Questions to Consider Before You Grow Your Business

When you own a business, there will be a constant drive for growth so you can continue to attract customers and increase profits. This will always be there, especially if you are following your initial business plan. However, there may come a time when you believe you need to re-evaluate your position, you feel your business has plateaued, or you think it is time to step things up. Whatever the reason, you need to ensure that you are ready for the growth that is to come. It is all well and good to want to grow and increase your efforts to drive customers to your business, but there is a lot more to growing your business than increasing profits. 

You need to ensure that you are ready, as it is a big commitment to take on. It will take time, patience, and a lot of investments in different areas. It may also entail some big risks and failures before you see significant growth. This is why it is important to conduct research and think through the decision before you take the steps. Not only do you need to be ready, but you also need to ensure that your business will be able to handle the growth. To help you on your journey, here are some important questions that you should consider when you want to grow your business. 

Are you ready to commit? 

Scaling your business is a big commitment. So you need to think about whether you are ready to commit. You, as the business owner, might be ready. But you need to ensure that you have all the tools, software, and equipment in place so that your business can handle the growth. The last thing you want is to drive in customers, but your systems cannot keep up with the demand, or risk throwing all your money into growth, but there is no demand. Take time to assess your business and what you need to grow, and ensure you have everything in place.  

Is there demand? 

Investing in your business is a great thing to do, but can be a huge risk if there is not enough demand for the product or service that you are selling. Make sure you conduct thorough research, including competitor analysis and focus groups, to ensure that you will see the return on investment that you will make. 

What support do you need?

While you might have the drive and the funds to scale and grow your business, you may not have all of the right resources or capacity for it to be successful. This does not mean you have failed. It is very common for business owners to outsource professional help when it comes to growing their business, as it means you can work with people who are experienced and know what they are doing. While it will cost you money, it will be a worthwhile investment that will be pivotal to your growth. When you grow your business, it does not just mean increasing your marketing budget and efforts, it will also mean increasing workflow and production, increasing the capacity of your systems, equipping your staff, and hiring new resources.

Growing a business is not quick or easy. Make sure you have asked yourself these important questions before you make any changes. 

Startup Success: Take Note Of These Realistic Tips

Starting and growing a business in today’s highly competitive market is tough and takes perseverance but it doesn’t have to be a huge undertaking that overtakes your life. You only need to be equipped with the right knowledge and expertise. We outline what you need to know about making your small business or startup a success from the start.

The process of starting and growing your own business is never going to be simple; that’s a fact. You might be extremely keen to build and grow a business that has the potential of being hugely successful, but that doesn't mean making a success of your venture will be any easier and faster to achieve. The fact is that building a successful startup from the group up is hard work. In order to achieve success, you need to understand that you need time to build traction and momentum and even more time to maintain it.

You also need to have a fundamental knowledge of positioning your business for success. If you want to see your venture succeed and thrive over the long-term, then you need to constantly grow your business. Planning and growing a successful business isn’t just about finding a concept and launching a company around it--it’s also about learning to make smart decisions quickly and effectively and always be able to think on your feet. 

Wondering what it takes to see startup success in today’s overly saturated market?

Below are a few useful tips that it might be worth taking note of when it comes to building a profitable and prosperous business.

Create a Plan and Start with Taking Small Incremental Steps towards Achieving Your First Goals

Every strong company starts out with a solid plan of action. If you are going to ensure that you put your business on the map, then you need to have a clear set-out plan to follow. The concept of creating a business plan may be daunting, or you may feel that it’s unnecessary and a waste of time but having one in place is crucial to your success. The plan doesn’t have to be hundreds of pages long, but it does need to include the following sections:

·       Executive Summary

·       Owner Bio(s)

·       Company Description and Management

·       SWOT and Competitive Analysis

·       Target Market

·       Marketing Strategies

·       Market History and Growth

·       Product/Service Lines

·       Sales Strategies

·       Request for Funding (if you’re looking for investors)

·       Financials  

Writing a business plan doesn’t have to be an overwhelming task, as it’s just a case of mapping out each aspect of your business and determining how you’re going to best utilize each of these sections. That’s it - it’s simple really. 

As an aside, whenever I write a business plan for any of my own ventures, I keep it to four pages and include all of the sections above (but the request for funding) because all of our funding is done internally. 

