Specialty Fabrics Review August 2021 - 55

[ MARKETS ] BUSINESS
Scaling your
business
Here are the
keys to achieving
sustainable growth.
By Charlene Clark, IFM
T
he concept of scaling a business is not interchangeable with
growing a business.
Consider this scenario: You are experiencing exponential
growth, revenues are up, work is pouring in the door and you decide to
hire more people. You and your team work longer hours, but it is still not
enough. Deadlines are missed, quality decreases, customers are upset, your
employees are stressed out and they start to quit. The reality is that your
business may be growing, but it is not prepared to scale.
Scalability means having both the capacity and the capability to grow your
business in a reasonable and sustainable manner. It means having a longterm
strategic growth plan as well as the foundation, systems, infrastructure
and human resources in place to support scaling your business.
There is no magic bullet for scaling. The still-relevant 2002 Harvard
Business Review article " Why Entrepreneurs Don't Scale " identifies four
management tendencies that make it difficult for entrepreneurs to grow
their company:
1. Excessive loyalty can prevent you from making staffing changes
necessary to grow. Make sure you have the right people in the right
seats on your bus.
2. Emphasis on short-term task orientation can cause you to lose
sight of your long-term goals. Staying focused on creating and executing
a well-developed strategic plan will move your business forward.
3. Single-mindedness can limit your company's potential as it grows.
Seek out the opinions and ideas of employees, colleagues and peers, both
in and out of your industry, to enhance and broaden your perspective.
4. Working in isolation can stifle growth. Establish symbiotic
partnerships and relationships that will empower you to dig deeper
and think bigger.
Scaling your business requires dedicating more time working " on "
your business than working " in " your business. It takes time and it
takes effort. Consider that time an investment in your future.
Strategic planning
A strategic plan ensures that your business is headed in the right
direction and can support long-term, measured growth. It is your
road map to success. Begin by assessing where your business is today.
Be honest and realistic about your strengths, weaknesses and areas of
opportunity. Determine where you want your business to be next year,
two years out and three years out. What will your business look like?
How will you get there? What resources do you need? What are the
potential roadblocks to achieving your goals?
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Specialty Fabrics Review August 2021

Table of Contents for the Digital Edition of Specialty Fabrics Review August 2021

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Specialty Fabrics Review August 2021 - Cover2
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