Atlanta entrepreneur Scott Damron addresses common potential obstacles and pitfalls when scaling existing businesses.
ATLANTA, GEORGIA, UNITED STATES, January 17, 2019 /EINPresswire.com/ — There comes a time when any successful business is required to scale if it's to continue growing and making money. According to Scott Damron, successfully growing a business can be taxing and fraught with potential obstacles, but only when the necessary preparation is lacking. Here, seasoned Atlanta entrepreneur and executive Damron reveals four tips for successfully scaling a business, from identifying funding sources to remembering to cherish existing staff, customers, and clients.
"Start with a clear and defined plan," says Damron, "with a list of primary goals and the tactics likely required to achieve them outlined, overcoming any and all obstacles in the process."
Damron also suggests setting concrete deadlines by which different goals—or milestones—must be achieved or reached in order to foster a sense of urgency. "Taking time to carefully construct a well-thought-out and properly researched plan prior to actively attempting to scale any business will save a considerable amount of time in the long run," adds the executive and entrepreneur.
Second among Damron's four tips is to identify potential funding sources or opportunities. "Successfully scaling a business invariably isn't cheap," he explains, "so it's important to identify how, or from where, any necessary funds may be acquired."
From investing in new hardware or software to hiring new employees or expanding product ranges or services offered, Atlanta-based Scott Damron says it's essential to plan for often significantly increased spending during periods of scaling.
"Once the desired growth has been achieved, these costs can effectively be absorbed by the business," he adds, "but it's almost always necessary to speculate to accumulate, so look closely at means of bringing in capital in the short term, and where a loan is required, also plan how that loan will eventually be paid off."
Next, says Damron, never forget to maintain focus on existing customers. "Scaling can be exciting and often all-consuming, but it's vitally important to keep existing customers or clients firmly in mind," he explains.
Having grown a business to a size where further or continued scaling is necessary or important to continued success, Damron suggests that often, a significant degree of this success is owed to existing customers. "Never lose sight of what existing customers have helped a business to achieve," he adds, pointing out that almost every successful business today remains inherently customer-focused.
"Finally," says Scott Damron, and of his fourth point, "don't forget to continue investing in existing employees."
While it may be necessary to hire additional staff or invest in new premises, Damron believes that existing employees and established, ongoing operations are usually critical to successful attempts to scale a business. "Experienced members of staff are key to continued growth and success, and thus scaling," he adds, wrapping up, "so ensure that they remain happy, that they are rewarded accordingly, and that they themselves are kept involved in the scaling process as it happens."
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Source: EIN Presswire