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How to know if you should scale up your profits
Growth

How to know if you should scale up your profits

Business owners run their business for a multitude of reasons: to follow a passion, to make a...

So you're thinking of importing from China?
Growth

So you're thinking of importing from China?

Good on you!  We all know China's a huge country with thousands of factories making everything from...

5 Tips To Manage Your Business' Growth
Growth

5 Tips To Manage Your Business' Growth

We spend so much time as business owners working on growing and expanding our businesses. Seldom...

How to franchise your business simply, successfully and save tens of thousands of dollars
Growth

How to franchise your business simply, successfully and save tens of thousands of dollars

Want to grow your business, raise capital and know franchising may be an option but you are...

Are You An Uber or a Taxi? The Answer Could Predict Your Time In Business
Growth

Are You An Uber or a Taxi? The Answer Could Predict Your Time In Business

How would you react if I tell you that if I asked just one question -- the answer could potentially...

4 Business Investments You Must Make
Growth

4 Business Investments You Must Make

Congratulations, you established your business! Things are working fine, and you are making profit....

Getting ahead in business with strategic partnerships
Growth

Getting ahead in business with strategic partnerships

Why strategic partnerships   “If you do not seek out allies and helpers, then you will be...

How to join forces with partnership marketing
Growth

How to join forces with partnership marketing

Partnership marketing is a form of marketing that many businesses don’t know about or don’t...

My Story: From $450 to Scaling a Dream
Growth

My Story: From $450 to Scaling a Dream

Marketing Bee came into my mind, while I was in a well-paid, yet unsatisfying corporate job....

Roll Ups as an M&A Technique to Rapidly Create Value in Your Business
Growth

Roll Ups as an M&A Technique to Rapidly Create Value in Your Business

When your company is looking for growth, a roll up might be the answer. A "roll up" or...

Growth

Starting a business requires a significant amount of research, time and care, but even if you do it perfectly it can all fall down if you don’t ensure you are equally well-versed in the day-to-day and long-term running of your business. Running a business can be incredibly freeing, in that it makes you self-determined and independent - but the tradeoff is increased responsibility and risk.

Growing and scaling your business

Once you have started your business, you will need to create a plan for growing and scaling. There are two sides to this - on the one hand, you need to increase your customer acquisition and retention to build a customer base, and on the other hand you will have to build your business infrastructure to handle the increased activity. This may include hiring new staff, bringing in new business partners, establishing new practices or even franchising your business to reach the largest number of customers possible. If your business moves from being a small business into a medium business, you will need to ensure you are staying on top of your finance and accounting, your sales and marketing and your human resources obligations. Putting an experienced team of professionals in place is the only way to ensure long-term business success at this level, so consider finding a business coach with experience in growing a business. They will be able to guide you through the process and steer you away from potential pitfalls.

As your business grows, you will need to explore options to reach new markets. You can do this by analysing market trends and creating a plan to capitalise in areas your competitors have not. Many businesses find success in exporting their products to other countries or moving away from local suppliers to international ones to increase quality or decrease costs. If you are looking to begin importing and exporting, it’s important to understand the laws and regulations that may impact your business, but if done correctly this can be a fantastic method to grow and scale your business.

Bringing in new partners

Business partnership is a fantastic way to ease the demands on your time and offer your customers a greater service or product. Whether you are bringing in an individual with expertise, capital or connections to be an equity partner in your venture, or your business is partnering with another business to expand your offering, business partnerships create meaningful value when done correctly.

Before entering a partnership of any kind, be sure to do your due diligence. You should never sign any agreement without consulting with your lawyer.

Protecting your lifestyle and future planning

When founders begin a new business, they often have aspirations of working when they want and having more control over their time. More often than not, new business owners find that they end up working constantly, as the demands of their business take over their lives, impacting their physical and mental wellbeing.

The best way to manage this is to engage in detailed business planning and putting a strong team in place. While it can be tempting to do everything yourself, successful business owners learn to let go and delegate responsibility.

Running your own business should be a means to enrich your life and gain financial independence. It should never be done at the expense of your lifestyle and health.