With a program called ScaleUp, we hear this question a lot.
“Scaling up” means growing your business, and the decision to scale up a small business is not one to take lightly
There are many changes that must happen for a business with one or two employees to grow to one with 10 or more employees. The same goes for growing a business with $400,000 in gross annual sales to one with more than $1 million per year. Scaling up is not just about selling more; it’s about ensuring that your business processes, staffing and finances are in place to support a new model as growth occurs.
For example, a business with one or two employees can likely run with a more casual, plan-as-you-go human resources program. But what if there are now 10 or more employees? This new dynamic will require leadership skills, delegation and team building, and processes will have to be documented for daily business practices to ensure that guidelines are met.
Likewise, financial strategies must change as a business grows. An entrepreneur may need a loan or line of credit for working capital if receivables begin to stretch as a result of granting terms to larger clients.
But how do you create an HR program, and what should you do to prepare to ask for a loan? These are the thoughts of a business owner who wants to scale up, and this is where ScaleUp North Florida can help!
If you are ready to grow your small business in 2016, view the details of our program.