There comes a time in every life of a small business when it needs to make the jump up to the next level. Stay at the same level for too long and the only place you’ll go is down; make the decision to grow and who knows where you could end up? It’s an exciting voyage, an important part of your company’s cycle, but how do you do it if you’ve never been there before? Here are five tips to get you started.
Make A Decision To Grow
The first thing to do is to really commit to growing your company. You have to be fully invested in growing; it’s not enough to just be merely curious or to test the water. Throw yourself into it as if growth is your business, all the while keeping a close eye on day to day operations, of course, you’ll be showing the right levels of energy needed to make it a success. You should also talk any growth plans with your accountant or financial advisor to ensure that you’re actually able to grow given your current financial situation.
Look at your Premises
You can’t plan on growing if you have no space to grow into it, so look at moving premises or expanding your current offices if you’re already pleased with your location and general atmosphere. Conducting a topographical survey and talking with local planning officers should be enough to determine what’s possible at your current site. When expanding, think long term – where will you want to be in 3 – 5 years from now?
Get Ready to Outsource
Growing a company is no easy task, and you might be surprised by just how much manpower is required to make the change. You’ll soon find that outsourcing is one of your most useful assets, allowing you to get professional help for the tasks that you didn’t have time to fully commit to handling yourself anyway. There is an art to outsourcing work, and you might find that it’s not something that comes naturally to you if you’re a small company, but it’s an essential aspect of growth.
Growing isn’t just about bringing more money. It’s about adding the players to your team that will enable you to go to the next level. If you’re a small company, it’s imperative that you get this part of your growth staff right, because hiring an employee that doesn’t work out can cost a lot of money to fix. Read how to ensure you hire the right employee.
Tapping into New Markets
There has to be an element of risk when it comes to growth. You won’t be able to grow just by ramping up the energy in the markets you’ve already had success in. You should be exploring new sectors, trying new products and services – and not just in your own country: the biggest growth sector might be overseas or with a demographic you hadn’t thought of before. They won’t all work out, but the ones that do could be a game changer for your company!