Five Things to Consider when Growing Your Business
Deciding to grow your business is an exciting, and somewhat daunting, prospect. With expansion can come the opportunity to diversify, expand into new markets and increase customer base, that is if growth is carefully planned and properly managed.
For a successful expansion, remember to take these five things into account.
- Research and Assess
Prior to growing your business, as well as throughout the process, continual research is key. With the Telegraph reporting that in the UK, one of every 213 businesses closed their doors in 2017, thoroughly assessing every decision is crucial. Therefore, before expanding and as your company continues to grow, ensure you know all the facts, possible outcomes and are confident in being able to take a calculated risk.
- Set Goals and Targets
While you may have a long-term vision of your business, creating a strategy and setting shorter term goals is essential. Not only will this help to measure progress, but also provide realistic steps to reach larger aims, keeping growth on track. From the marketing plan to a new product launch, incorporate short term aims into your growth forecast, making sure they are measurable, realistic and time-driven.
- Always Consider Customers
Without loyal customers or clients, your company cannot hope to succeed. For a growing business, this means two things: conducting in-depth analysis and creating an effective marketing strategy that attracts new customers, while also improving current processes in order to retain current customers. This could mean anything from enhancing your customer service to requesting feedback.
- Hire and Outsource
Whether you are currently a solopreneur or run a small business with only a few employees, staff are the biggest asset for any company. While there are certain processes you may be able to outsource, such as bookkeeping or digital marketing, hiring the right talent with the right skills will help with business expansion. As such, when growing your business, it is essential to invest in your staff, provide ongoing training and create a positive company culture.
- Focus on Budget
All businesses, even widely successful global companies, pay close attention to cash flow. After all, a lack of capital is one of the most common reasons for business failure. As such, when growing your venture, always consider the bottom line and project all costs. Furthermore, rather than making large investments, going at a slow and steady pace could help you to avoid overstretching your budget. For example, a temporary Neptunus building could allow you to trial new services, without risking financial ruin from a long-term contract or construction costs.
Expanding your company can be a difficult process and you are likely to meet many bumps along the road. However, by carefully considering each of these areas, your growing business may be more likely to succeed.
Photo by Goodluz | Shutterstock
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