Is your Business SCALING or EXPANDING?
Simply put, are you looking for a change or simply to grow to a bigger scale doing the same thing?
You start to build a business and your foundations are in place, you are clear on the market you are in, you are clear about who you are selling to, and you are clear where you want the business to go. However, when you started this business of yours, you will find that it is rare to see the business vision you had at the beginning be the same as you see it to be now.
Where is your business currently at right now, is it Scaling or Expanding?
To be clear we need to ensure any business has a future and if you are building in the right way you will know when you are ready to scale or ready to expand.
Scaling is something that let’s be honest the world and business owners today are fixated on. We as a society want more most of the time and if we are enjoying what we do and we are good at it, why would we not want to offer more of that goodness to others?
A business should be growing year after year and we want healthy balance sheets. If you are growing then you are scaling and there are many benefits why a business should be looking at scaling.
Here are some:
1. Your business is efficient
Scalable businesses are more efficient because they have a plan B to ensure the business is always generating revenue and can plan for eventualities.
If you are a business that is scaling you have processes and operations in place to ensure you can expect and handle the highs and lows as an owner you encounter.
You must be resourceful, and adaptable, and maintain flexibility. If the past 2 years of a world pandemic have not demonstrated this more than ever in this modern world we need to pivot and adapt to economic changes and pressures. This is sometimes knowing when to up-scale or downscale.
It is known to many that not many businesses reach their 5th Fiscal Year in business it is one heck of a journey when building a business. However, those who carefully consider scaling will more than not experience a longer future in business than others.
When you have reached a point of scalability and have truly nailed it to where it needs to be, there is then an opportunity of expanding which is looking at the business in a completely different way.
⇨ Related to this blog: Is Your Business On The Right Path?
Expanding is when we are ready to change what is already created and scaled to benefit more. Many companies and entrepreneurs do this, I can refer to two entrepreneurs off my head now to demonstrate this, think of Richard Branson who by the 1980s had expanded what he had built to other industries like the gaming industry with Virgin Games, transportation with Virgin Atlantic and expanding again with Virgin Holidays.
Then we have the late Steve Jobs, the brains behind Apple – one of the marketing strategies he talked about was to “innovate, innovate and innovate always working towards what you can change and evolve." When Steve Jobs returned to Apple to turn the company around in 1997, all he said was, “The cure for Apple is not cost-cutting. The cure for Apple is to innovate its way out of its current predicament.”
Expansion is also looking at the world as a whole and what our role can be to help make this a better world. This world needs expansion all the time, it’s not necessarily always about having more and being bigger, it's how we can evolve and be better in all areas that we are working in that will not only benefit the individual but also everyone to create ongoing change.
This world needs ongoing positive expansion!
The good news is if your business is scaling right now or ready for expanding you have nothing to lose today to strive for that next step. That next step is towards the adapted vision you now have not the one you created when you first started out in your business.
You may be ready to build on those foundations and ensure your business is scaling as it should or you may be at a point where you have a feeling that you know there is something else and you want to expand.
Not the step to keep you moving at the same frequency, the step that takes you to the next level.
Are you looking for a change or simply to grow to a bigger scale doing the same thing?
It's an interesting question all of us leaders, serial entrepreneurs, and business owners of any size should be asking and really see the part we all can play in this world. Working towards positive change and looking at your business in another way allowing it to expand can truly make a bigger impact than you might have first thought.
Enjoy the journey and as always wish you love, light, and prosperity