When it comes t growing your business, we can always use a few pointers. Here are five basic things you have to cover when taking your business to the next level.
Starting a new business is only the start of many excitements you will experience along the way. One of the reasons why many people are choosing to start their own businesses nowadays is because the whole process is incredibly satisfying. Even so, there is something even more satisfying than starting a new business, and that is growing your business.
After some time operating a one-man company, there will come a time when you have to decide the next step to take for your business. Is it time to recruit employees? Have you reached the maximum capacity of your current operations? Is a new office the right upgrade for the business? All of these questions are exciting to explore, but there are five basic things you have to cover when taking your business to the next level.
The Structure of the Business
The way the business is set up will greatly affect how far – and how fast – it can grow in the future. There is no way you can continue to operate on your own and do everything yourself when you have hundreds of orders to process. The way the business is structured will also affect long-term efficiency and the overall sustainability of the business itself.
These facts make your business structure one of the most important things to get right from the start. Of course, there are several structures you can choose for your business. Most new entrepreneurs opt for sole traders or partnerships, since these are the structures that are the easiest to establish. Other business owners opt for the Private Limited Company (LTD) format if they anticipate a rapid growth.
The right structure for your business depends highly on the kind of business you own, the clients you deal with, and the anticipated rate of growth. Failure to choose the right business structure from the start, however, could result in difficulties that can seriously hamper the business’s ability to grow.
Another important thing to get right is paperwork. Many business owners don’t really like to deal with paperwork, but it is a necessary hassle that could make or break your business’s future. Having everything in writing and maintaining clear documentation of business operations are among the things that separate great business owners from the rest.
You’ll be surprised how getting the paperwork done correctly can save your business. When you move to a commercial property as part of your expansion, for instance, getting a commercial property lawyer to review the contract and other documents associated with the property helps minimise future risks.
Speaking of getting your business’s paperwork reviewed by experienced lawyers, business legal services are now more accessible than ever. Top firms like Harper James Solicitors are helping businesses across the country to take their business to the next level while remaining protected from legal issues every step of the way.
The decision to hire a new employee is often the most difficult to make. When is the right time to recruit an additional employee? Will recruiting employees – and boosting the business’s overhead costs – help the future success of the business? Despite the challenges associated with expanding the team, establishing a strong team is an important challenge to tackle if you want to grow your business.
The growth of your business depends on the growth of your employees. As mentioned before, you will eventually hit your operational capacity as you cater to more customers and reach new markets. When that happens, not adding more personnel to the team will stop your business from fully capitalising on the potential growth rate.
On the other hand, you need to know the right time to recruit that new employee to maintain a more sustainable growth and better long-term growth curve. Doing it when you can no longer handle everything yourself is a big mistake; don’t forget that it takes time to hire new people and you will lose business – a lot of business – during that time.
If you haven’t invested in your brand before, now is the perfect time to start. Great products sell, but great products from a good brand sell even more on the market. Your brand is how you really connect with the customers and win loyal fans. Your brand is how you secure a bright future for your business.
There are many ways you can invest in your brand. The brand itself is important, so make sure you have a brand that represents the business and its products or services perfectly before you venture into new markets and cater to more customers. It is okay to do a rebrand or to make small changes that refine the brand further too.
Thanks to digital marketing – and marketing in general – being more affordable, you can start by investing in your online presence and connecting with customers directly. Social media allows companies and brands to build their audience like never before; utilise the available tools to win the hearts of your customers.
With a strong brand in hand, selling products and services will be a lot easier than you think. Customers already believe in your brand to begin with, so you know you have half the battle won already.
The financial part of your business is important, but the one aspect of business finances that you need to focus on when experiencing rapid growth is cash flow. It won’t take long for your business to struggle when you are dealing with more orders than you normally deal with. A healthy cash flow keeps the business going. It gives your business the ability to fully capitalise on its own growth, and to grow at the optimum rate possible.
Once the cash flow is nailed, you can start thinking about using different financing options for different purposes. Again, make sure you are standing on solid ground (have a healthy cash flow and good operations) before making further steps, bigger changes, and longer leaps. It won’t be long before you have that new office and a capable team to support your growing business, especially with today’s economy offering plenty of opportunities to grow.