Being busy is tough, but it’s also exciting. Being busy means you have created a product or service that people love. Well done! You should be proud.
One of the biggest downfalls with being busy is the inability to keep up with the demand. As a result, you could lose customers or your reputation. Obviously, you don’t want all your hard work going down the drain.
So, how do you know if it’s time to expand your business or hire help? There are signs that just might be telling you it’s time to scale up your business!
What is scalability?
Scalability is the process of maximizing the resources your business already has and creating exponential growth and leverage. It means more business and more profits.
Here are 5 signs to look out for when deciding whether to scale your business.
- Repeat Clients: The first sign is that your business already has a steady stream of clients and new clients might be waiting in the wings. A steady stream of clients means that you provide a good service or good product and that you are doing that consistently. Also, a steady stream of clients means that you are bringing in stable revenue.
- Turning Down Business: This is a big one! If you are turning down business or potential clients because you don’t have enough time in the day, inventory or staff, then it’s time to scale up. You don’t want to turn down business opportunities that can affect your reputation. You just need to focus on creating the systems to scale up your business.
- Steady Revenue: Take a look at your expenses. Are most of your expenses predictable? Are they mostly used for maintaining your operations? Do you have regular money coming in that covers all your bills and your salary? Then it might be time to scale up.
- Strong Team: Do you have a GREAT team? Awesome! But at times it feels a little graceless? This could be a great sign that it is time to scale up. You are proud of your team and all they can accomplish, but now is the time to set up systems so your strong team can be even more efficient and successful. Once you get the right systems and procedures in place, you can have full confidence in your team and delegate more smoothly.
- Clear Goals: You know what your goals are. The last sign to help you decide whether it’s time to scale up is that you have a clear idea of where you want your company to go. What are your ultimate dreams? If you are still focusing on the day-to-day, the “just get through today” mindset, you might not be ready yet. But, if you have your sights set on the future and where your company could go…..then it’s time to scale!
This can be a crazy time in your small business. Taking the next step can be daunting. But with the help of a great Virtual Assistant team, like Life By Design Virtual Solutions, you can achieve your dreams. Virtual assistants can take some of the load off your shoulders and allow you to focus on how and when to scale your small business.
Live your life by design, not by default!