Business: wedding venues, rentals, wedding planning services. I'm absorbing Verne Harnish's Scaling Up as we speak, and wanted feedback from others who have made this journey. I have another business that's at $3.5M, but that was acquired at that level.
The success of scaling-up, irrespective of logical explanations, relies on people, support, and contribution. Opinions and views of stakeholders, internal-external, should be taken as a due diligence exercise. That's where you need to have a steering group to visualize the future, and collaborative team to run the show. The reason being, at the end of day every aspect of your business will demand enhanced commitment to protect your bank account from bleeding out. As much as possible, try to scale remotely or something that help you save nickel dime.
Secondly, ensure you don't compromise with your quality standards in haste to scale up. Invest your time, energy, effort, and capital behind best people.
Have an eye fixed on customer engagement, experience, and support while you scale up. Serving few is always easier than serving too many. Ensure, you adopt necessary tools and process to have satisfied customers at the end of a day. Likewise, ensure to set up system and process for other business activities as well.
Keep an eye on financial numbers, especially cash flow. Few pending invoices may have larger impact once you scale up.
Hope above helps!! Looking for anything specific? Am just a clarity away!!
You are in wedding business, so focus on how would you scale knowing:
-Your business has a climate effect (cold less revenue, hot best part of the year-sales)
-There is a limit on the size of wedding on each venue, revenue per guest. How would you increase it?
-How can you own the whole wedding ecosystem? Add decoration, flowers, music, DJ, catering, etc
Scale is a measure of value multiply by the number of customers. You can affect one of the variable and it's the value you provide. Find it and the customers will bring the growth