Scaling Up Part 3: Timing is Everything

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Small businesses are a major part of our national economy and becoming a publicly traded company isn't easy. Only 1% of businesses achieve this IPO status, but there are many hopeful companies out there working towards it. Startups have to be competitive, opportunistic, and not afraid to take risks in order to succeed.

Many small business owners aren't aware they're entrepreneurs, but everyone who builds a business from the ground up is considered an entrepreneur. It's not an easy path—the 2016 report from the Bureau of Labor Statistics found that 50% of new small businesses close their doors within 4 years. More intimidating still: Forbes discovered that only 2 or 3 of 10 small businesses will survive for 15 years or more. It's important for businesses to innovate, but during the scaling process, it pays to be cautious.

The good news is that there are several signs businesses can watch for before starting belgium phone number library to scale up. Timing is everything, and scaling up at the right time will help a company grow quickly, acquiring new customers, revenue streams and recognition.



Having to Say No
When building any business, gaining clients or customers is one of the most intimidating and important challenges entrepreneurs face. It's only natural to instinctively take on any customer that comes along, and in the beginning, this is a good strategy—building credibility and revenue for ongoing growth.

However, when your company grows a bit more, you'll start to notice you don't have the ability to take on new business all the time. Once you reach capacity for the work you and your staff can handle, it will be time to say no to some projects or customers (such as lack of time, resources, or staff). When this happens, you'll know it's time to start scaling up and hire new employees to increase productivity.

Realizing it's time to scale up doesn't mean your business is rejecting opportunity due to its success, nor is it due to the limitations of your business's size. You should consider the bigger picture instead: is your business profitable, stable, and ready for scaling? Interest from external parties in purchasing your company can be a good sign that it's time to start your preparations for scaling up, which includes reinforcing your infrastructure, reevaluate your goals and make plans for the future.