Business growth is a dream that sparkles in the eyes of many small business owners. But bigger is only better when your business operations are scalable.
Significant growth without proper planning usually comes with extra costs and more work that could leave you and your business vulnerable and unprepared for the challenges of success. If the point of growth is to clear more profit and free up some of your time, you need to be ready to scale.
Scalability is a buzzword common in the tech and startup industries where businesses anticipate and prepare for rapid growth of the company. With rapid growth comes the risk of crashing and burning without the proper resources to support the changes. Scaling your business helps ensure you can handle any rate of growth for your greatest success.
The basic idea behind scaling is structuring your business with flexible systems that can handle growth dynamically. Scaling allows companies to double in size rapidly without complete chaos.
Scaling your business is all about preparing for growth and putting measures in place to ensure that the growth will be sustainable. Examples of scaling efforts include:
- Streamlining your systems to increase productivity and efficiency. Think about synchronizing your tech infrastructure, company policies, and workflow.
- Protecting your business from the potential pitfalls of growth. Rapid growth can expose you to vulnerable circumstances that can counteract the benefits of increased business. Small oversights can really add up when your business is experiencing rapid growth. Get your legal, insurance, financial and tax systems dialed-in to ensure you are ready to scale sustainably. Contact us for help with this.
- Hiring key players who have the capacity to leverage growth. This is important if you want to take your business in a new direction or need someone experienced in handling growth in your particular sector. And, make sure you’ve got contingency plans in place so your business isn’t at risk if a key player leaves.
- Building strategic partnerships that will see you through your growth. Find multiple vendors who can meet your growing needs. Don’t put all your eggs in one basket. And ensure you’ve got airtight agreements with vendors that properly share the risk. We can help with this too.
Scaling your business sustainably can help you welcome growth without unnecessary costs and wasted effort. If you’re ready to take that step toward scalability, begin by sitting down with us. As your Creative Business Lawyer® we’re here to help you implement a legal, insurance, financial, and tax system that will ensure you can grow your business efficiently and worry-free.
This article is a service of Hiatt Law LLC, Creative Business Lawyer®. We offer a complete spectrum of legal services for businesses and can help you make the wisest choices on how to deal with your business throughout life and in the event of your death. We also offer a LIFT Start-Up Session™ or a LIFT Audit for an ongoing business, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule.