How to Scale a Small Business

As a business journalist, Elizabeth Libby Keatinge Scheideler spends her time researching, writing, hosting, producing and editing finance videos for high-traffic websites. Elizabeth Keatinge also has an entrepreneurial side, helping other women manage their businesses through her FundsSavvy.com online platform. Scaling a business from a startup into a successful venture is a critical part of being a business owner.

Scaling a business is all about capacity and capability for growth and meeting new challenges. An owner needs to take stock of their current abilities and the business’s aptitude for managing the workload brought by incorporating new clients. The company needs to have a clearly defined process and sales structure. Keeping them simple or relying on technology like customer relationship management (CRM) software can allow the employees to generate leads, develop solutions, and perform the work needed to complete actual projects.

A business also needs capital to hire more employees, reach new audiences, and add new equipment or processes. Consider partnering with a bank or looking into alternative modes of getting the needed capital like crowdfunding.