Growing your business in the right way is vital to success
Growth and expansion are the long-term goals of the majority of businesses. Getting larger, servicing more clients and offering a wider range of work is how you make more money, turn a higher profit and become more successful, so it’s only natural that such a target should be shared across the board – even during a period of wider economic uncertainty. Not only is it about the financial benefits, but businesses that are seen to be successful attract more interest, too, so it could actually be harmful if you’re seen to be standing still and treading water, as potential business could instead move elsewhere.
There are, of course, some considerations and complications that come with rapid growth and expansion that should be planned for in advance, or they could cause issues down the line. Less to do with finance and altering the business plan – although they’re obviously going to be things that need attention – there are changes to mentality, approach and logistics that can otherwise go overlooked. Here are a few of the biggest areas of concern that you should be keeping an eye out for if you’re planning on taking your business to the next level in the near future.
Growing a business is not necessarily an easy path. Often you will need to refer to a business coach who can help you to 1) grow your sales & revenue, 2) create high-performance teams, 3) boost profits, etc. One of the key advantages of referring to a business coach is that he/she helps business owners eliminate the barriers to growth and take the company to the next level. The thing is that a lot of business owners find themselves running a company rather than leading it. As a business owner, you should clarify what your core business values are, ultimately they should help you make key decisions to achieve your long and short-term goals.
Invest In Infrastructure
Before you can become a bigger business, you have to ensure that you have the capacity to survive as one infrastructurally. A good first step is to have a look at hiring a dedicated member of recruitment staff, possibly extending your existing human resources department, so that the new staff members you’re going to require to service any new work are of the correct skill set and caliber, without taking more time away from existing resources.
Another more basic step is to refresh all company processes, as they’re going to be used much more frequently by a larger staff – so things like expenses, invoicing, requesting holiday and training should all be revisited.
Secure The Right Working Environment
If possible, moving your company in to a larger, more modern space is a brilliant way of both providing the room needed for more an expanded headcount, whilst also motivating and reinvigorating existing members of staff. By making people happier at work, they’re more likely to perform at a higher level and that will in turn boost productivity.
There are different solutions to new space that go beyond traditional offices too, with temporary buildings an option worth considering, rather than rushing in to a lease or purchase that might not be exactly what you need.