Every small business starts with a dream. Many are looking for tremendous growth; in this article, we talk about how you can grow your company, achieve your objectives and accomplish those goals!
Before starting your growth journey, you must analyse how your business is currently performing and if the opportunity is there. Deciding on a business growth strategy is not an easy task; there are always pros and cons. Therefore, you must be very cautious while making your decisions and should be able to answer the following questions:
- What are your goals to achieve business growth?
- Have you consulted a mentor, peer, advisor or other professional for advice?
- Have you estimated the cost you need to invest in your business for growth?
- Do you have enough time, energy and resources to invest in the growth of your business?
- Have you put together a plan?
- Are your business processes and structures flexible enough to adopt growth?
Growth can only be achieved if you have the right plan in place, the right resources to input and the right mindset to apply.
Things you must do before growing your business
There are certain things which you need to take care of before growing your business –
- Research – You must evaluate the market, collect information regarding your competitors and assess the risk (If any). Work through your numbers, make sure your company is profitable and will continue to be so as you scale. You can take the help of an accountant with this; we at Nomisma have many accounting partners, we’d happily put you in touch with one!
- Get professional and Peer advice – Take advice from accountants, lawyers, advisors and consult as many people as possible to validate your research and decisions. It may be worthwhile to pay for expert advice.
You can even communicate with other small business owners who have already experienced their business growth phase. This will help you understand how they overcame their barriers to reach business growth and managed to succeed.
- Set your goals – If you have clear, achievable goals, you’re on the right path. You need to develop various plans – What you want to achieve from growing your business? Where do you want to see your business in 1, 2 or 5 years? What are you hoping to gain from growing your business?
- Set SMART goals - For example, Lily is a dietician and wants to grow her business. A great SMART goal would be: To get five more clients in the next month.
This goal meets all of the objectives to be SMART which are:
- Create a business growth plan – Make sure you have a proper business plan and structure. This should include all processes, sales, clients onboarding, marketing, after-sales support, operations, HR. Of course, it all depends on your business, and every business is different.
Track your business’ financials daily, monthly, quarterly, and annual to understand the accurate picture of your business growth and identify or take note of warning signs. By doing so, you’ll be able to take proactive measures to combat something that could be disastrous. During any growth phase within a business, cash flow is king, and you should do anything possible to avoid disruption.
- Invest time, energy and money – Growing your business is not an easy task at all, and there’s no exact recipe for success. It would help if you were transparent enough on how much money you need to invest to achieve business growth and how much is required for your day to day operations to keep your business running.
- Increase your workforce – As your business grows, you’ll also need to be on top of recruitment. Hire new employees, delegate work among them and focus on what is essential for you to now – Business growth. Once your team manages the day to day activities, you can easily concentrate on your growth plan and work towards achieving the goals you set for yourself and the company.
If you’d like to avoid hiring too many staff, you should assess internal processes – could you enhance them to unlock hidden efficiencies so you can get more out of your existing workforce? If not, you’ll have to hire more staff to handle the added workload.