Being a business owner comes with its own challenges, and many businesses fail. According to Entrepeneur.com, 74% of new businesses fail due to scaling too early.
In the crypto space, this is well demonstrated by the statistic below:
In 2023, 65% of crypto projects died.
Check out the full report on https://t.co/B0C756VpQS pic.twitter.com/SMWTLypl8J
— BitKE (@BitcoinKE) March 16, 2024
Despite this, there are ways to improve your business and scale it successfully.
Plan
Before considering scaling, it’s important to have a solid foundation.
Look for signs such as needing additional help with workload or losing potential business despite having repeat clients.
Set specific goals and create a detailed plan. Review budgets, location plans, and hierarchy structures to ensure everything is attainable before taking any action.
Talent
Having the right talent is crucial for success.
Ensure you have a dependable team in place for each job. This includes efficient customer support, expert IT support, and capable marketing and sales teams. Delegate responsibilities to these key members to grow the business beyond one person’s workload. As the business expands, reassess the advisors you use and bring in new experts for complex issues.
Invest
Investing in your business is essential.
Don’t limit growth by pulling all the profits. Invest in technology and tools that will streamline expansion. Implement a communication platform and customer relationship management system for effective communication within the company and with clients. Prepare manuals and document processes to govern the organization. Use them as a tool for onboarding new employees and refreshing seasoned employees on service delivery.
Delegate and Automate
Delegate and automate tasks that can be done by others or technology.
Adopt a “work smarter, not harder” approach with effective planning. Delegate with appropriate oversight when you have a reliable team in place.
Diversify
Diversify your customer base instead of relying too heavily on one client.
Acquire a diverse range of loyal customers to strengthen and safeguard the business.
Aquire
Consider exploring the M&A market for growth opportunities.
An M&A strategy can help gain market share, expand geographically, add new revenue lines, and acquire talent. If you’re not ready to lead the initiative, partnering with a private equity firm or participating in industry consolidation can still result in substantial growth.
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