Is It Time To Scale Up?
By Bukunmi Sobande
New year new resolution. We make plans, go on business retreats and brain storming sessions in a bid to find ways to improve profitability, expand service/product offerings and market share. What is a business if it can't grow and evolve? Over the years we have seen many garage tech businesses grow into multi billion dollar ventures, and we can only wish our business too can scale up to the point where we can go public.
Having our company shares sold on the floor of the stock exchange market is exciting right? But what does it entail to build our side hustle or full blown business to be qualified for this big leap? Oh! Don't be quick to write yourself off. Remember, women are starting to break glass ceilings, why should Christian minority women not be driven by the desire to join the league of women shattering glass ceilings worldwide. What better way to propagate the gospel than by turning heads with our achievements and helping others realize it was a Christ made easy venture.
You see depending on the country you are doing business in, different laws guide the procedure for entry into the stock exchange market. But because this site is focused on American women, I'll concentrate on the guidelines for New York Stock Exchange (NYSE). NYSE located on lower wall street is the oldest stock exchange in the United States of America and the largest by capitalization (over nineteen billion dollars) in the world. Hence, getting quoted on the floor of this prestigious stock market alone is a big deal, so how can we achieve this feat. According to venturelaw.com NYSE has four categories for listings.
Though this allows flexibility, the requirements differ based on industry and service delivered. While some of the requirement can seem daunting, wavers can be gotten for some requirements. However, if your company currently hold share holders fund of about four million dollars, you are already on your way to being listed on the stock market. So it is important to have a discussion with your lawyer, know what requirement is specific for your class of business, consider what you have and what option for waivers may be available to you.
While scaling up is a good idea any day, it may not always the right move for your business. Let's refer to New Living Translation of Proverbs 14:12 (There is a path before each person that seems right, but it ends in death). So you may think having one successful office is an indication that you open several others, consider your options in prayer. Do you have reliable staff to oversee branch offices. What about loyal employees that will help deliver quality product/service to increase market share without compromising your standard even when you're not physically present. Do you have the structure to support expansion or does every decision rest with you?
It is often best to hold off expansion until you've found a way of running a business that is not centered on you. Your ability to delegate and run the business with other people may be an indication that you are ready to spread your wings. However, follow your guts for even when it seems the right time has come, God may be telling you to be a little patient. Some companies have sunk shortly after an acquisition or merger. Some have thrived because of it. But like the wise writer of Ecclesiastics 3: 1 (There is a time for everything and a season for every activity under the heavens). I hope we open our hearts to the prompting of the Holy spirit and become more willing to be directed by our spiritual compass rather than the physical signs so we can always come up on top in business as well as in life.
In real life, Bukunmi partners with financial industry. In her spear time she loves watching movies, reading books and traveling. But most of all she sees the struggle to keep up with bills, trying to have something left to flex while still doing our best nit to worry about our future.
So she decided to use her writing skill, in combination with her love for reading (research) to help everyday people like herself live extraordinary lives. One where we can stop living from one pay day to the next and one where money is not the first reason to discourage us from chasing our dreams.