For any successful business, deciding when you start scaling it is the most challenging time. Just as time cannot stand still, businesses must also keep moving, which means expanding when things are going well. Simply put, a competitor will step in to fill the void.

Throughout my journey as a business leader, I have always seen the need for expansion as a great problem. It is proof and testament that things are going well and that the next phase of the company's evolution now needs to be addressed. The key is to get ahead and plan for expansion. For me, there were seven key markers.

Related: 7 Common Mistakes to Avoid When Scaling Your Business

1. Secure the right financing

Cash is king, and having it means you can grow your business. of type of capital you choose should match your specific business goals. Choose your partners wisely, especially early on. Having now been part of two startups with very different backgrounds, I would say that it is important to have like-minded investment partners when looking at equity rounds or growth capital. Are your investment partners really partners, or just access to a checkbook? Are they genuinely excited about your mission and vision and want to help you be successful? They won't run your business for you, but they undoubtedly come with a wealth of experience to see what works and what doesn't when growing a business.

I always want my investors to stay with the business throughout the journey. Venture capitalists have an obligation to realize a return on their investors over a five to seven year time horizon, so sometimes, these interests only align with a specific stage of the business.

Never underestimate the large amounts of non-dilutive capital that are available, such as small business innovation research grants from the US government, charities, high net worth individuals, and even friends and family.

When considering debt, it's always important to consider your own interest rate. Unless you have a sure bet to be able to pay back that loan, debt takes precedence when a company is struggling. The government also offers low-interest loans for specific types of business, which may be attractive depending on your type of business.

2. Prioritize strategic spending

How will you use the funds? You can self-finance or bootstrap without delaying your deadline? This is a fundamental question that cannot be avoided. I'm often torn between the balance of being frugal and losing speed.

My mom always said, “Don't be smart and don't be stupid,” and that phrase has stuck with me. Spend money if it gets you to your goals faster, and don't if you're not sure. If the dollar you spend doesn't generate a 5x return on value created, don't spend it.

3. Validate product-market fit

Do you have one product-market fit? If the answer is no, you're not ready to scale. The saying “build it and they will come” is false and always has been. You are not building a temple. You're building a business that creates a product that people want to buy, so make sure they do.

I always ask, “Does my product provide value to the customer and are they willing to pay for it?” This applies whether you are B2B or B2C. Flat sales indicate the need for more traction and rapid growth is not sustainable. Shoot for smooth, steady growth and learn what works and what doesn't as the right channels to leverage for your business.

Related: 5 Tips for Expanding Your Small Business (The Right Way)

4. Own your voice

Pitching it is an art. Do you have the tar down? One thing I will never forget reading was that Steve Jobs prepared 90 hours for every hour he gave. This is humbling for me. For me, practice is 100% important. Something is wrong if you can't open your business or give your pitch even when you're hungry, dehydrated and under the desert sun.

The best business leaders tell a compelling story. Create a compelling journey story that makes investors, consumers and buyers want more and feel FOMO if they're not taking advantage of it. I have always spent hours and hours improving my pitch, getting better, fine tuning and trying out different words and phrases to see what resonates most with the listener or audience. You need to press your pitch, so give it the time it deserves.

5. Develop an execution plan

What is your execution plan? Businesses fail because they run out of money from poor execution. Write it down. Write … that … down. The whole thing. This can be in a notepad or a 275-page slide deck – whatever works for you and your team. Follow your plan. Deviate from your plan only when learnings from your execution plan say you should pivot or try something different. I always follow my plan. Oh, and be patient.

6. Real assessment

It's a mistake to close ASSESSMENT. We are no longer in the bubble of 2021. So focus on getting your operating capital and executing your plan. The right investment partners will always make sure you are taken care of, as they make money if you make money. I always say if your idea and business has impact then the money will come.

Related: 5 Strategies to Know as You Scale Your Business

7. Practice self-care

Do not burn. Burnout is real, and if you're too burned out after your growth to run your company, what's the point? REHEARSE self caredo yoga, eat salads, get mani-pedis, go out for cocktails or mocktails with friends. I understand that your life is your business, but without you, there is no work. Recharge if and when needed and step away from your company for a bit. I'm the worst at taking this advice, but I promise nothing will be ruined if you spend a long weekend visiting family or sitting on the beach soaking up the sun. Do it for yourself and your business will reap dividends.

Following these seven pointers, which are not in order or priority, but simply as a checklist, should bode well for any successful entrepreneur looking to build an empire.