Make Networking a Priority (Both in Person and Virtually) for Your Small Business 

If you want consumers to know about your business, networking (both in-person and virtually) with other industry professionals and consumers is key to your success. Business is all about the connections that you build and nurture. If you are going to take it to the next level, you need to take advantage of every networking opportunity to expand your circle of professionals. Whether that’s networking in person at networking events or it’s networking via platforms like LinkedIn or industry conferences that are now virtual, it’s essential that you are making it a priority.

Optimize all of Your Operations for Efficiency and Sustainability

As your small business or startup grows, it becomes increasingly important to streamline operations and ensure that every process is as efficient as possible. This not only helps in cutting costs but also in reducing your carbon footprint, making your business more sustainable in the long run. 

Start by evaluating your supply chain and looking for ways to make it more eco-friendly and efficient. For example, partnering with a national pallet company known for their sustainable practices and excellent quality can help your business to maintain effective and efficient logistics operations. 

Moreover, adopting green technologies and practices in your workplace, like energy-efficient lighting and recycling programs, can significantly contribute to your sustainability goals. Additionally, consider implementing project management tools and systems that enable your team to work more collaboratively and productively, regardless of their physical location. 

By focusing on efficiency and sustainability, you save money and build a positive brand image that resonates with today's environmentally conscious consumers.

Focus on Productivity to Maximize Output During Launching and Scaling Your Small Business or Startup

One of the most important steps to take as a business owner is to make being productive your focus. You can spend all day sitting in your office, but if you’re not working in a productive way that’s generating revenue, then it’s a waste of time, isn’t it? 

When it comes to how you run your business, take steps to ensure that productivity is always at the forefront of your mind. If you’re the CEO or founder, then focus on the tasks that actually generate revenue and outsource the tasks that don’t generate any income.

For instance, instead of waiting until an IT issue occurs, source IT services that are able to offer business support, so that when you need help, help is close at hand. Similarly, instead of sending out invoices or bills, hire a virtual bookkeeper to manage that aspect of your business. If you don’t have the resources to hire or outsource to a virtual assistant, then use a free software program such as Wave Apps or a paid low-cost program such as QuickBooks to automate your invoicing and accounts receivables. You’ll be amazed at how much time these tech tools help save over the course of a week. You can do the same with social media marketing with tools such as Later, TailWindApp, or HootSuite.com.

The truth is that running a successful business is hard and it takes a lot of patience and grit; and it also takes a lot of time and effort to build a venture that has the potential to be successful. However, by taking note of the tips and advice above, you can make the process of running a successful startup, a little easier for yourself.

The Demands Of A Growing Business

A growing business is one that can be hard to manage. In fact, all of the business owners who expected their business to take years to grow, when it is, in fact, growing in a matter of months, find it impossible to manage. All of the sudden you go from small finances that are easy to manage, and sales that are easy to track and handle because they are so few, to a business with a huge influx of customers that makes everything hard to track and handle. So, what you need to do is go into crisis mode, and figure out how all of the systems of your business are going to work together as one so that your business can flourish.

All you have to do is focus on the growth aspects of your business, how you can streamline them, and how you can promote your business. Because the last thing you want to do is focus on all of the changes you’re going to make, only to find that the influx of customers was temporary and you now go back to a lull. So, we’re going to try and help you with all of that, as well as feel secure with your own knowledge about business. The more you know, the more you grow! Keep on reading and we’ll talk you through what we think you should be doing.

Image Source

Managing Sales & Production

Production and sales are something that’s going to flourish as soon as your business starts to have that influx of customers, and it can just be so hard to manage for a small business that isn’t used to being a business. But don’t worry, there are tons of tips that we can show you.

The first is hiring two people to work for you on a temporary basis. Freelance business analysts and advisors are essential for a business that is new to being on the market and really doesn’t have a clue what they’re doing. Because the one trend that’s happening at the minute is that business owners usually know their trade, but nothing about the intricate parts of running a business. These services are only going to benefit a business that hasn’t had experience being a business before other than the minor processes that are needed.

Hiring in people to give you good advice is always going to make you more comfortable with the decisions that you’re making. They can advise you on how to maximize your sales, and minimize the time and money spent on production as well as financial losses. A lot of it will come over time. You’ll need to find ways to streamline your production process. Whether you’re selling services or products, you will still have a production line that needs managing, and it can easily be done by focusing on the weak points and the areas that are taking the most time to complete. You can then use different techniques in a trial and error sort of fashion to see what you’ll end up with!

