(#300) Comparing Growing and Scaling Your Business: Here's What You Need to Know
Do you confuse growth with scaling? Here's a quick comparison guide to help you determine which phase you are now in your business.
Join me in this episode as we examine three things that help business owners identify if they are in the growth or scale phase. You'll be able to understand the main differences between the two, such as the primary purpose of growing and scaling a business, the areas you tend to focus on, and the risks that business owners often face when they go through such stages in their business.
You can also watch the video podcast for this episode on Doctor TK YouTube channel: https://www.youtube.com/c/DoctorTK
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- (01:32) Purpose: Growth vs Scale
- (03:07) Focus: Growth vs Scale
- (05:41) Risk: Growth vs Scale
- (09:20) What is the Intentionally Abundant Business Conference?
- (01:37) "When you look at growth, the whole purpose of growing your business is to reach more people and increase your revenue and profitability..., which also… means that you're probably working more hours.... On the other hand, when you look at scalability, the purpose is to expand your operations and your reach, which means that you are working less while earning more."
- (03:31) "When you're growing your business, you may tend to focus on optimizing... your existing operations.... However when you're scaling, you tend to push your focus to expanding and replicating those systems that run your business so that you can make sure that you can give them... to someone on your team."
- (06:45) "When you think about risk as it relates to growing your business, it typically involves less risk..., why is that? For one, you're only relying on yourself.... When we talk about risk related to scalability, now we're talking about that, you've got to have processes and systems in place because other people depend on getting those things and understanding what's required of them to do their job efficiently and effectively so that you can grow your business while you're not there, and if those things aren't in place, they can't do their job."
- Learn more about the Intentionally Abundant Business Conference at doctortk.com/links/
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