because of that shared vision and care. And the payoffs go far: Team members feel confident in their purpose, as well as empowered because they know they’ve been chosen specifically for a unique set of talents. Scaling happens naturally as a result.

    Related: 7 Ways To Scale Your Startup or Business

    A solid foundation-vision

    Among the critical considerations in avoiding overextension is determining which pace is uniquely right for you, certainly, but also that your vision be more than words.

    Begin with a documented “North Star” concept to be embraced today, tomorrow and far into the future. Make it at once compelling and clear, and be certain that it resonates with all team members. If behaviors among some staff members aren’t aligning, for example, it might well be that vision training hasn’t been sufficient. This can be frustrating as you start to scale, which makes it an absolutely critical step.

    Keep in mind, too, that instilling a vision effectively isn’t cheap in any sense: it means investing money, time and energy, and you might have to give up some efficiency in the process. There is, after all, an inherent inefficiency in driving toward a shared goal, because you need to make room for creativity and exploration.

    Your vision also needs to be protected. It sets core values, and so it’s vital to avoid bending or breaking it in order to attain scaling ambitions. For example, one of our company’s core values is to “do the right thing.” Sounds disarmingly simple, but we make a point of following through on it via another core principle: “helping first.” This means that we train our teams to give without expecting anything in return. Again, this isn’t always efficient, but it keeps us grounded and consistent.

    Related: Core Values: What They Are, Why They’re Important, and How to Implement Them Today

    We’re still scaling, to be sure, but simply aren’t willing to sacrifice purpose, or to stray outside niche or core competencies. Consequently, our 10-year growth target is doable, because it has just enough dynamic tension to keep everyone stretching toward an ambitious objective while also having the right amount of “give” so the challenge doesn’t break everyone.

    Has your company lost its way in an effort to scale without restraint? Then consider putting the following measures in place:

    1. Break big “Rocks” into smaller ones

    You likely already have one-, three- and 10-year targets. Perfect, but to make sure you’re moving in a steady and manageable direction, my suggestion is that you create something analogous to what we term at EOS Worldwide a 90-Day World™ and individual “Rocks” (objectives) therein. It’s a structure specifically designed to mark each quarter-year contribution towards annual goals and has resulted in measurably greater success.

    Your version might include giving every team member a weekly scorecard that includes key tasks towards meeting 90-day expectations. It’s then the responsibility of managers to work to ensure employees are hitting scorecard numbers — making progress toward personal and company objectives. This process also keeps an organization from scaling too fast, as it’s a form of reverse engineering that starts with a broader vision: Nothing can suddenly get added (like a new product line) that doesn’t mesh with that mission focus.

    2. Make sure you’ve got the right mix

    Every person has two roles at work: the one they play today and the one they’ll play in the future. However, you can’t just scale big and hand out dozens of promotions in a year, or teams wind up feeling overwhelmed and unprepared.

    So, employees need to be given the capacity, time and energy necessary to grow. For example, say you’ve mapped out an accountability chart that anticipates the staff knowledge and expertise you’ll need in one year or three years. Is the current team going to be the one to executive effectively? Do they have the capacity and resources?

    Knowing the answers to these questions early means you can prepare accordingly, which might or might not include rearranging a team. In a 2021 survey, the Pew Research Center revealed that a stunning 63% of workers were ready to leave their employers because of a lack of promotional opportunities. This means that if you’ve hired the wrong people and can’t provide advancement, you owe it to them to either find a way to upskill or say goodbye in a respectful and responsible way that aligns with your vision.

    Related: Builders and Boosters — A Leader’s Guide to Forming a Resilient Team

    3. Let culture evolve organically

    Another pitfall of scaling too quickly is an inability to maintain a preferred culture. To avoid a forced or brittle atmospheric shock during robust growth, it’s pivotal to treat company culture with intention, and patience.

    Consider Starbucks and its scaling challenges, detailed in part in a Branding Strategy Insider article. It’s a powerhouse now, but it hit growth boundaries the hard way. For the first couple of decades, growth was modest, then came a flexion point where the company added 200-plus locations annually. As its former CEO, Howard Schultz, explained in his 2012 book, Onward: How Starbucks Fought for Its Life without Losing Its Soul (Rodale Books), the business scaled so quickly that it broke its ability to properly service customers. Their people could no longer create or control the desired experience, and the culture suffered. Fortunately, the now-35,000-plus-location colossus made this realization early and righted the ship.

    Related: 3 Ways To Invest In Coffee, Other Than Drinking It

    Infinite scaling may sound like the fast track to profitability, but it’s a unicorn dream: Don’t fall for that temptation. Instead, plan growth based on vision, people and culture. You’ll then operate with thoughtful restraint and be faced with fewer preventable problems.

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    Mark O'Donnell

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  • Are Ethereum Venture Capitalists Losing Hope In ETH?

    Are Ethereum Venture Capitalists Losing Hope In ETH?

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    Ethereum venture capitalists (VCs) are “not stupid” and know that investing in the world’s largest smart contract platform won’t result in the “multiples” they desire, according to a crypto user. Going by the handle R89Capital, claims that VCs are now looking at Ethereum layer-2 assets as vehicles to exit the market, dumping “Ponzi tokens.”

    Ethereum VCs Exiting ETH For “Ponzi” Tokens?

    The user opines that the primary reason why ETH prices may not surge in multiples like emerging tokens, including meme coins like PEPE, for instance, is because of the relatively large market cap. 

    According to trackers on October 31, ETH has a market cap of over $215.8 billion and is the second largest after Bitcoin (BTC). Typically, coins with higher market caps are harder to manipulate and usually have found more institutional adoption than emerging tokens. 

    Ethereum price trends to the upside on the daily chart | Source: ETHUSDT on Binance, TradingView

    This is because projects with higher market cap are more liquid, have more name recognition, and have seen more adoption. Even so, while they are easier to buy in the second market due to the higher levels of liquidity, they tend to be less volatile than low market cap tokens. 

    These low-market tokens can also be held for speculative reasons primarily due to their upside potential, especially in trending markets. This means that low-market tokens, regardless of the issuing platform, appeal to profit-seeking speculators, not due to underlying fundamentals.

    R89Capital aligns with this preview to allege that VCs, looking to recoup their investment, are launching Ponzi tokens on general-purpose layer-2 platforms before dumping them for ETH and eventually exiting for USD. 

    In this case, Ponzi tokens, as claimed, are low-market coins that can be meme coins or other well-marketed projects. These tokens have higher upsides, are liquid enough, and can be sold for ETH in layer-2 decentralized exchanges or popular ramps like Binance or Coinbase. 

