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.
You can listen here:
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?
Scaling can be about growth but it could mean "scaling back"
to focus on the profitable parts of your business.
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
A plan is essential for any growth strategy
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
