Scaling a Business Depends on Owners Eliminating the ‘Army of One’ Mindset
Research shows 70% of startups find it hard to scale their business. It’s easy to go wrong, yet the rewards are compelling. One study says that startups that succeed with scaling are known to raise upwards of 250% more money than anticipated. But the truth is that scaling a business requires thoughtful, strategic planning. According to data from McKinsey, only 22% of new businesses in the past decade have successfully scaled.
Are you often caught up doing day-to-day, urgent tasks for your business? Do you find you lack the time to focus on areas that will grow and scale your company? If so, you’re not alone.
Reinvesting in your business is a crucial component for any company that wants to grow and scale. It's interesting that when we ask folks across industries what percentage they are allocating toward reinvestment, they typically state: Whatever is left over or whatever I can afford. There is no clear-cut plan or objective.