    The Ethereum Technical Debt: Scaling Remains A Big Issue

    Still, R89Capital didn’t mention which layer-2 projects are “Ponzis” but said the primary reason ETH is capped is due to Ethereum’s technical debt.

    Over the years, Ethereum developers have been launching new products and scaling solutions, of which the transition from a proof-of-work to a proof-of-stake system and adoption of layer-2 solutions stand out. Even so, scaling remains a challenge impacting user experience, especially when token prices begin rallying. 

    It is not unusual for gas fees on Ethereum to spike to double-digits in a bull market, discouraging deployment while catalyzing migration of some transactions to competing platforms like Solana or layer-2 scaling solutions like Base or Optimism.

    Feature image from Canva, chart from TradingView

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    Dalmas Ngetich

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  • 7 Ways to Scale Your Small Business and Achieve Long-Term Growth | Entrepreneur

    7 Ways to Scale Your Small Business and Achieve Long-Term Growth | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As we approach the last quarter of 2023, businesses start assessing their performances, and many consider scaling and expanding their operations. With rapid changes in technology, consumer behavior and market dynamics, it’s crucial that businesses constantly adopt innovative strategies to remain competitive and achieve sustainable growth within their industries.

    So, businesses looking to bring themselves to the next level in this coming year have a few different strategies they can use to achieve long-term growth.

    Related: How to Scale Your Small Business in 8 Steps

    1. Embrace digital evolution

    In today’s fast-paced business landscape, embracing technology is not an option but a necessity. Small businesses can use it to their advantage to help streamline operations, enhance customer service experiences and even reach new markets. User-friendly ecommerce platforms, efficient inventory management systems and cloud-based drives are different examples of ways to help improve productivity and scalability.

    Also, businesses can use data-driven decision-making technology to help collect and analyze customer data. This can help provide insight into their customers’ preferences and behaviors to tailor marketing strategies, optimize product offerings and provide personalized customer experiences, ultimately driving growth through each quarter.

    2. Expand online presence

    In a post-pandemic world, the importance of a strong online presence cannot be emphasized enough. Consumers are increasingly turning to the internet to discover, research and purchase products and services. Focusing on optimizing your website for search engines (SEO) can vastly improve visibility and drive organic traffic.

    Social media platforms remain a huge player in reaching broader audiences. Developing a robust social media strategy that engages customers, encourages sharing and builds brand loyalty is essential to any business. By being consistent and posting relevant content, small businesses can easily connect with their target audience and build a loyal customer base.

    3. Diversify revenue streams

    Overreliance on a single product or service can become a significant risk to small businesses. If a business can diversify its revenue streams with new offerings, it can help build the business up and give room for scaling. This offering can be a complementary product line or a service that aligns with your core product. This not only provides added value to existing customers but also opens up new markets and revenue opportunities.

    Additionally, strategic partnerships or collaborations with other businesses in the industry are super helpful. These alliances lead to shared resources, increased visibility and access to new customer bases, which ultimately drives growth without a substantial capital investment that not many small businesses have.

    4. Focus on customer engagement and retention

    Acquiring new customers is an essential element for growth, but retaining existing customers is equally vital. Small businesses should try to prioritize customer engagement and retention strategies. By implementing loyalty programs, offering personalized recommendations and providing exceptional customer support, businesses can create a positive customer experience that will keep them loyal.

    With that, businesses should regularly seek honest feedback from customers and use it to make improvements to their products or services. Happy customers are more likely to become brand advocates and refer new business, further fueling growth efforts.

    Related: 3 Crucial Strategies for Sustaining Growth in a Competitive Market

    5. Invest in employee development

    Your team is the backbone of your business, and their growth and development directly impact your company’s success. Investing in training and development programs to build your employees’ skills will empower them to take on new responsibilities as the business expands. A skilled and motivated workforce is essential for maintaining the quality of the products or services as the business scales.

    Additionally, fostering a positive workplace culture can lead to higher employee satisfaction and retention rates. When your employees feel valued and aligned with your company’s mission, they become more motivated to contribute to the business’s success.

    6. Secure financing wisely

    Scaling a small business often requires some sort of capital investment for expansion, marketing and infrastructure development. Securing this type of financing can be challenging, especially for newer businesses. However, there are many different financing options businesses can explore, including traditional bank loans, Small Business Administration (SBA) loans, working capital loans, accounts receivable loans and so much more.

    Before a business even starts seeking financing, they need to ensure they have a well-defined business plan and financial projection that can show the potential for profitability and growth. Also, it’s crucial to assess the terms and conditions of each financing option, considering the impact on your business’s financial health and long-term sustainability.

    7. Monitor and adapt to market trends

    The business landscape is ever-evolving, and staying attuned to market trends is essential for small businesses. Monitoring industry developments and keeping an eye on emerging technologies can help businesses adapt strategies accordingly. This allows them to grow as well as be open to pivoting their business model if market conditions change or new opportunities arise.

    Regular competitive analyses can also help businesses understand their competitors’ strengths and weaknesses. In turn, this helps identify gaps in the market that the business can fill and helps refine products, services and marketing strategies.

    Related: 15 Ways to Scale Your Business and Make More Money

    Scaling a small business today requires a combination of innovative thinking, strategic planning and adaptability. Embracing technology, expanding your online presence, diversifying your offerings, focusing on customer engagement, investing in employee development, securing financing wisely and monitoring market trends are all essential strategies for success.

    These components can help small businesses thrive in today’s competitive business landscape. By continually assessing and adjusting their approaches, businesses can position themselves for sustainable growth and long-term success.

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    Erica Dushey Sarway

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  • 5 Books Every Entrepreneur Should Read Before Starting a Business | Entrepreneur

    5 Books Every Entrepreneur Should Read Before Starting a Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    There is no one formula to become a successful entrepreneur, and there is certainly not a set path. Entrepreneurship is a journey that is full of immense opportunities but also immense challenges.

    My path to becoming a founder of a unicorn startup was a winding path. I was raised in Kentucky, in the heartland of America, by a single mother in a union household. My mother and grandparents, who helped raise me, encouraged me to read as much as I could from a young age. I was drawn to business and motivational books, which helped create a positive mindset and provided me with one of the first views into the basics of business.

    I was able to scale the first business I founded to unicorn status, a billion-dollar startup. Only 0.1% of companies reach this incredible milestone. The journey was extremely rewarding but filled with many challenges that take a toll on the entrepreneur. That is why you need to be in the right mindset when starting your journey, and as an entrepreneur, you should always look for ways to improve yourself and your business.

