Start Up to Scale Up: A Growth Formula for Small Businesses
- Understand the formula they need to drive their business beyond the startup phase and achieve massive growth.
Develop a Scale Up plan for their businesses.
Be aware of the challenges they can expect to face as they transition from Start Ups to Scale Ups
- No prior training is required.
So, you have successfully started your own company, proven to your friends, family and the bank that it is a viable business, won some loyal and happy customers or clients and maybe even started to make a small profit.
Congratulations! (It is said that most new businesses fail within the first few years, so yours is already a success story.)
What’s next? Do you want to:
- stay small with a lifestyle business that gives you modest lifestyle and the freedom that comes from working for yourself, or
- keep growing your business, expanding into new markets and territories, increasing sales and profits and building a business that you can sell in the future?
If you chose option 2 then you will need to transition your business from the startup phase, in which most major business functions are performed by you, or small team around you, into Scale Up mode.
This means implementing new systems to make your business operations more efficient and reliable, finding new marketing and distribution channels to boost sales and exploiting all of the growth opportunities within your business.
And yes: scaling up your business will require you to change your mindset and transition from being a hands-on entrepreneur to CEO, providing strategic leadership and empowering your teams to achieve success.
In this introductory course, entrepreneur and business growth coach Russell Streeter will show you:
- The exact formula you need to scale up your business.
- How to prepare your business for scaling up and systemise it for more efficient and reliable operations.
- The common challenges and traps that trip up high growth businesses – and how to avoid them.
- Entrepreneurs who have taken their businesses through the start up phase, have proven the concept, started to make a profit and now are now ready to scale up and achieve growth rates of 20-50% per year.
In this lecture I tell the story of how one organisation went from also-ran status to world domination by making improvements in many different areas.
As human beings, we view success as the destination – the summit of Mount Everest, the finishing line in the marathon, or tripling the size of your business.
And from where we are sitting that destination can look quite far away…and difficult to picture.
But what if we viewed success not as a destination, but as a journey? A journey that consists of many goals, some simple, others ambitious, but all within the limits of our own capabilities.
If your business depends on you in order to function, it will be unable to grow beyond a certain point, simply because you only have 24 hours in each day (and you have to sleep for at least some of them).
Therefore, if you are serious about business growth, you must transform the business so that it runs without you being there all the time.
The final factor in the Formula, and perhaps the most important, is SYSTEMISATION. It's not the "eighth Key" because it is important at every stage of your Scale-Up Journey.
By the end of this lecture you will learn the steps required to systemise your business, as well as some of the most common business processes.