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Running a business is all about taking risks, and so it may not always be clear when or how you should make a move. However, that doesn’t mean business is a guessing game. With data, personal experience or the experience of others at your disposal, you can make smart, educated decisions about the steps your business should take next.
When it comes to scaling your business, though, timing is everything. Thankfully, there are signs you can watch for that will help you determine the best time to expand and the right speed of growth. Below, the business leaders of Rolling Stone Culture Council offer their guidance as they discuss seven signs that it may be time to scale your business and what a leader should do upon noticing any of these signs.
You’re Outperforming Your Goals
It’s time to scale when you constantly outperform your goals and the demand is sky-high. It’s crucial to blend market savvy with strategic thinking. Conduct a focused market analysis, gauging the potential for scaling. Thoughtfully beef up infrastructure and resources, ensuring your team is on point to handle this growth. It’s about expanding wisely without losing what makes your brand resonate. – Magen Baker, Bell + Ivy
You’ve Found True Product-Market Fit
One sign is recognizing true product-market fit. If you see signs of this, ensure you deeply understand what customers love about the product and if more customers are out there. The path to profitability serves the things ideal customers love, and that needs to be on your mind constantly. Are customers clamoring for your product? Is it growing without a high cost? Does it have a strong reputation? – Matt Hutchinson, LeafLink
You’re Getting More Demand Than You Can Handle
One sign is consistent, increasing demand for your products or services that exceeds your current capacity. This could be growing sales, expanding market opportunities or customers requesting more. A leader should assess the business’s readiness to scale, including financial stability, operational capacity and market conditions. Then, develop a strategic plan that addresses these aspects. – Kristin Marquet, Marquet Media, LLC
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You’re Still Involved in Every Deal
Are you personally involved in every sales opportunity at your company? If so, it’s time to scale. A business that relies on an owner’s involvement in every deal can’t possibly grow to its highest potential. As the leader of your company, it’s time to codify your sales process and coach the sales team to be as effective as you so that you can focus on what your business needs next. – Vanessa Nornberg, Metal Mafia
You Have Data to Back Up Your Decision
Scaling your business is a risk-based decision that leverages data. Speculation is a dangerous game. Your existing book of business should be tied to leading growth indicators while your sales team develops a pipeline that assigns degrees of confidence. A key sign the team is stretched is when your top-tier people make uncharacteristic mistakes. That’s when you jump in to support. – Mario Naric, Motif Labs
You’ve Predicted a Future Need or Trend
Leaders and scale entrepreneurs like Bezos and Musk have the foresight to envision the future of humanity and society. They can imagine the future and create it. They also foresee exponential technologies. When and where will be the upswing? Exponential — they gave us clues! Scaling can fly when you time the curve. Whoever hires the talent for Industry 4.0 will go big. – Igor Beuker, Igor Beuker
You’re Seeing Productivity Decrease
Productivity will decrease. When I notice this sign in any area, I assess it. What can I do differently? If I bring people or tech in, will this cost more than the end result? Do I have something else in my “stable” that is accelerating? If yes, I weigh current and future market conditions to show me where to focus my time, money and energy. – Susan Johnston, New Media Film Festival®