    Reading many books from a young age allowed me to self-teach the common principles that make people successful in business and helped me dream big when founding my company. Here are five books that inspired and prepared me for the wild ride of scaling a startup from a $10,000 line of credit to going public on the New York Stock Exchange.

    Related: 3 Books That Made Me 6 Figures That Aren’t About Business At All

    ‘Think and Grow Rich’ by Napoleon Hill

    First published in 1937, “Think and Grow Rich” is one of the most influential self-help books of all time. Andrew Carnegie commissioned the author, Napoleon Hill, who spent over 20 years studying successful individuals, including Henry Ford, Thomas Edison and Alexander Graham Bell, among others. The book outlines 13 principles that can help you achieve wealth and success, such as having a burning desire, having a positive mental attitude and taking massive action.

    The book provides valuable insights into the mindset of successful people and the principles they follow. This is the single most important book that shaped my outlook on success, and I encourage everyone to read Think and Grow Rich. Hill’s message is clear: success is attainable for anyone who is willing to follow these principles.

    ‘The Magic of Thinking Big’ by David J. Schwartz

    My mother always told me to “dream big because it is free.” If you are planning your future, it takes no more effort to dream big. This remains the number one piece of advice I give to aspiring entrepreneurs.

    David Schwartz, in The Magic of Thinking Big, teaches you how to think positively, set big goals and take action. It encourages you to believe in yourself and your abilities and to think outside the box. The book provides practical tips and strategies to help you overcome fear and doubt, build confidence and succeed.

    ‘The Power of Positive Thinking’ by Norman Vincent Peale

    The author, Norman Vincent Peale, was a minister who believed that faith and positive thinking could help individuals overcome adversity and achieve their goals. Entrepreneurs are met with challenges at every turn when starting their endeavors, the book can help you overcome self-doubt and cut through any negativity to maintain a healthy outlook on life.

    Related: 4 Books for Entrepreneurs Seeking to Challenge the Status Quo

    ‘The Fountainhead’ by Ayn Rand

    “The Fountainhead” is a novel that explores the concept of individualism and the importance of following one’s own values and beliefs. The book’s protagonist, Howard Roark, is an architect who refuses to compromise his artistic vision, even in the face of opposition from society. Rand’s novel is a reminder that entrepreneurship requires courage and conviction.

    Mark Cuban famously said in a 2006 interview with C-Span, “I’ll pick it up when I need motivation, but then if I read too far I get too much motivation, and I get too jittery, so I have to put it down.”

    ‘The First Billion is the Hardest’ by T. Boone Pickens

    The First Billion is the Hardest is a memoir by T. Boone Pickens, an industry titan and one of America’s most successful entrepreneurs. The book provides insights into his business philosophy and the strategies he used to build his empire. Pickens shares his experiences and lessons learned, including his failures and successes.

    I was lucky enough to get to know the legendary Boone Pickens. He should serve as an inspiration to all entrepreneurs. He reinvented himself throughout his career and persevered no matter the challenge.

    Just as my own unique path led me to success, others can also find their own way forward, inspired by the wisdom of those who have gone through similar experiences. With the right mindset and a strong desire to learn, the world of entrepreneurship isn’t just a goal but a life-changing adventure.

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    Nate Morris

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  • Your Business’ Growth Starts With Trust — Here’s How to Build It. | Entrepreneur

    Your Business’ Growth Starts With Trust — Here’s How to Build It. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    How many entrepreneurs are positive about achieving lofty revenue projections over the coming months? According to a 2023 Bank of America survey of mid-sized company owners, 75% said they were headed toward expansion. Their enthusiasm is refreshing amid dire headlines regarding the high rate of current and anticipated bankruptcies. This optimism shows pluck and determination, which is exactly what everyone would expect from startup founders.

    Yet moxie isn’t enough to push a business from one level to the next; major growth within organizations happens when there’s a widespread sense of trust between all interconnected parties. Whether this trust is built upon the Lencioni Trust Pyramid or a similar trust triangle concept doesn’t matter. The point is this: You can have great people doing great work, but if there’s a lack of trust throughout the organization at any level, you’ll never scale.

    Healthy trust matters. When you have trust, you can “go there” transparently and enter the danger on topics without holding back. You’re able to set your reservations off to the side and have difficult conversations and respectful debates. People are more willing to listen, make commitments and be accountable when they trust each other. Plus, they become more open to following a shared vision.

    As savvy leaders know, a solid corporate vision is key to growth because it serves as a North Star. With enough trust in this collective vision, your people are able to see how they can contribute without barriers. They can see the forest for the trees and be assured that their “tree” contributes to the greater whole. When people put their guard down, they can share the excitement of scaling bigger and accomplishing company goals. With trust and shared vision, people feel like more than just a cog in a machine. Instead, they’re adding something special to the mix and experiencing genuine purpose — something around two-thirds of people told McKinsey & Company they wanted from their employment.

    When you don’t have trust, you have people moving in different directions and doing different things for different reasons. In that type of mismatched environment, there’s simply not enough traction for significant growth. You can build minimally viable products or set up sprints, but you can’t scale up effectively until you establish a baseline of trust.

    So, how do you align all your team members and stakeholders toward a common vision that promotes a high degree of trust?

    Related: Your Team Will Succeed Only If They Trust Each Other

    1. Know who your players are

    It’s impossible to engage your stakeholders if you don’t know who they are (and you can be sure that you have a matrix of stakeholders). Your job is to foster trust with all the relevant players, or else you’ll be dealing with a wavering house of cards that isn’t glued together by trust.

    At our organization, we’ve spent considerable time listing out our various stakeholders for this reason. Our stakeholders include folks on our leadership team, mid-managers, individual contributors, partners, board members, investors, sponsors and layers of customers buying different branded products from us. Our list ended up with 26 groups of stakeholders we serve, much longer than anticipated. Your list will probably be longer than you expect, too.

    When we saw how diverse our list was, we realized how important it was to build trust among and within those groups through intentional actions and communications. Trust wasn’t going to happen by coincidence in a group that large, a fact we might have overlooked without seeing our expansive stakeholder list laid out before us.

    Related: Do You Know What Your Team Needs? Here Are 5 Ways to Find Out

    2. Engage with your stakeholders frequently

    Recent research shows that most of us know when communication feels clunky or unclear. Expert Market dug into the topic and noted that 86% of workers agreed that poor communication was a top reason for business failure. In other words, if your stakeholders aren’t being engaged and enlightened, you’re not likely to fuel the productivity and performance necessary to meet your growth goals.

