When is it the right time to scale?Sep 24, 2021
This is one of the most common dilemmas for many business owners and it was a question I got asked on my show Ticker Ventures by Vahe Arabian. Vahe founded State of Digital Publishing, a content strategy and SEO consultancy, and online publication focused on online publishing and digital media trends.
After working on the business full time for the past 3 years, Vahe wanted to talk to me about the next phase of growth.
But I had to break it to him. Scaling isn’t right for every business. And that’s because it depends on what you want to achieve.
Here are some considerations for scaling your business.
Firstly, you have to trade something off. You can't scale you. It’s very difficult to scale the success you’ve had unless you can teach someone else who can also bring about that same level of care and understanding to your clients.
Secondly, you need to ask yourself, is scaling the right strategy for your business? Some businesses are very successful because they are small and efficient. And sometimes there's actually an opportunity for just more efficiency. For instance, can you squeeze out maybe not necessarily more revenue but more profit?
I think staying small is great. It's beautiful. You can see everything, you know everyone, you can pivot quickly, you can take on new opportunities. And there is a lot of flexibility and a lot of strength in that.
You need to consider whether your goal is to build a really large business or make a really good profit. I think they are two very different courses.
Sometimes the default is to scale for scaling’s sake. But this is not always the best option.
There's a lot more leadership and management involved with larger businesses, as well as alignment and communication. There are also many, many other investments you'll need to make, other than just adding more people and doing more work. There will be greater challenges. And sometimes that's going to distract you from your actual goal.
It doesn't necessarily lead to the ultimate outcome. If your ultimate outcome is to make money or sell the business, there are many different approaches where you don't necessarily need to scale.
The key is to never lose sight of what you're doing today, and where you are winning.
⚡️ HIT ME UP IN NEW YORK CITY! ⚡️
I’m heading to New York City today. I’m jumping back into the saddle of CEO for Finder’s US business.
New York will always hold a special place in my heart because it’s where I found my purpose. In 2016 I headed to Manhattan to launch Finder in the States. I will never forget the energy, the hustle, and the sheer size of this city that dwarfs almost every place I’ve ever been. It’s the epicenter of the world.
I wrote about it in my new book, “Go Live! 10 Principles to Launch a Global Empire.” It reached number 1 Amazon Best Seller and I’m super excited to hit New York with my book. You can order a signed copy on my website if you’re in Australia, or anywhere else you can get it on Amazon.
Check out these incredible reviews! 🤯♥️🙌🏼
The last time I was in New York was in March 2020, when the first wave of COVID-19 was starting to peak. I was lucky to get home just before the borders shut. New York is my second home and I miss the city so much. Can’t wait to get back.
If you’re in New York I’d love to hear from you. Hit me up and let’s catch up!
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