Transcript:

In this video, I will share three major risks of scaling your business and how you can overcome them.

As a small business owner, you know, that scaling your company is essential for growth, but it’s also fraught with risk.

In this video, I will share three major risks of scaling your business and how you can overcome them.

The first risk is that you’ll have to do all the work yourself and quickly become overwhelmed or burned out. Business owners often don’t delegate well or delegate to the wrong people. To scale successfully, you must learn to delegate tasks and give up some control. To overcome this, you must implement systems and processes to get delegate tasks and share the load. Also, you need to track and measure that those tasks are getting done and done correctly.

The second risk is that you’ll run out of money. A key aspect of growth that you must understand is that growth sucks cash. Let me say that again, growth sucks cash. You need to reinvest in your business to fuel its growth when scaling, but that means you must have a good handle on your finances and cash flow. Make sure you have a realistic budget and financial projections to see where your business is going and make informed decisions about how to invest your money. You must understand how cash flows through your business and what levers and dials you can use to grow your revenues, profit, and cash.

The third risk is that your customer service will decline. As your business grows, it’s vital to maintain the same high level of customer service that got you where you are today. That means having the right people in place to handle customer inquiries and complaints. It also means having systems and processes in place, so customers always know what’s going on with their order or service request. If you don’t have systems and procedures in place, your customer service will quickly become a bottleneck that can cripple your business.

So those are three major risks of scaling your business and how you can overcome them. Delegate tasks, invest in systems and processes, and maintain a high level of customer service.

Do those things. And you’ll be on your way to successfully scale your business.

Would you like to discover more about this and other topics essential to business success and growth?

Yes. Great!

Then there are a few things that you need to do right now.

First like this video, so I know that you got value and I’ll make more videos like this one.

Second, subscribe to this channel and click the bell to get notified whenever we post a new video so that you don’t miss a single piece of the valuable information we share.

Next, leave me a comment with your questions, suggestions, or just what you liked or didn’t like about the video.

And last, click the link in the description to register for our next live web class.

We hold them on Thursdays and unearth the secrets to scaling your business. You can also register by going to www.businesssuccess.group/scalinglive that’s www.businessuccess.group/scalinglive.

This post has no tags.
About the author,

With 14 years of experience in working with small and medium sized businesses to help them grow, Doug is committed to seeing business owners thrive. Business coaching is what drives Doug.

Leave a Reply

Your email address will not be published.