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What does it mean to scale a business?

Scale‘ is increasingly being used as shorthand for ‘scale up’ (“to grow or expand in a proportional and usually profitable way”) and as a noun that means “proportional growth especially of production or profit” and/or “a large market position.”

Here are 5 steps to Scaling a business in 2018: 

  1. Evaluate and Plan. Take a hard look inside your business to see if you are ready for growth
  2. Find the Money. Invest.  Scaling a business doesn’t come free
  3. Secure the Sales. 
  4. Invest in Technology.  
  5. Find Staff or Strategically Outsource.
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A new study released Wednesday by Domo and CEO.com found that nearly 70% of Fortune 500 CEOs have no presence whatsoever on any major social media channels, including Facebook, Twitter, LinkedIn or Google+. Of the 30% that choose to engage in social media, nearly all of them (28%) do so through LinkedIn. And while the number of CEOs utilizing the other three networks is small, it appears that Twitter is the only other social channel Fortune 500 CEOs are moving toward (albeit, slowly).
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According to a study, your Likes of a brand on Facebook are worth about $174.17 to that brand.

Syncapse, a social intelligence company, conducted a study with more than 2,000 Facebook users who liked a brand and considered a Facebook user’s product spending, loyalty, recommendations, brand affinity and more to come up with the number. It turns out Facebook fans spend more money on the brands they like—$116 a year more than nonfans—even if their income was equal. In addition, those who liked brands were 18% more satisfied with the brand and 11% more likely to continue buying the brand.

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