If your business is growing steadily, have you thought about taking it to the next level? If so, you’ll need to start thinking about scaling up.
The benefits of scaling are numerous. A successful scale doesn’t just result in increased revenue, profits, market share. It can also help you attract new customers and partners while solidifying relationships with existing ones.
Do you even want to scale?
Scaling takes time, effort, innovation and money. It’s not something you should do unless you’re sure it’s what you want. That’s because scaling isn’t just about growth. You will need systems in place that will significantly increase your revenue without significantly increasing your expenditure. And you may or may not be ready to take that leap.
So, how do you know if you have reached the point where you are ready to rapidly expand?
Here are six signs that it might be time to start scaling your business:
1. You’re consistently hitting your targets
If you’re meeting or exceeding the goals you set for yourself, it’s a good sign that you’re ready to scale. When you hit those targets, it means you have the right products or services and that people want what you’re offering.
2. You have more demand than you can handle
If you’re constantly getting new customers and clients but can’t keep up with the demand, it might be time to scale. This is a good problem to have. It means you have tapped into a market that values what you’re offering.
3. You’re making more money than you need to cover costs
If your business is generating more revenue than you need to cover your expenses, it’s a good sign that you’re ready to scale. This means you have the funds to invest in growth.
4. You have a solid team in place
If you have a team of employees or contractors who are all working towards the same goal, it’s a good sign that you’re ready to scale. A strong team will be essential as you take on more work and grow your business.
5. You have a clear plan for rapid growth
If you know exactly how you’re going to scale your business, it’s a good sign that you’re ready to do it. When you’re scaling, you’ll need to make sure you have the right resources in place to support your growth.
6. You’re prepared to make sacrifices
Scaling up takes time and effort. If you’re prepared to make sacrifices, such as working long hours or investing your own money, it’s a good sign that you’re ready to scale.
If you’re seeing these signs in your business, it might be time to start scaling up. But remember, scaling is a big decision. Make sure you’re ready for it before you take the plunge.
Can you afford to scale?
Scaling takes money. You’ll need to invest in a new strategy, and possibly new equipment, staff, marketing, and other growth initiatives. If you don’t have the funds to support your growth, you might not be ready to scale. One of the quickest and easiest ways to get the funding you need to scale is through a small business loan.
Take the next step with OnDeck
OnDeck offers small business loans of up to $250,000 that can be used for a variety of purposes, including scaling initiatives. We can fund your loan in as little as 24 hours, so you can get started on your growth plans right away. You can apply online and complete your application in minutes.
Q: What is the difference between scaling and growing?
A: Scaling is the process of rapidly growing the revenue of a business without significantly increasing the expenditures. This can involve expanding into new markets, or adding new products or services.
Q: What are the risks of scaling a business?
A: Scaling is a big decision and it’s not without risk. When you’re scaling, you’ll need to make bigger investments and take on more debt. You’ll also need to have a solid plan in place and be prepared to work long hours. But if you’re confident in your ability to grow, it could pay off.
Q: Where can I get funding to help me scale my business?
A: OnDeck offers small business loans of up to $500,000 that can be used for a variety of purposes, including scaling initiatives.
Q. How soon can I get a business loan through OnDeck?
A. We can fund your business loan in as little as 24 hours, so you can get started on your growth plans right away.
Prepared by OnDeck Capital Australia Pty Ltd ABN 28 603 753 215 (“OnDeck”) for general information purposes only. Content may belong to or have originated from third parties and OnDeck takes no responsibility for the accuracy, validity, reliability or completeness of any information. Information current as at November 2022. You should not rely upon the material or information as a basis for making any business, financial or any other decisions. Loans issued in Australia are subject to the terms of a loan agreement issued by OnDeck. Loans are subject to lender approval. OnDeck® is a Registered Trademark. All rights reserved.