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When, why and how to scale up your business operations

The goal when scaling up a business is to increase your revenue without incurring a great deal of additional costs

Establishing yourself in your marketplace needs to be the sole focus of any new business, but it is often clouded by a desire to scale up and tackle new and exciting markets. This is especially the case if there is a level of hype around a product or service that generates significant interest or attention.

Growth should be your first goal. This can be thought of in a linear sense: as you add more people, capital or technology to your business, your revenue should increase. This can be a tricky process to manage because as demand grows for your products and revenue increases, you may also have costs that are associated with delivering that value. For example, needing to hire more fitness trainers because there are more people wanting to attend your classes, or having to manufacture more product to keep up with an increase in demand for it.

It takes a lot of careful resourcing and planning to sustain constant growth, and sometimes businesses need to spend more than they are making to create the infrastructure for growth. Therefore, it’s so important to forecast and track your cash flow, as well as your revenue and profit.

Scaling up

When it comes to scaling your operations, your goal changes. The goal when scaling is to increase your revenue without incurring a great deal of additional costs. In other words, you begin to experience exponential growth with only minimal increases to costs.

You will know that you are ready to scale up your business when you have proven that people want your offering. At this point, you can start to consider how and where you could take your product or service to a mass market. For example, by entering new markets or targeting new segments of an existing market.

Scaling your business venture will require you to pay close attention to where you are spending your time, ensuring that the right people are doing the right tasks in the business efficiently and in line with company goals and aspirations.

Key milestones

You’ll also want to consider key milestones so that the entire organisation knows what it is working towards. The focus should be on its key strengths, as opposed to diversifying rapidly into new products, services or offerings too quickly in a way that distracts and dilutes your offering.

This is also an essential time to investigate the tightening of processes so that at any time, a task can be re-delegated or scaled up in a new marketplace.

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Launching and Growing a Business in Wellness

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