Scale for Success Buchzusammenfassung - das Wichtigste aus Scale for Success

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Zusammenfassung von Scale for Success

Name: Scale for Success
Rating: 4.2 (161 reviews)
Author: Jan Cavelle

Jan Cavelle

Expert Insights into Growing Your Business

4.2 (161 Bewertungen)

17 Min.

Inhaltsübersicht

Scale for Success
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Kernaussage 1 von 6

What’s in it for me? Learn how to grow your business successfully.

When you first launch your business, all that you need to succeed is a good idea, grit, and a small amount of initial capital. After that, it’s mostly in the hands of fate. But when it comes to scaling your business, there are a lot more challenges that need your attention.

Scaling means raising capital, hiring new staff, and maintaining a positive work culture in the face of pressure and rapid change. It means new ways of marketing and learning the latest sales techniques. And perhaps most importantly, it means laying a lot of groundwork before the scaling process even begins.

That’s where these blinks come in. Based on the advice of a diverse group of successful entrepreneurs, they walk you through the challenges and opportunities that scaling your business can present.

In these blinks, you’ll learn

why crowdfunding your growth might make sense;
how to sell with integrity; and
how to make your marketing stand out.

Preparation is essential for successful scaling.

Scaling isn’t easy. After all, growing your business isn’t just a case of doing more of the same – and it certainly isn’t something you can leave unplanned.

Bev Hurley, the CEO of the YTKO Group since 2000, learned that the hard way. In a matter of weeks, the firm doubled in size, going from 20 to 40 employees in the blink of an eye.

While this growth seemed like a sign of success, in reality, YTKO was having problems. The firm’s sudden expansion hadn’t been properly planned for, and YTKO lacked the HR processes, tech infrastructure, and training procedures needed to deal with its growth.

The key message here is: Preparation is essential for successful scaling.

Thankfully, Bev Hurley learned from her mistakes. A year later, the firm doubled in size again, going from 40 to 80 employees. But this time, things went a lot more smoothly: Hurley made sure that the groundwork for growth was laid before the expansion began. This time YTKO was prepared.

So how do you know whether or not you’re ready to scale? Well, you can test your preparedness simply by exercising your imagination. Imagine that you were to receive a whole year’s turnover tomorrow – how would you scale for that? Where would your gaps and weaknesses lie, and how would you deal with them?

One example is that many firms lack the working capital they need to scale. But working capital, the capital available to a company for day-to-day expenses, is vital when scaling. Recruitment can prove costly, as can bigger locations, and more stock and salaries. Take a minute and ask yourself whether you could raise the capital to fund these things, or whether your expansion would quickly leave you cash-strapped.

As important as working capital is, it’s still just one consideration among many. It’s also paramount that you have a reliable senior team in place before you start to scale. Having even two or three established employees alongside you, who you know you can trust absolutely, can make a world of difference when it comes to scaling your business.

Crowdfunding your company's growth can be extremely advantageous.

If anyone knows that scaling your business requires large sums of cash, it’s Ben Revell. When he first launched Winebuyers, an online wine store, back in 2015, he did it on a shoestring budget of just £3,700. But when the time came for an expansion, Revell didn’t look for a bank loan or venture capital investment: instead, he opted to crowdfund his company’s growth.

Crowdfunding is often used to raise money for charity, but it’s also an option for small businesses trying to raise funds. In crowdfunding, a large number of investors provide a firm with the capital it needs in exchange for shares in the company, or interest on the loan, or even a discount on the firm’s products. [Pause] But is it a good idea?

Scaling doesn’t have to harm your company’s culture.

Scaling brings plenty of opportunities, including bigger clients, complex projects, and new employees. It also brings us closer to the holy grail of the business world – higher profits. But it’s not all fun and games. Scaling can also involve significant risks, not all of which are financial.

One such risk is that a company’s original culture could be sacrificed as it grows, being gradually replaced by a toxic culture that makes employees feel both unwelcome and undervalued. That’s where someone like Natalie Lewis, the owner of Dynamic HR Services comes in.

Tailor your marketing toward real human beings.

When you’re running a small business, marketing is usually pretty straightforward. Rather than elaborate strategies and complex campaigns, most small firms begin with little more than a website and a social media page or two.

But when it’s time to scale, all of that changes. The marketing strategies you relied on in the early days won’t propel your expansion as you grow – and all of a sudden, marketing seems to require a whole lot more time, effort, and thought.

Sell honestly and with a sense of genuine curiosity.

Salespeople are vital to the success of any business – but it’s fair to say that in the mind of the general public, the profession’s reputation isn’t ideal.

You see, lots of people think of sales as an area dominated by smooth-talking, charming, but ultimately dishonest hucksters – and according to Andrew Milbourn, a sales expert and CEO of Kiss The Fish, they’re not that far from the truth.

Make sure your company is well-staffed and organizationally sound.

Mike Lander, a serial entrepreneur, has heard all the excuses people have for their firm’s failure to scale up. Some say the market was too competitive. Others claim they suffered bad luck. And others even say they never really wanted to grow to begin with.

In Lander’s eyes, this is all evidence of something he already knew – that succeeding in the business world can be hard. After all, everyone would be wealthy if it were easy. But Lander’s spent enough time building businesses to have picked up a few nuggets of wisdom – some key insights that can make the difficult journey to the first one-million-pound profit just a little less daunting.

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Worum geht es in Scale for Success?

Scale for Success (2021) is a guide to turning your small business into a far bigger and more successful enterprise than it is today. From crowdfunding to job descriptions, it covers the ins and outs – and highs and lows – of scaling up any firm.

Wer Scale for Success lesen sollte

Entrepreneurs trying to break into the big league
Anyone working at a small business or early-stage start-up
Veteran businesspeople interested in mentoring small business owners

Über den Autor

Jan Cavelle is a semi-retired entrepreneur from England who now works as a freelance speaker and writer. She’s founded several businesses, including a furniture design firm, and has written for a number of business publications. Scale for Success is her first book.

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