Guest: Jeff Moore
Topic: Preeminence
Growth vs. Scaling
How to know when you’re ready
Building systems early on
The value of good coaching
Episode 21: The Right Time to Scale Your Business
“You know you are ready to scale if it feels like you already have your foot on the gas, and there’s friction somewhere… if you feel like you need to force it, you’re probably not ready to scale.”
Nic Peterson (6:02 - 6:12)
To scale or not to scale.
Before we dive deeper into the topic of scaling, let's get one thing clear - it's not absolutely necessary for you to scale your business. We tend to get caught up with what we see others doing on social media, and it's easy to all into the trap of thinking that we must do the same.
Your goals, lifestyle, and circumstances are unique, and you need to figure out what works best for you. Maybe you are happy with the business that you currently have, with the people you're serving, the money you're making, and the life that it provides for you and your family. If that's the case, don't feel compelled to scale because of other's opinions.
However, if you feel like you're ready to expand your business to serve more people and have a more significant impact, it's critical that you learn to distinguish between growth and scaling. You can grow your business by selling and acquiring a bunch of new clients. But scaling means you have systems in place to deliver high-quality service to those customers. You must have the processes and infrastructure in place to be able to sustain your growth.
“Growth is acquiring more customers by selling on the front-end. Scaling is the ability to deliver the results you’ve promised to all those customers.” - Nic Peterson (8:34 - 8:41)
If you've decided you want to scale your business here are a few things to keep in mind.
3 tips for when to scale your business.
How to know you're ready?
If you get anxious about delivering quality results every time you make a sale, you're probably not ready to scale. Most likely, you don't have systems and processes in place to be able to serve many clients at a high level simultaneously. It might be a better idea to develop a solid foundation first to be able to handle massive growth in your business.
Is it ever too early to scale?
No, it's not. If you're a visionary, like many entrepreneurs, you're likely to keep going a hundred miles an hour till you hit a wall. Building systems early on, when you have more bandwidth, will allow you to be more deliberate as you implement processes to deliver quality results to your customers while growing at the same time.
How about being too late to scale?
The answer, again, is no. But this time because it's better late than never. If you already have a business that is running full steam ahead, and then you realize you don't have the foundation to support what you've built, you'll have to hit the brakes so to speak. This drop in momentum can be difficult for entrepreneurs to handle. That being said, you can still scale, ideally with the help of an experienced business coach.
“If you start to build the process to scale from the beginning, then you’re going to be creating the systems to sustain growth from an early stage.”
- Jeff Moore (11:02 - 11:14)
So, to sum it up, it is never too early to scale your business, if you decide that you want to have a greater impact. While it might require you to slow down temporarily, it’s always a good idea to put the right systems in place so you can speed up eventually. To expedite the process, work with a good coach who can help you navigate through the process and put you on the path to massive growth.
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