You have been on your entrepreneurship journey for a while now. Things were rocky at first, you encountered many challenges along the way, you had sleepless nights trying to figure out how your business would stay afloat. Many times, you thought about quitting, but you did not. You pushed through and now, your business is running smoothly. However, you feel that you could do more and scale up your business on a much larger scale.
Here are three common mistakes you need to avoid as an entrepreneur if you are to scale up your business.
1. Pursuing the wrong opportunities.
When you are starting out your business, you take up every opportunity you get to expand your business. You end up chasing every investor you come across in the hopes that they will fund your business, or looking for any innovative way to fund your business. When you scale up, it is important to take a step back and analyze which opportunities are worth chasing. This is to ensure that you don’t spend too much time drafting business plans, practicing how to pitch, and then end up losing focus of your business goals.
2. Misjudging the pace of hiring
When you are starting out your business, you are the CEO, the accountant, the supplier and the custodian all other roles needed to run your business successfully. When you scale up and can finally hire new staff, you may be tempted to hire as many people as possible to lift the weight off your shoulders. Many scaleups that do this end up overstaffing and reducing capital that could have been used to grow the business in the form of wages. On the flip side, you may end up understaffing and when the workload is too much you hurriedly employ new staff that are not the right fit for your company.
To avoid this, carry out a detailed analysis of your company so that you know when you need to hire, how many people you need to hire, and who you need to hire.
3. Refusing to change
Your business model is what got you to where you are today. It has been tested and proven to work for your business, so you are a little hesitant to change it. However, the market and business environment are constantly changing. Therefore, you need to keep reviewing it so that you remain relevant and scale up your business even more.
Do you want to learn more tips on scaling up,
Join us on August 24th 2021 for our scaleup launch event.