    The solution to this problem is to stay in touch with all stakeholders early and often. Whether it’s asking them for thoughts on a project or sharing important information and news, you must keep them in the loop. We hold quarterly State of the Company updates for some of our stakeholders to teach them about where we’ve been, where we are and where we’re going. Keeping the lines of communication open and reiterating everything from your core values to your anticipated product development is essential to building up valuable “trust credit.”

    3. Collect and use feedback from stakeholders

    Are your stakeholders walking the same path you are? Do they agree you’re on the right track? You can’t be sure until you validate those answers with feedback. Begin to ask deeper questions like, “Where have we not been as clear as we should?” or open-ended invitations such as “Help me understand your concerns.”

    It’s critical to remember your customer and user stakeholder groups during this process. Listening to and learning from users about what they need allows you to build and expand your product or service while eliminating gaps in your relationship with them. For instance, you might ask about how you’re performing from their point of view; doing so will give you a valuable reality check. It’s hard to hear when stakeholders are disappointed or want to go in another direction, but if you’re not having conversations with them, you’ll never truly gain their insight and trust.

    Related: Open vs. Anonymous Employee Feedback — Which Is Better?

    Coca-Cola, for example, uses a social listening strategy that collects data to improve its products, services and marketing campaigns. This constant feedback loop allows the company to understand its customers’ wants and how to provide for them. At EOS, we like to have conversations with users using a tool we call “DOS” — the dangers, opportunities and strengths of our products. Getting clear on a potential danger, like an economic impact, makes us think deeper about how to serve that stakeholder group while still moving toward a bigger vision. While not everything unearthed during DOS requires immediate action (discernment is essential), it is all valuable to understand and envision solutions for our customers.

    Moving forward — no matter what the market’s doing — it takes effort, positivity and practical thinking to grow and scale a business. It takes trust, too. In all your growth planning, stay focused on solidifying the trust between everyone who’s integral to your success. Don’t wait to start building the relationships that’ll build your company. You’ll soon see a positive shift in everything from your brand reputation to your bottom line.

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    Kelly Knight

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  • 3 Crucial Strategies for Sustaining Growth in a Competitive Market | Entrepreneur

    3 Crucial Strategies for Sustaining Growth in a Competitive Market | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In the early days of a business, there is typically one goal: making sales. Most startups don’t have unlimited cash for their operations, so they’ll quickly fall apart if they can’t attract customers. But those who successfully build a client base face new challenges, including scaling their business for further growth.

    Scaling a business for growth isn’t a simple task. For one thing, startups have limited resources. They can handle only so many sales before hiring more employees or increasing their infrastructure.

    Managers must recognize a specific tipping point as the signal it’s time to boost human or material capital. If they fail to see the signs, the results can be just as disastrous for the company as failing to attract sales in the startup stage.

    If you believe your startup organization is nearing the time when scaling is necessary, take the following steps.

    Related: Want to Scale Your Business? Companies are Using These 5 Strategies Right Now to Unlock Sustainable Growth, And You Should Too.

    1. Assess your staffing needs

    One of the biggest mistakes companies make when it comes time to scale is hiring the wrong employees to do the job. They often end up with bad hires simply because they need people immediately and can’t wait for cream-of-the-crop talent.

    The cost of a bad hire is difficult to estimate, but SHRM places it around $240,000. You’ll incur the expenses of hiring, sourcing and training the employees. If they turn out to be the wrong fit, you’ll need to start the process again, requiring more time, effort and money.

    Additionally, a bad hire can impact your organization, like decreased team morale and lost customers.

    When organizations solidify their plans for eventual expansion, they’re less likely to encounter bad hires. They identify the roles they need to hire for well before it becomes time to fill them. They can start their hiring processes early rather than waiting until the last minute.

    Planning ahead gives hiring professionals time to write a thorough job description, conduct lots of interviews and pick the person with the skills to handle the role that best aligns with the company’s values.

    Hiring the right people for your organization is critical in the early stages of a company. They will often form the backbone of the business and set the tone for future employees. A supportive team on board ensures that you start scaling on all four cylinders.

    Related: How to Scale a Marketing Strategy That Works

    2. Make financial arrangements to support your growth

    Scaling a business requires an increase in expenses. There are no two ways around it. You’ll need more equipment, a bigger advertising budget and a larger team.

    If your company doesn’t have the bank account to support all these changes, you’ll need to find the money elsewhere — by taking on debt or finding an investor who believes in your company’s potential for success.

    It’s critical to seek out financial support early. When you know it’s almost time to scale, get your accounting books in order if they aren’t already. If you don’t have a full-fledged accounting team, seek help from a CPA firm that can prepare your financial statements and set up proper internal controls.

    You’ll also want to undergo an audit, as most lenders and investors will want to review approved financials before they provide you with any financing.

    Once you feel confident about your books, you can research funding opportunities. You’ll need to obtain a loan if you don’t feel comfortable bringing an outside investor on board. The SBA provides financing opportunities to small businesses, but you’ll need to prepare the proper paperwork and collaborate with an SBA lender to qualify.

    Carefully consider your funding opportunities and evaluate each to determine which suits your company most. Look for low-interest rates and fair repayment terms if it’s a loan. Business owners who prefer to work with investors should realize that they may need to give up some control in their organization, depending on the terms of the agreement.

    Related: Should You Scale or Should You Grow? (The 2 Strategies Are Not the Same.)

    3. Define your objectives for the future

    Where do you picture your company in six months, one year or five years? Understanding your vision can help you establish the milestones necessary to achieve your objectives.

    You’ll probably need to set several goals, not just one. For instance, you might envision reaching a certain level of revenue, introducing a new product or opening a location in a new region. Some startups aim to grow their company to a specific level before they sell it to interested investors.

    Once you know your goals, it becomes easier to identify what you need to do to meet them. Expanding your revenue will likely require increased marketing expenses, and you may need to bring a few new employees on board. If your goal is opening a new storefront, you must find a property to lease or buy, hire staff and ensure compliance with local laws and regulations.

    The SMART method can help you define reasonable goals to work toward. Under the SMART process, you set specific objectives and a time for meeting them. As you accomplish each milestone, you work toward the next one. It provides a solid infrastructure for your goals that you can easily explain to stakeholders, including employees, clients and financiers.

    Scaling requires planning

    Moving an organization from startup to scaling for growth is possible through adequate planning. Some business owners start the process very early before opening their doors to their first customers. Doing so is a good idea and can help you get on the right footing in the initial days of your business.

