Scaling a business endeavor is often a make-or-break moment regardless of the industry. As the stakes become higher and more money gets involved, the pressure to scale up flawlessly only becomes more pronounced, leaving the entrepreneur to deal with the possibility of fallout.
For some entrepreneurs, however, scaling is a puzzle that needs to be solved. A correct move here, a strategic decision there, and the routing of resources somewhere else, and voila—the business has scaled and everyone’s happy about it. This isn’t too different from how Damon Woodward sees scaling a business.
Woodward is at the top of two well-respected real estate companies: the Blackcard Elite Academy Ltd and Leadway Holdings Ltd. He’s also in the possession of a strong real estate portfolio, all of which attests that he’s a man who knows a thing or two about scaling.
Working on Oneself
Starting with number one is usually the best place to implement a change. It’s also the place where some money and time has to be invested before any form of scaling is possible, according to Damon. For an entrepreneur to be able to scale a business, they have to undergo a specific type of education.
This isn’t something people can just go and buy a book to learn from. This type of mindset that’s necessary for building and scaling businesses is something that’s only transferred from one person to another. So anyone looking to scale their business and willing to take a page from Damon’s book will first work with coaches and consultants.
There’s No Scaling Without Skills
Damon’s business story is a curious one. He started working in the mining industry where he advanced to a nice position, only to walk away from it when a better, more lucrative option presented itself.
Damon didn’t go straight for the jugular and become the real estate entrepreneur he is today. Instead, he started in commission-based sales, learning the basic skills he would later build upon as he was working his way toward creating his real estate empire.
Learning doesn’t stop there. There are many different skills a real estate entrepreneur can use to develop their business and eventually scale it. But it always has to do with working in an environment that allows for the building of those critical skills that will power the scaling later.
Being Surrounded by the Right People
No one in this day and age wants to be surrounded with “yes-people” who will do nothing except tell the boss how great they are and how their decision-making is flawless. Business leaders, Damon included, know how to appreciate a team member who is ready to let their expertise shine and contribute in that way to the business.
More important, however, is the fact that teams are necessary for scaling, if for no other reason than because the person in charge—the owner, for example—cannot do everything on their own. A trustworthy backup in the form of the boss’s closest team member will not only instill some trust into the process, but they’ll also remove any doubt that it’s all happening because someone simply said so.
Scaling a business is rarely a fun endeavor, even though it becomes necessary once a business starts demanding an expanded organization. Still, even in those cases, only the people who are well familiar with the basic processes must ensure that everything runs smoothly, and that there are no barriers to scaling. Otherwise, the scaling may present not only a wasted chance, but also one that brings some monetary and organizational issues to the business.
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