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Saturday, 2 November 2019

What is scalability in business? 5 keys for success + 3 business organization tools

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5 keys to building a scalable business

Tips on scaling a business:
  1. build a solid foundation
  2. focus on scalable business solutions
  3. embrace strategic planning
  4. focus on your core strengths
  5. be patient

5 keys to building a scalable business

1. Build a solid foundation

Right now—while your business is small—is the perfect time to invest your time and energy in foundational systems that will allow your small business to grow into a much larger entity. These systems and processes can help you avoid the painful (and expensive) growing pains that can hit when you’re not prepared.

2. Focus on scalable business solutions

In the early days it can be tempting to go with the quick (or cheap) fix. Money, time, and expertise can be in short supply, and investing in basic solutions that don’t require a huge financial investment or learning curve can seem like the wisest solution. 

3. Embrace strategic planning

Strategic planning is the link between a great idea and true success and growth. More a philosophy of operation than a one-time event, it requires ongoing attention to detail and an investment of time. Knowing your business inside and out can prepare you to deal with challenges and prepare you for opportunities to scale.

4. Focus on your core strengths

You can’t be everywhere. Focusing on your core strengths and hiring or outsourcing the rest of the tasks associated with running your small business is essential to a scalable business. Concentrate on working on your business instead of in your business; scalable business owners are experts at leveraging outside resources. Build a staff or team of freelancers to do what they do best so you can concentrate on letting your own native genius work its magic.

5. Be patient

Rome wasn’t built in a day. Good things come to those who wait. Patience is a virtue.

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