Did you know over a third of the United States working people are employed by small businesses? Yet, in 2016, the Bureau of Labor Statistics reported that half of small businesses fail within the first four years.
You provide jobs, you provide security to those around you, you provide substance to those you serve. You are unlike 50% of small businesses in the United States because you are ready to scale.
We’ve uncovered 4 signs that show your business is ready to scale…
Strong Cash Flow Situation and Forecast
With a clear understanding of your business’s finances and with clean financial data (you need clean books and practices in place) you can get a pretty accurate forecast of your cash flow. What does your cash flow situation look like? If your cash flow forecast can help you see a clear picture of success and growth, then your data might support your decision to scale.
Can you count on your team? More than that, does your team understand your vision? When your team sets goals, are they setting performance goals (this shows goal setting within one’s comfort level) or are they setting development goals (these goals can show motivation and future focus)? If so, your team might be able to take you to the next level! Successful scaling is only achieved with execution. With the right team and methods in place, you can accomplish anything.
You Are Turning Down Opportunities
If you are turning down opportunities because you don’t have enough product to sell them or you don’t have enough time in the day to best serve them, then it might be time to scale.
You’re Exceeding All Goals
Are you setting goals and quickly exceeding them? It’s hard to deny the data you take from your business (unless that data is skewed). Your business data can be very telling. Do you understand it? If you do, and you are accomplishing goals faster than you’re setting them, you’re business is telling you something… hint, it might be time to scale!
We get it. Growing and scaling a business is daunting but it’s SO worth it. For growth-minded entrepreneurs, creating a wealth vehicle for your business is everything. Growing and scaling your business is the next big step… Are you ready?