The wise way to grow your business
Is your small business ready for growth? Learn the do's and don'ts of scaling up. This video was produced through the Entrepreneur House at Art Basel in Miami and features top business experts with lots of knowledge and experience in entrepreneurship.
In this video you can learn from experienced business experts from different fields: Maresa Friedman, Owner of Boutique Strategy Firm; Jordan Worthington, Director of Marketing at Bound and Florcy Morisset, Metaverse Business Strategist. The session is hosted by Brett Haralson, former Melio’s Director of Community.
What scaling up means
Small business owners are wearing a lot of hats. They do sales, operations, marketing, customer service, finance, and more. They’re basically doing 20 jobs. And the truth is, you can’t do 20 jobs well. The idea of scaling up applies to thinking about how you can maximize the output, efficiency, and productivity of your business by making sure that there’s an alignment between your goal and your strategy.
It involves answering questions like who are the right people that you need to bring into your company? What are the right tools and systems that you need to integrate into the organization? And how to do it without overreaching or going too fast?
The wise way to grow your business
1. Business goals
In order to scale up it’s important to know what you want to achieve and break that down into bite-sized chunks of how to get there. The core is driving your strategic initiatives and goals and being clear.
It’s important to define what you’re doing day to day to support those goals because a lot of times you end up doing a lot of busy work that is not driving value to your work or to your company.
״Know what you want to achieve, and break that down into bite-sized chunks of how to get there.”
2. Sustainability
It’s important to make sure that your business is resilient and that when headwinds come, you don’t lose value. It’s about preservation and resilience, and having sustainable practices in place to protect what you have. Businesses need to be flexible in the changing market conditions. Many businesses have dependencies on one product line or one customer, which puts them at a big risk if this customer leaves. Look critically at your business and ask: if our business changed and our biggest customer left tomorrow, would we be okay? If we weren’t okay, what changes are we going to make?
״It’s important to make sure that your business is resilient and that when headwinds come, you don’t lose value.”
3. Importance of community
You’re not going to know everything at the beginning. It’s okay to be insecure in a particular area of the business. Supplement that knowledge with other people that are going to come together with you. Try to find people around you that have a more multi-disciplinary understanding of business. Maybe become a part of a mentorship program or find the right community or ecosystem that will be around you and help you along the way.
Looking for more inspiration?
Here’s how you can best organize business ideas to foster growth.
*The purpose of this page is solely to provide information and should not be considered as financial advice
**Melio does not provide legal, tax or accounting advice; you should consult a professional advisor before making any financial decisions.
