What is the key to scaling a business successfully?

[SSadler]

Can you meet a sudden boost in demand?

To answer this question, you will need one thing (and no, it is not more capital).

You will need a plan, but not just any plan. You'll need a strategic one. The key to successfully scaling a business lies in your strategic plan. How will the company get from point A, the start, to point B, wealth in abundance, while continuously creating room for growth along the way, the scale? Let me take you on a journey to what this entails.

When we start a business, we typically know two things, where we are currently and where we want to end up in the future. But what will the journey require? There are so many different paths you can take that will lead you in all sorts of directions, but the determining factor will lie in the simple question, what do YOU want YOUR journey to be? How do you want it to feel? What do you want to experience? What will make you excited to jump out of bed and create magic everyday? The answers will be your foundation. It will be hard to yield results if you are not in a space that allows you to maximize your efforts. So, when it comes to scaling your business, the first thing you need to do is check in with yourself to determine what will work best for you. Next, you will need to figure out what your end goal will be. Do you want to sell your business, would you like to pass it down to the next generation, or do you want to become a publicly traded company? You have options! Once you decide which option is likely to be exercised, you will be ready to tackle the in-between or the scale. The scale can be overwhelming because you have so many different options, but now that you have the foundation for your strategic plan, what goes in the middle will become clear as you move forward.

Which brings me back to my initial question: can you meet a sudden boost in demand? The reason why having a strategic plan is the key to successfully scaling a business is because it will ensure the company, one, is scalable and, two, can do so in a way that allows you to receive the maximum benefit needed to reach wealth in abundance. The strategic plan you create will be your roadmap to guide you through each level of growth. It will ensure that no matter what gets thrown your way, you and your team will always have something to look back on to keep you focused and heading in the right direction. The strategic plan will clearly and concisely detail the action steps needed at every stage of growth that will lead the company to point B as efficiently as possible.

Efficiency will be in the details. The more detailed you are, the better! When you provide as much detail as possible, you will know your numbers inside out, the best time to begin adding key players to the team, and exactly how their added role will give the company the boost it needs. You will have the answer to whether the company can meet that sudden boost in demand and the point in time you will be able to. Developing a strategic plan for success is not just about meeting demand but knowing if you and your team are able to. As an accountant, and Founder and CEO of Luxe Financials accounting firm, I work with my clients to understand what lies between them every step of the way. The in-between is what leads to success. It allows you to make the best business decisions for your growth based on the financial data available about your current position. It also opens the door to having honest conversations with yourself and your team about whether scaling at a specific moment in time is even something the team can handle.

By having a strategic plan in place, you and your team will have a roadmap to scaling your business and know you can do so in a way that leads to success. Being able to anticipate what's next gives you a certain level of comfort. As an entrepreneur, I appreciate having some idea of what to expect! A great sense of relief comes over me when I know that I can go back to my wealth blueprint, the plan I use for myself and my clients, and know exactly where I am on my journey. It prevents me from making decisions I will regret later and gives me the confidence to know when it's okay to walk away from something because I may not be ready for that yet. The goal is to build a company built to last, and in doing so, continuously give yourself grace while you develop your strategic plan. That will be the key to your success.

If you found this post helpful or have any questions, feel free to contact me.

Let's Build!

Instagram | Twitter | LinkedIn