    Remember that you’ll likely need to adjust your plan as you learn more about your customers and operations. Remember the two critical considerations in scaling a business: staffing and finances. Start your hiring processes early, and determine the roles you must fill as you grow the organization. You’ll also need to ensure proper monetary backing as you focus on expansion.

    Taking the time to plan thoroughly for the growth of your business will put you in a good position when the time to scale arrives. Your company can avoid many pitfalls when you are prepared.

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    Shawn Cole

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  • How to Successfully Navigate Rapid Business Growth | Entrepreneur

    How to Successfully Navigate Rapid Business Growth | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In the frenetic world of business, where every entrepreneur dreams of explosive growth, few comprehend the nuanced dance of scaling gracefully. As Bill Gates once mused, “Your most unhappy customers are your greatest source of learning.” Rapid growth often magnifies both the strengths and weaknesses of a business. But how can entrepreneurs turn those lessons into long-term success?

    Most companies’ fantasy is a surging demand, but this dream can quickly turn nightmarish without forethought. Proactive planning is the antidote to such potential chaos. By implementing measures such as a higher minimum engagement fee and strategically declining misaligned opportunities, businesses can manage high demand. This has worked well for my core business, Entire Productions. Understanding future demand and scaling the team accordingly ensures that businesses don’t just react but proactively shape their growth trajectory.

    Related: Avoid the ‘Too Fast, Too Furious’ Approach to Scaling a Startup

    Ensuring your growth doesn’t outpace your vision

    The backbone of any business, big or small, lies in its supply chain. The corporate event production niche, for instance, is comprised of entertainers and experiential activations, and its malleability determines success. Tapping into different markets, leveraging diverse resources and staying nimble can spell the difference between graceful scaling and overextension.

    A business’s values are so important as well. As Indra Nooyi, former CEO of PepsiCo, has remarked, “You cannot deliver value unless you anchor the company’s values. Values make an unsinkable ship.” When a business maintains its adaptability without compromising its values, it remains buoyant even in turbulent growth phases. Our values at Entire Productions are Excellence, Growth-Minded, Collaboration, and Own-It.

    Key hires play a monumental role in this scaling journey. Their impact goes beyond their functional roles — they often act as cultural and strategic touchstones, guiding and steadying the ship. Our account executives and production managers, among others, ensure that commitments aren’t merely met but exceeded. And as Richard Branson has emphasized time and again, “Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients.” The heart of scaling lies in a team that is not just competent but passionate and well-taken care of. One of the best ways to take care of your employees is to tell them they’ve done an excellent job in front of the company and NOT speak to their weaknesses publicly.

    One of the most delicate balances to strike while scaling is expanding horizons without diluting the brand essence. Businesses might evolve, diversify and adapt, but they must do so without sacrificing their foundational values. Authenticity is the bridge between growth and brand integrity. It’s a sentiment echoed by Howard Schultz, Starbucks’ Chairman, when he said, “If people believe they share values with a company, they will stay loyal to the brand.” By nurturing genuine, grounded relationships with clients and stakeholders, businesses can expand their audience without losing their essence. It’s a delicate balance that needs to be adjusted throughout all growth cycles.

    An often-underestimated facet of scaling is the art of nurturing existing relationships to boost customer lifetime value. It’s not just about the breadth of relationships but their depth. Instead of a transactional dynamic, a bond based on genuine value, trust and consistent delivery stands the test of time. As Jeff Bezos, founder of Amazon, puts it: “If you do build a great experience, customers tell each other about that. Word of mouth is very powerful.” By fostering authentic conversations and delivering exceptional value, businesses can transform one-time clients into lifelong advocates.

    Related: The Human Side of Business Scaling — Why Employee Well-Being, Team Cohesion and Company Values Must Be Prioritized

    Strategy, passion and perseverance

    Venturing into new territories and seizing fresh opportunities are the hallmarks of entrepreneurial vigor. Yet, doing so while ensuring that the core of the business remains undisturbed is a skill in itself. Visionary leaders focus on strategy and growth, while their dedicated teams ensure smooth operations. This synergy ensures that while businesses may pivot or expand, their foundational pillars remain robust. In the words of Jack Welch, former CEO of General Electric: “Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.”

    Yet, growth isn’t without its pitfalls. The exhilarating pace of scaling can sometimes lead to oversight, especially in hiring. Recognizing such missteps and refining processes ensures that the team is harmoniously aligned with the business’s mission and vision. Reflecting on this, Sheryl Sandberg, COO of Facebook, noted: “We cannot change what we are not aware of, and once we are aware, we cannot help but change.”

    The journey of rapid growth, with all its ups and downs, brings forth a mosaic of opportunities, lessons and transformations. It’s a journey that demands grit, tenacity and an unwavering commitment to a vision. As business leaders walk this path, they must remember the wisdom of Simon Sinek: “Working hard for something we don’t care about is called stress; working hard for something we love is called passion.”

    With the right blend of strategy, passion and perseverance, scaling becomes not just an exercise in growth but an art form in its own right.

    Related: 5 Pitfalls to Avoid When Growing (or Scaling) a Business

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    Natasha Miller

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  • 7 Common Mistakes to Avoid When Scaling Your Business | Entrepreneur

    7 Common Mistakes to Avoid When Scaling Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In business, the scale-up phase of a company is where, after you prove your concept and establish a solid base, you’re ready to share your offering with the world — setting the stage for exponential growth and success. But in 2023, the entry criteria for this stage look a lot different, demanding a nuanced approach.

    During a period of higher costs with less capital available, the importance of precise timing and frugality has become paramount. Having scaled four companies by 1,000% — two of them during economic downturns — I’ve learned some tough lessons about what not to do.

    Related: 7 Ways To Scale Your Startup or Business

    Mistake 1: Scaling too early

    Fire, ready, aim. Scaling too early these days can be a fatal mistake. If you’re still figuring out your category, your ideal customer profile (like what specific problems you solve) or your best route(s) to market, it’s not time to scale.

    If your unit economics are wildly unsustainable or the nucleus of your core team isn’t in place, it’s not time to scale.

    If you’re not getting pull (inbound demand and word of mouth) from the market you play in, it’s not time to scale.

    Mistake 2: Scaling too late

    Whoops, missed out on that one. On the flip side, scaling too late can mean missed opportunities. If you’re inundated with demand (leads falling on the floor), in the midst of a buyer platform/paradigm shift or have overly superior unit economics, it might be past time to scale. Don’t let competitors with inferior products steal your market share because you’re under-resourced while they’re expanding — especially if you’re in a winner-take-all or major first-mover advantage market.

