Before scaling your business, it’s important to ask yourself these two questions to ensure that your business is scale-…
Before scaling your business, it’s important to ask yourself these two questions to ensure that your business is scale-ready and scale-worthy:
- Have I identified a problem worth solving?
- Is there demand for a solution to this problem?
If the answer is yes to both, then you need to ask how you can grow your company quickly and profitably. Scaling your business –which means increasing the level of revenues, expenses and profits by orders of magnitude—is a means toward growing profitably. Since capital is likely the main constraint on your growth, scaling successfully means you have to produce returns on your fixed capital in the shortest amount of time possible. The faster you can “earn back” or pay back the capital you invest, the faster you can redeploy it for more growth. Focus on the opportunities that give your business the shortest “payback” periods while your business is small and growing.
Learn more at Inc.com.
A little about Mike Periu
Periu founded Proximo, LLC nearly 15 years ago. The company provides small business education and training services with an emphasis on finance and technology.
Periu teaches empowerment through entrepreneurship and economic opportunity. He regularly appears on television and radio talking about these subjects.
Periu also writes for leading blogs about finance. These include: American Express OpenForum, Yahoo! Finanzas and the Huffington Post.
Periu studied Finance and International Business at Georgetown University. He is a Board member at the Council for Economic Education.
