A common misconception about building a business is many think it’s essential to grow your business. While it is, it’s equally important to scale your business. So, what exactly is the difference?
Let’s take a look.
Growing Your Business
Growth refers to adding additional assets in a business to contribute to adding revenue to help your business process. Growth is a broad term and can refer to many different things. Additional labour, and clients, which leads to maximized sales. Growing a business occurs over a longer period of time and takes time to build up.
Scaling Your Business
Scale is to add revenue to a business while increasing assets at a slower rate. Scaling a business is increasing revenue while incurring little to no loss in costs. The purpose of scaling a business is to reach max potential without exhausting your resources and becoming overwhelmed with your workload. It’s about becoming as efficient as possible to increase productivity.
So.. how exactly do you scale your business? Well for starters, here are some things you can do:
- Learn how to advertise your business to reach new audiences
- Focus on productivity – think to yourself, what is the most efficient way to get this done?
- Sell your USP! What makes customers want your business over others?