Managing Your Business Growth
If you have finally hit the point where your business is taking off. Then you might be worried about how to manage your business growth. The great thing is that we now have so many flexible options to facilitate your expansion. So let’s take a look at how you can manage your business growth.
Some businesses grow quickly and overnight. That isn’t the typical trajectory, so it is more likely that you will be able to decide when you push for growth – and how you do it. There should be some key indicators in play here.
Look at the financial stability, the number of products and services that you offer, and look at how your own working day is looking. If you have more work than you can handle, and not enough hours consistently, then it is time to grow.
One of the most joyful things you get to do as a small business is to hire others. You can hire people within your company, you can choose to work with freelancers, and you can consider IT outsourcing services too. When you decide to take people on, be prepared to delegate the jobs that you usually do.
And specifically, the ones that are repetitive take up a lot of time that you can’t bill for and general admin. Make sure that you are hiring for skills and personality. Smaller businesses really need staff members and freelancers that work with you on a personal level too.
If you have been doing particularly well, you might be able to financially support your own growth. Quite often, smaller businesses will benefit from raising capital from investors. Other options are credit unions, savings, loans, and banks. The better the relationship you have with your bank manager, the more likely it is that you will get the green light on financial help should you need it.
Before you take any cash from anywhere, be sure that you can maintain the repayments, and the deliverables are within reach too.
How you are growing is just as important as the fact you’re growing. If you have been testing campaigns and noticed an upward trajectory of sales and business, then great. If the market, in general, is rising, then you might want to consider your options further.
Growth can sometimes mask issues too. If you have no competitors, or you have a single amazing salesperson who is pulling in all the big numbers or even that you have just a single bulk buyer or high-ticket client.
Take the time to discover why you are growing.
Even in the early days of your business, you probably took the time to lay out a detailed business plan. In that plan, you likely have a five-year forecast that looked at how and where you would be growing. It is time to check back over that and make a fresh plan for the future. Being as hands-on as possible will make sure that your business growth is a smooth process.