Susan - Workroom Tech
May 10, 20231 min
Updated: May 12, 2023
On this episode of The Sew Much More Podcast: 30 Minutes with Workroom Tech, Ceil DiGuglielmo and Susan Woodcock discuss business growth and the different ways that you can scale your small business.
Does the term "scaling your business" scare you?
Does it feel unattainable or out of reach because of expectations to have a seven figure year, or a six figure year or even a profitable year?
Discussion topics on this episode:
Are you ready for growth?
Do you feel like you have reached the full potential of your business?
Have you created a solid foundation for growth?
What is your goal?
Scaling up growth strategy examples:
Larger workspace / expanding or moving to a new location
Purchasing equipment
Hiring employees
Outsourcing
Adding products and services
Marketing and/or rebranding
Scaling back growth strategy examples:
Increasing efficiency
Raising prices
Eliminating less profitable products and services
Specialize / niche market
Financials - fine tune the numbers
Focus on core customers
Resources
SCORE mentors to America’s small businesses and a resource partner of the U.S. Small Business Administration, www.score.org. See this blog from SCORE about how to scale a business www.score.org/resource/blog-post/how-scale-business
Blog from Business.com "8 Tips for Scaling Your Business" www.business.com/articles/8-tips-for-scaling-your-business/
The Millionaire Next Door: The Surprising Secrets of America's Wealthy by Thomas J. Stanley & William D. Danko, 1996.
Michele Williams, Scarlet Thread Consulting
Ann K. Johnson, Sew Easy Windows
The E-Myth Revisted: Why Most Small Businesses Don't Work and What to Do About It by Michael E. Gerber, 2004