    Mistake 3: Hiring the wrong leaders at the wrong time

    They were great at that one company. Hiring is a critical part of scaling. It’s also one of the most difficult. It’s about finding the right people for the right roles at the right time. Avoid the temptation to hire people just like yourself. Embrace diversity, and cover different perspectives. Be wary of hiring leaders from companies that are too big or too small. Document what specific outcomes you need next and what requisite skill sets and experiences will deliver those outcomes. And ensure that hires fit your culture. If you’re hiring a sales leader, be especially alert and consider things like your go-to-market motion, stage and buyer.

    Mistake 4: Not delegating

    I tried delegating once, but it was too much work. As a founder, it’s natural to want to control every aspect of your business. But as you scale, you need to let go. Trust the leaders you’ve hired. It’s why you worked so hard to recruit them. Give them the direction and support they need, then step back and get out of their way.

    Related: How to Know When It’s the Right Time to Scale Your Business

    Mistake 5: Overlooking infrastructure and operations

    We’ll get to that someday. As you scale, your infrastructure and operations need to scale with you. Document your core processes; shared documents, checklists and playbooks work great early on. Invest in HR, including hiring the people/HR manager. Try not to skimp on technology, data tracking or analytics. The same goes for sales and marketing operations. And avoid accruing too much product or architectural debt. These are the foundations upon which your scaled business will stand.

    Mistake 6: Getting stuck on the funding treadmill

    More money, more problems. Funding is a means to an end, not an end in itself. Don’t get so caught up in reaching the next funding milestone that you lose sight of your business fundamentals and economics — especially in today’s market. Ensure you’re consistently improving your fundamentals (product-market fit, customer value creation, distribution, growth strategy) and economics (growth rate, margins and profitability, customer acquisition cost and customer lifetime value). Make sure you can see — or at least paint — a clear path to sustainable profitability.

    Mistake 7: Losing your beginner’s mindset

    What got you here won’t get you there. Things change fast. Stay open to new methods and ways to evolve your business. Don’t overlook things that change quickly, like pricing and packaging, your product roadmap expansion, category expansion, market segmentation and targeting, and second and third growth acts. Keep that beginner’s mindset.

    What’s next?

    Scaling a business is exciting. It’s also challenging and complex. But there’s no reason to repeat the mistakes of the past.

    Listen, learn, and plan to grow your company successfully. With awareness and careful planning, you can avoid these common pitfalls. Remember, the goal of scaling is not just to grow bigger but to grow better — to deliver more value to more customers, create more opportunities for your team and make a greater impact on your market. So take the time to scale wisely, and you’ll reap the rewards for years to come. Remain curious, keep that beginner’s mindset, and stay inspired by thought leaders who’ve done it before — while you pave your own way.

    Related: 5 Pitfalls to Avoid When Growing or Scaling a Business

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    Kevin Marasco

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  • Kristin Cavallari and Emma Grede Share Vital Secrets to Success | Entrepreneur

    Kristin Cavallari and Emma Grede Share Vital Secrets to Success | Entrepreneur

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    How do you ensure your brand stands out, especially in a saturated market?

    It’s a question that several founders explored last month at an event hosted by Chase Ink Business Premier at New York City-based co-working space NeueHouse Madison Square.

    Skims and Good American co-founder Emma Grede moderated the panel with Kristin Cavallari, veteran reality TV star and founder of lifestyle brand Uncommon James; Pernell Cezar, co-founder and CEO of BLK & Bold Speciality Beverages; and Wombi Rose, co-founder and CEO of greeting card company Lovepop.

    In a wide-ranging discussion that delved into first-time founder mistakes, scaling speedbumps, hiring challenges and more, a common strategy emerged — and it’s one critical for any entrepreneur who strives to overcome the obstacles sure to come their way.

    The secret? Leaning into your brand’s authenticity.

    Related: Why Authenticity Is a Key Ingredient to Entrepreneurial Success

    “Selfishly, I’m designing what I want because I feel like I am the customer.”

    Both Grede’s and Cavallari’s brands have no doubt benefited from celebrity culture and the spotlight that comes with it.

    Grede co-founded Skims with Kim Kardashian and Good American with Khloé Kardashian. Cavallari first rose to fame on the reality TV show Laguna Beach: The Real Orange County and went on to star in Very Cavallari while opening Uncommon James’ flagship store in Nashville, Tennessee.

    Grede admits that she thought having Kardashian-famous co-founders meant people would be more interested in them and less interested in her, but that couldn’t be further from the truth. People want to know all of the faces behind a brand — and if what they bring to the table is authentic.

    For Grede, authenticity was there from the start with Good American. She recalls designing for a customer who would want from a pair of jeans what she’d always searched for herself: quality that lasts, holding up without a wash long enough to keep up with a busy lifestyle.

    Cavallari shares that desire to put out products that truly reflect a customer’s wants; it’s how she’s approached Uncommon James from the start.

    “Selfishly, I’m designing what I want because I feel like I am the customer,” Cavallari explains. “I am the girl. In that sense, it’s been really enjoyable — and I don’t want to say easy, but it’s been almost effortless for me.”

    Related: A Guide to Turning Your Customers Into Your Product Designers

    Entrepreneur sat down with Cavallari to learn more about how authenticity has always powered Uncommon James — and where she’s excited to see it go next.

    “I had this fire and this passion in me to show people that I knew what I was doing.”

    Cavallari had an entrepreneurial spirit early on and knew she “needed to lean into the branding world” when she joined The Hills to make the most of her growing exposure. But she was young, and many of the celebrity deals she saw involved stars partnering with other companies, so that’s what she did, teaming up on a shoe line with Chinese Laundry.

    The partnership lasted five years, and Cavallari says she “learned a lot” from the experience. But she couldn’t help but wonder: Why can’t I do this on my own? “I had this fire and this passion in me to show people that I knew what I was doing in the branding world,” Cavallari recalls, “so I decided to launch Uncommon James.”

    In just four months, Cavallari took Uncommon James from idea to launch. During those initial days, the founder admits there was no distinction between herself, her personal brand and her company. But that’s changed over the years — by design.

    “We’re still very much like, the girls on the girl’s trip in Nashville that are out at Broadway — that’s our girl,” Cavallari says. “She’s not afraid to be a little edgy. She likes to have fun, which is still very much me. But I’ve grown up a little bit from that. So we’re also transitioning away from using me so heavily within the brand.”

