Successfully Scaling a Business

Successfully Scaling
a Business
MICHAEL AKKAWI

SUCCESSFULLY
SCALING A
BUSINESS
MANY SMALL BUSINESS OWNERS DREAM OF
GROWING THEIR BUSINESS TO SATISFY THE
NEEDS OF THEIR CUSTOMERS.

SCALING A
BUSINESS REQUIRES
FINANCIAL
RESOURCES TO
ADDRESS AREAS
SUCH AS HIRING
NEW STAFF,
IMPLEMENTING
NEW TECHNOLOGY,
AND EXPANDING
EXISTING FACILITIES.
However, a business with a
steady inflow of new customers
must consider its capacity and
capability to deliver to these
customers. Scaling a business
means setting in place the pro-
cesses and systems needed to
support seamless growth.
Have a Plan
An owner looking to scale must
first evaluate the business and
consider whether it is ready for
growth. Undertaking a strategic
assessment ensures the owner
understands what strengths
they are looking to leverage,
while also forecasting various
aspects vital to expansion. The
more specific this assessment is,
the better the chances of being
able to implement it.
Secure Funding
Scaling a business requires
financial resources to address
areas such as hiring new staff,
implementing new technology,
and expanding existing facilities.
While some entrepreneurs have
the finances to fund an expan-
sion, many others must seek as-
sistance from external sources
such as banks, friends or venture
capital firms.
Introduce Technology
Technology can help a business
gain huge economies of scale
when it is wisely implemented.
For example, business auto-
mation tools can reduce man-
ual work, ensuring a faster and
more efficient turnaround.

To learn more
about this topic,
visit the blog of
Michael Akkawi.

Successfully Scaling a Business

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