There are a few very important questions to ask yourself before you can grow. There’s nothing worse than scaling a business and realizing that you weren’t ready for it.
Do I have enough team power?
Your team needs to be ready for the increased amount of pressure from your stakeholders, including managing new customers and existing customers, plus managing inventory, sales and cash flow. You also need to make sure that you’ve hired in preparation for scale because good human resources mean everything in a business and not enough human resources stunts growth and can destroy a company.
How will you manage your product?
You need to have enough server space if you have a web product or are a SaaS company, and if you sell a physical product, you will want to make sure your supply chain can support new and growing sales without compromising on quality.
How will you manage cash flow?
With more human resources, more product being moved, how can you make sure you have enough cash to pay your team and suppliers so that business isn’t hindered? Finances aren’t an easy thing, but they are important for a business to operate, so make sure your finances are in line and that you have some cash reserves in case things go wrong.
Danny Wong is the Manager of Blank Label Group, working with the startups Blank Label, Thread Tradition and RE:custom, and also supports GemKitty. Danny also blogs at HuffingtonPost, TheNextWeb and ReadWriteWeb.
