My Framework For Scaling Your Small BusinessSep 19, 2022
If you’re thinking of scaling your small business, you’re likely utilizing your Google research wizardry skills. That may even be how you came across this blog!
By now, you know that scaling too quickly is basically equivalent to killing your small business. And you know that, among other things, you need a solid 2-year plan to successfully scale your business.
Although you keep hearing about needing a plan, all your googling is just more of the same results. That’s why I’m laying out a sustainable framework to help you scale your business.
As a financial coach and outsourced CFO, many clients come to me after making serious business mistakes. Since my career is dedicated to helping my fellow women entrepreneurs, I want you to skip the errors and have a straight path to success.
My framework for scaling a business will help you get your ducks in a row and avoid the most common scaling mistakes a business owner can make.
A Powerful & Sustainable Framework To Help You Scale Your Business
While I definitely do not recommend trying to scale your business all on your own, this framework is a great place to start.
Want to avoid other common mistakes most business owners wish they knew sooner? Download my guide, 6 Mistakes Every Business Owner Needs To Avoid, and look forward to a successful future.
Dial In Your Workflows, Dependencies, & Procedures
Is that a mouthful or what? I know it may seem overwhelming, but trust me, you want to fully understand your workflows, dependencies, and procedures now rather than later.
While scaling a business does require an open mind to make pivots when necessary, you don’t want to dive in planning to learn as you go. There’s a reason why a majority of businesses that scale too quickly fail.
So, what is a dependency? Dependencies occur when you cannot complete a task unless some other task has been completed first. These can cause serious roadblocks and delays in completing work if they are not identified ahead of time and mapped into the workflow.
Documenting your workflows and related dependencies in your procedures is incredibly important. Whether you’re longing for an unplugged vacation or want to prepare for more morbid possibilities, documentation will allow your staff to keep your business running smoothly in your absence. Plus, documentation will make onboarding and training new employees a whole lot easier!
Identify Scalable Tech To Stay Connected Internally & Externally
Choosing the right software for your small business can be complicated, to say the least. Plus, you may not even know yet what capabilities you want in your software.
This is why working with a process expert with experience in your industry is important. They can help you sift through the hundreds of software options to find one that fits your needs and your budget. Furthermore, you want tech that will scale with your growing business. Otherwise, you’ll be looking at spending a lot more time and money once your business grows out of the “this is fine for now” choice.
The right software will keep you connected to the internal and external operations of your business. Collaborating with clients, tracking vendor orders, and delegating tasks to your employees all require strategic software, but it doesn’t have to break the bank!
The right scalable tech will allow you to only pay for what you need when you need it. Plus, you can stay connected with every aspect of your business all in one place. As your business grows and you add more clients, employees, and vendors, you won’t have to worry about migrating all your data to new software.
Strategically Manage Your Inventory & Supply Chain
Bulk inventory options at a discount may sound too good to be true. No wonder so many businesses overstock their inventory!
But if your inventory overload interferes with your cash flow, it’s time to pump the brakes and take stock – no pun intended! Can you afford to buy in bulk? Do you have space for all that extra inventory? It’s a slippery slope that can lead to feeling the need to rent more space, when what you need is strategic management of your inventory and supply chain.
With the right software, you can set minimum and maximum stock level alerts, reorder points, and more to help keep your inventory as lean as possible, meet your demand, and maximize cash flow.
Among the many roles I’ve held in my career, I’ve learned a lot about warehousing, systems implementations, process improvements, and more. So, what does this mean for you? In addition to being your financial coach and outsourced CFO, I can also help you streamline your inventory and supply chain.
Knowing what to do to help your business grow is just as important as knowing what not to do. Set yourself up for success and download my guide, 6 Mistakes Every Business Owner Needs To Avoid, today!
Build A Solid People-Focused Company Culture
People are by far the biggest asset of any business. As a CFO, I’ve witnessed too many business owners not put enough emphasis on company culture and then wonder why their business struggles.
Have you ever heard the phrase, “The tone starts at the top”? Let that sink in a minute. As the owner of your small business, you are in a leadership role (whether you like it or not).
Your demeanor, work ethic, treatment of employees, and more have a trickle-down effect. As the big boss, it’s your job to set the tone you want to see your business reflect.
To set the right tone, you need to understand human resources well. From offering support and defining clear expectations to creating a wholesome work environment, always remember that your people are your business.
Invest In The Right Sales & Marketing Techniques To Reach More Ideal Customers
Along with other powerful framework factors to help your business scale, you need more customers. After all, isn’t that a key factor of scaling your business?
But you can’t just count on word of mouth and a few good reviews. In fact, the framework to sustainably scale your business includes a strong marketing plan. Just like other areas of the scaling framework, your marketing needs to be strategic. If you could just yell from the rooftops that you have a stellar product or service, more people would be doing that.
You need to reach a larger audience of people who are your ideal customers. As you scale, it’s important to keep in mind that your ideal client may change, or you may add some new ones as you develop new services. The plan you’ve been using won’t support your growth plans without at least some tweaking. Many of you could need a major overhaul.
Build A Powerful Framework That Will Help You Scale Your Business Sustainably
Ready to stop thinking about scaling your business and finally make it happen?
If so, then you need a powerful framework to follow. Otherwise, you may end up like the majority of small business owners that fail after scaling too quickly without the proper preparation.
As a financial coach and strategic CFO, I work with women-owned businesses to help them succeed. Whether you’re interested in learning how to effectively manage your cash flow or if you’re ready to scale, I am here to help. From my years of experience, I have a vast knowledge of what it takes for a small business like yours to be successful.
Unfortunately, too many business owners try to do it all on their own and find out the hard way how unsustainable it is. To put yourself in a position to successfully run your business, download my guide, 6 Mistakes Every Business Owner Needs To Avoid to get started today!