A lot of business coaches and resources talk about scaling a business, but there can sometimes be confusion around what it entails and what the benefits are. This video explains how scaling works and the benefits.
Why would you want to scale a business?
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You’ve probably heard of a lot of business coaches talking about this, and if you’re also reading business resources, they often refer to scaling your business and why it’s so important to do that. I’m going to be covering what scaling is and then why you really want to do it.
Scaling your business is the process of building it in a way which eliminates the things that prevent it from growing. The most obvious example of this is let’s say you can look after 10 customers yourself but you can’t look after 100 customers yourself, because it’s too much work involved. So, to scale that, what you then do is you would get staff in to help you do various things, then bring in systems and automate parts of your work to free up even more of your time so you could work with more customers. Fundamentally, scaling is the the process of freeing up your time doing various activities, so you could then deal with more customers so you can take it one step further than that; once you freed up enough of your time, you’re then freeing up your staff’s time. It’s a constant process of hiring, delegating, outsourcing and automating your business.
The idea is you want to build this million-pound business and you want to do it within any reasonable period. It will give you that freedom and lifestyle. Working in the way that you want, making decisions that you really want to make, do the hours you want to do and having that financial freedom are all components of building a million-pound business.
Scaling is going to get you to that million-pound valuation. No one will pay any decent amount of money for a business that is heavily reliant on you, unless you have some really, really good contacts and an outstanding brand. Even then, your potential will be heavily capped. Through the process of scaling, firstly, your business is going to be a lot more profitable, you’re going to have a lot more free time, and it’s going to be worth much more.
If you want to learn more about scaling your business, because let’s face it if you know what you’re doing it can be straightforward, but if you don’t you may not even know where to start; then get in touch with me or book a free strategy session by watching the free online training session ‘How to create an exit strategy’. If you’re struggles or challenges are more urgent, you can also email firstname.lastname@example.org