    Although Cavallari’s move away from being the brand’s face has been gradual, it was part of the plan from the start, hence why she named it “Uncommon James” instead of after herself — to make sure it could “stand on its own.”

    Related: 5 Common Challenges Entrepreneurs Face When Creating a Brand

    “It doesn’t matter if you have a TV show or not…it is all-encompassing.”

    And in a move reminiscent of her early career, the founder harnessed the power of reality TV to generate buzz for the brand in 2018. Very Cavallari documented the opening of Uncommon James’ flagship store — a season of life Cavallari calls “so insane” as she balanced raising three young kids and growing her business.

    But Cavallari’s also “really thankful for that time,” and considers it another learning experience. And once again, it’s one that highlighted just how important it is to keep that original passion alive — that authentic drive — regardless of celebrity status.

    “It doesn’t matter if you have a TV show or not,” Cavallari says. “When you explode overnight, and you’re trying to continue to scale [your company] at that rapid rate, it is all-encompassing. It is stressful. It’s a lot, but it’s really important to buckle down and put your all into it because that’s what creates the success of your company. And then you eventually do get to the other side where you can coast a little bit more.”

    When Uncommon James’ growth reached the point where it wasn’t sustainable for Cavallari to navigate it all on her own, she knew it was time to “hire good people with a lot of experience.”

    And it’s a strategy that’s paid off big time: Cavallari says her marketing team’s “doing better than [she] ever even could have imagined.”

    Now, Cavallari plans to continue scaling the brand that’s stayed true to herself and her customers over the years — and is especially excited about its new skincare line, Uncommon Beauty. Uncommon James will also expand its brick-and-mortar presence, starting with an additional store in Charleston, South Carolina opening this fall.

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    Amanda Breen

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  • 3 Secrets to Scaling Your Startup Effectively | Entrepreneur

    3 Secrets to Scaling Your Startup Effectively | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Having worked as a corporate executive, entrepreneur and now venture capitalist, I’m often asked about the secrets behind scaling a startup. Ideally, every startup starts with innovative ideas resulting in unique products or services that customers are willing to pay for. Founders typically kick off with their funds, later relying on family, friends or angel investors to grow.

    But what’s next? Let’s review some of the secrets I share with entrepreneurs to help them grow their startups effectively.

    1. Start with a strong foundation

    First of all, I recommend that startup founders test their ideas with potential customers. This could be through an interview, survey or by simply asking people what they think. Does it meet a critical need that customers have? Does it offer something unique that competitors do not? Are customers willing to pay for it?

    During this process, entrepreneurs must be flexible in hearing feedback and adjusting their offerings to address it. In my experience, most startups start with fundamentally good ideas, but they need to listen to customers and adjust the product, service or price structure along the way.

    Related: 4 Keys to Grow and Scale Your Startup

    2. Seek out diverse partners

    It’s challenging for startups to grow beyond their initial phase because it requires additional fundraising. Seeking investment forces entrepreneurs to fine-tune their business plans and articulate their startup’s value proposition. What is your unique selling proposition? How does your product or service set itself apart? How much are customers willing to pay? Making a compelling pitch deck is difficult, but ultimately it makes any entrepreneur improve their business plan.

    I believe that diversity is critical in startup fundraising. Different types of investors offer different perspectives. Traditional VCs are proven investors, but in challenging economic times – such as now – they reduce the amount they invest. They don’t always conduct thorough due diligence and sometimes invest based on trends rather than research. Remember Theranos? Some startups aren’t as promising as they sound, and some turn out to be complete frauds. Other examples of poor investments or outright scandals include Ozy Media, Outcome Health, WeWork and Uber.

    Corporate investors are smart for startups to consider. Corporations typically do not reduce investments during challenging macroeconomic times because they invest strategically. They want to make money, yet they also look for startups that align with their business and technology vision. Investing helps corporations become more innovative while offering startups rapid growth.

    Related: 10 Things You Must Do Before Connecting With Investors

    3. Working together results in success

    Corporate investors offer unique benefits to startups and doing so helps improve their results. Let’s look at how this happens.

    • Corporate Innovation: Startups make corporations more innovative. By investing, corporations find the most innovative ideas around the world without having to come up with them internally. It’s hard to drive internal innovation, but investing offers an effective alternative. Companies seek out the best entrepreneurs from around the globe, investing in their innovative ideas.
    • Technology and business alignment: Due to their strategic alignment, corporate investors and startups can work together to develop products together and sell them to the same customers. A startup’s technology drives the corporation’s product or service growth, and vice-versa. I typically find this results in faster revenue growth for both parties.
    • Unique advice: Corporate investors offer individual advice to startups since corporate managers and executives are sharing knowledge from their own first-hand experience. They have failed, succeeded, and discovered ways to grow. By offering this experience to the entrepreneurs they invest in, the startup founders get a shortcut to success.
    • Valuable networking: Another way that corporations accelerate startup growth is to leverage their networks and offer introductions to partners and customers. This is typically more efficient than startups developing their networks. A corporation’s contacts have already proven themselves, so startups can often start working with these contacts immediately.

    Related: How Startups and Investors Can Thrive in the Current Economic Environment

    I anticipate that corporate investors will play a bigger role in startup investment. Traditional VCs may come and go, but corporate investors are in it for long-term, strategic reasons. Corporations increasingly rely on the Venture Capital-as-a-Service model instead of developing their own investment organizations. This outsources investing to an experienced VC partner, allowing the corporation to invest strategically at whatever financial level they choose. Doing so helps increase startup investments worldwide, ultimately benefiting the world through innovation.

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    Anis Uzzaman

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  • Scaling Made Easy: How Fortune 500 Night Vision Can Help Your Business | Entrepreneur

    Scaling Made Easy: How Fortune 500 Night Vision Can Help Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s noisy.

    If you’ve passed your early years of entrepreneurship, it can be difficult to decide what to do next. There are dozens of new ways to grow now. And how do you know if any of them will work? Especially if you have a small team, if you’re a one-person show, and if you started last.

    But if we look closely, there are timeless ways to scale hidden in plain sight.

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    Thalia Toha

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  • Smart Money: How to Strategically Scale Your Business and Achieve Sustainability | Entrepreneur

    Smart Money: How to Strategically Scale Your Business and Achieve Sustainability | Entrepreneur

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    Are you looking to take your business to the next level? As an entrepreneur, it’s easy to get caught up in the excitement of rapid growth and explosive revenue. However, if you want your business to thrive in the long run, it’s essential to take a measured approach that prioritizes financial stability and sustainability.

