What should entrepreneurs do when their businesses grow?
As soon as the work of getting a new business off the ground is done, the next step is pretty exciting. Watching the dollars roll in as your client base builds up is great, but with that, you’re likely to experience a few growing pains. When this does happen with your business, what can be done to make the transition seamless?
There are a few tasks you can do to manage your business’s growth. They range from the quick and easy to long and sometimes complicated, but they’re all essential. If operating as you are right now, it could become difficult going on impossible to deal with increasing demand.
For growing demand, there might not be enough funds in the bank to pay for extra capacity; this is where a little research can come in. Look for any loans, grants or funding sources that can supply you with the money needed to hire another staff member, move to a bigger office or fund a better website.
The SBA is an official channel for small businesses looking to grow; low-interest loans and grants are among the many services on offer. If you cannot get access to them, crowdfunding could be a viable alternative. For that, make sure your pitch to potential investors is flawless, persuasive and to the point.
To cope with more sales, taking all the work on alone is at best difficult. To prevent burnout, you may have to bite the bullet and hire someone else. Sure, there may be a lot of paperwork involved, but it will all be worth it, especially if your new employee is good at their job.
Another pair of hands to manage tasks such as admin, sales and marketing will leave you free to manage the business and keep an eye on the balance sheets. You need to know what jobs are best left to another person before working out who you need to hire first.
In 2015, small businesses in the US averaged sales growth of 7.8%. This shows that the overall climate for entrepreneurs is pretty rosy, but how can your business take advantage of it? Many eagle-eyed business owners spotted opportunities within their sectors, looking at trends followed by consumers.
One such way is to see what the competition is up to. If they’re succeeding in attracting new business or are struggling, see how you can improve on what they do. Search engines and social media sites hint at what’s popular. search for terms relating to your business and see what the world’s talking about before tailoring a product or service to those discussing said terms.
Look after your money
Even if business is going well at the moment, it is still important to watch every penny. To keep your finances in check, whether for tax purposes or to see what you have to spend, having an expert do it saves time and effort. Auditing for your business is essential, as it makes it easier to know what you have in the bank.
After having audits done, you will be in a better position to know how much your business is growing and how much more it can grow by. Be sure to do them regularly though, any delays could be expensive when dealing with the taxman!
When any business is growing, it can be too easy to get overexcited and put all of your energies into making even more profit. However, there is a danger in moving too fast. Doing so in one area could leave another part of your business neglected, stalling whatever growth you have experienced in the process.
To avoid this trap, you need to be patient. There aren’t many overnight success stories in the business world; the biggest multinationals took years to become highly profitable. Keep growing at a steady pace, and you will be prepared to accommodate your expanding clientele.