Inhouse Improvements

Running a business is going to take your inhouse life from being pretty casual, to pretty hectic. All of a sudden you have all of these orders and queries coming your way and it can be so hard to manage. We’re writing this assuming that you have your own office space. If not, then it might be time to seek out a small space for you to be able to run your business. Not only does it allow you to have that air of professionalism, but it’s far more practical for a growing business.

You then need to consider some of the improvements you can make to your office that will make it far easier to run. Lingo Communications Business VoIP might be one consideration you have. VoIP systems are so beneficial for any business, let alone one that’s growing at such a rapid rate. What it does is give you a system that’s connected throughout your business, preventing downtime and delays in internet speed, and allowing your phones to have the best connection. The one menial task that you’ll find yourself doing as a business owner is answering emails and phone calls. You’ll also find that office internet is absolutely shocking, so seeking out something such as what we have linked to could greatly improve the productivity of your office.

Even if there is just you in the room, it makes it far easier to expand and cope with the demands of your growing business. You should also think about the other equipment you’re using, such as your computers. Having a computer system that’s able to facilitate software that you need is important, and a good business will splash out the cash on an Apple Mac. As expensive as they may be, they look far more professional and modern for one, and they have a ton of capabilities that other computers don’t have.

Do You Need To Hire?

Hiring is one of the things that you might need to do far sooner than you thought you were going to have to do. The process of hiring can be so intimidating for a small business, especially for a business owner who doesn’t really know what they’re doing. You can miss out on the key questions you need to ask, and you may even cross the line towards inappropriateness without even meaning to with the questions that you ask, which is why we think it’s important that you stick to the basics.

The first is to make them relaxed as soon as they come in. Perhaps say that you’re just as nervous as they, or tell them to take a breath and relax because it will be a more chilled out interview. A chilled out interview-style attracts the right type of person. You’re allowing the candidate to relax in their natural way of being, rather than coming in with this forced behavior that would change as soon as they got comfortable within your company. Stick to asking questions about their likes and dislikes, goals, what they want from the company, and then give them all of the company information that you need.

To cover your back, you can hire HR services that are not in the house, but they will still support your business with any HR issues that may come up. You can then integrate them into your business and use it as a learning curve. Always make sure that you give ongoing support and training, and actually take the time to get to know them.

Promotion & Marketing

Promotion and marketing are something you’re going to become so used to doing. All of a sudden you’ll have everything on your shoulders, but the main thing you want to do is keep it there. Which is easily done through promotion and marketing. If you already have the influx of interest coming from somewhere, you must have been doing something right with a basic budget. So all you have to do is scale that to a bigger size and focus on the areas of promotion and marketing that are going to get the most attention.

For us, it’s simple techniques such as billboard marketing that you need to go for. You’ll still be a small fish in a big pond, so until you’re a bigger fish trying tactics such as SEO and PPC might not work well for you. But billboard marketing alongside Google Adwords, for example, might be the killer combination that your business needs for that extra boost of sales. Once you get a steady number of customers each month and your brand begins to grow, you can focus more on online marketing methods. Alongside this, we would always recommend that you use social media marketing to build your business a profile.

Financial Demands

The financial demands of your business are going to make a big difference in the way that you’re able to run your business. All of a sudden you’re not so much struggling for money, but struggling to manage the money and figuring out where it should be distributed. All we can say is to relax and take your time figuring it out.

Your first plan isn’t going to be your final plan, and you’ll often find that your financial plan has to be tweaked along the way so that you adapt to your business’s needs. The largest part of your distribution should be to production, then marketing, then whatever else is a priority within your business. Last should be your own pocket! Always make sure that you’re consulting a financial advisor before making any big decisions. Everything that you do with your budget is going to influence the way that you run your business.

Personal Demands

The personal demands seem to be what business owners seem to forget about. We’re so focused on our growing business that we don’t realize what it’s doing to our bodies and minds. Burnouts can happen pretty quickly, so make sure that you’re giving yourself time in the week to have personal time. To clear your mind and truly relax. It’s one of the best ways to keep your mind clear and focused is to switch off from work and forget about it all, even if it just be for 30 minutes a day whilst you’re on a run.