    We’ll be exploring this concept and much more in our upcoming free webinar, Smart Money: How to Strategically Scale Your Business and Achieve Sustainability, brought to you by Oracle NetSuite and Entrepreneur. Moderator Terry Rice will sit down with Jay Jung, an experienced corporate finance consultant with expertise in M&A, capital raising and growth strategy. He has more than two decades-worth of strategic finance experience and has a passion for creating effective revenue models, identifying challenges and opportunities, and more.

    In this webinar, Rice and Jung will explore practical strategies for growing your business without sacrificing financial sanity or long-term success. Join us to learn how to take a reasonable, grounded approach to business growth that sets you up for lasting success.

    Attendees of this webinar will learn:

    • The key elements of responsible financial planning and budgeting
    • How to build out the internal resources needed to manage a growing organization
    • Tools and processes to optimize your win rate and create a predictable sales cycle
    • The downside of growing quickly and how to build a sustainable business

    Join us for the Smart Money: How to Strategically Scale Your Business and Achieve Sustainability webinar, taking place live on Thursday, April 27 at 12 p.m. ET | 9 a.m. PT.

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    Entrepreneur Events

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  • 7 Crucial Ways To Scale Your Startup or Business

    7 Crucial Ways To Scale Your Startup or Business

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    Opinions expressed by Entrepreneur contributors are their own.

    Did you know that Quibi launched in April 2020 and imploded six months later? It shut down in October 2020, despite receiving funding of $1.75 billion. This article should motivate others to start scaling, so why did I start so dismally?

    Entrepreneurs want to scale, but not all businesses are ready for scaling. Some startups never make it big, so first, analyze if your business is prepared to scale up.

    Related: 4 Keys to Grow and Scale Your Startup

    3 telltale signs you are ready to scale

    1. You meet and exceed business targets: As a new business, your sales forecasts and action plans cannot predict how your business fares. Use exact time frames, expenses and average revenue for accurate sales predictions and increased profitability. Document met (and exceeded) targets to assess your statistical data. Next, set attainable, higher goals; if you still beat those, it may be time to scale.

    2. Your long-term business goals are challenging: If you are meeting revenue targets, why would the long-term goal of increasing profits be an issue? Your monthly returns may be great because you are fulfilling existing demand. Your long-term success may seem challenging because you currently lack people or resources. Refusing sales orders as your demand increases makes extended goals look challenging. This lack indicates that your business is growing quicker than you expected.

    3. Your supply is insufficient for your demand: Rising demand for your products or services is precisely what you aimed for, right? You will lose customers if you lack inventory, employees, or time to keep up with surging demand. The hype and brand image you build will also dissipate. Your revenue and expansion depend on your customer base. Improving customer handling ensures that they remain satisfied with your brand. If your startup is ready to grow, reinforce your infrastructure first.

    Related: How to Know When It’s the Right Time to Scale Your Business

    Successfully scaling a startup

    Entrepreneurs and business owners who scale up earn higher revenue at lower investments. Effective scaling improves your profit margin and increases revenue while reducing costs. Once you have determined that you are ready, the next question is how to scale your business. Below are seven ways you can successfully scale your startup.

    Data helps predict the resources required to scale. While scaling, it is crucial to maintain productivity and efficiency. A successful business handles spikes in workflows without losses like employee turnover. The following strategies make scaling up less stressful and improve efficiency and productivity.

    1. Create a business plan

    Create a durable strategy and include a monthly sales projection and milestone deadlines. List your target audience, ways to approach them and marketing strategies for conversions. These guidelines will help you track your progress.

    Do not forget to log known and expected expenses. Your current expenditure will be the baseline to measure how much it will cost to scale up. Make sure you document all the relevant details, or you may run into cash flow problems.

    Related: 7 Steps to a Perfectly Written Business Plan

    2. Build a team

    Hire employees or contractors, or embrace a franchise model as your operation scales. Work towards developing a cohesive team of people with diverse skill sets and talent.

    Inform your team members about all expected goals and objectives. Look after your team, and encourage regular meetings to understand their pain points. Brief them on key performance indicators to improve their performance. Do not foster employee burnout by expecting employees to take on added roles as you grow.

    3. Reduce costs of products or services

    Reduce material costs and buy used equipment. Hire inexpensive labor and reduce wastage. Compare vendor services and choose the most cost-effective ones. Use effective online marketing strategies that are often free.

    Negotiate for lowered rent or equipment expenses with vendors. Ask shippers for special rates to reduce shipping charges. Find ways to lower energy consumption and switch to green energy, which will cost less in the long run.

    Related: 4 Smart Ways to Reduce Costs Starting Right Now

    4. Optimize your product (or service) for buyers

    Identify your target market and learn how to reach and sell to them before you scale. Keep building your brand image on established online platforms. Create value additives, such as blogs, DIY articles, press releases and industry publications. Ask customers for reviews to build credibility.

    Track sources you get the most traction from to identify and fix issues in your lead funnel. Use the money saved by reducing costs to augment your product or service. Invest in customer service and functionality improvements, add new features and train your employees.

    5. Streamline processes

    Processes and procedures should be in place before companies scale up. Break tasks down and assign priorities. Automate because it saves you time and money and boosts employee productivity.

    Automated billing invoices your customers or adds any applicable surcharges. Automated customer support boosts your customer experience.

    Related: Want to Streamline Your Life? Get a System.

    6. Assess finances and funding

    Scaling costs money. It uses lesser investment but yields better returns. Scaling by using only reinvested profits may be difficult. You may choose to bootstrap to be self-sufficient, but that is not always possible.

    Apply for a business loan or line of credit from banks or lenders, or approach investors to fund your growth. The money you borrow will cost less than equity if you manage repayments well. Carefully choose repayment schedules, interest rates or investor control options.

    7. Improve your marketing

    Small businesses often rely on referrals or free online social media campaigns. You may need to supplement your marketing efforts as you scale.

    Focus on organic marketing channels such as search engine optimization and content marketing. Optimize your campaigns to control budget spending if you run paid campaigns on any platform, and set realistic goals to track campaign performance.

    Related: 10 Marketing Strategies to Fuel Your Business Growth

    Conclusion

    Any business growth requires elaborate planning for short-term and long-term business goals. These goals will guide you on the need for investors, recruitment and automation and their relevant solutions. Scaling is attractive because of its returns, but you will face challenges.

    Stay efficient and avoid errors by keeping data and processes streamlined. Increased customer retention helps; use your customers’ feedback and suggestions for improvement. You can do this.

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    Yasin Altaf

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