The dos and don’ts of growing your business
22/10/2019 / Comments 0
Growing your business is an exciting challenge but it isn’t always easy.
Rapid growth doesn’t happen overnight. It takes time, effort and a lot of dedication to successfully scale your business.
Plus, with the potential for things to go wrong, it’s vital to have a solid plan in place to keep your business moving forward without falling victim to common growth mistakes.
Here we consider the dos and don’ts of growing your business. Are you setting your business up for success?
Do set goals
Do you know what your main goal is? A strong sense of purpose provides a consistent sense of focus and can be the key to driving growth and profitability. This clear vision can make it easier to create products and services of value to your customers. Be sure to regularly revisit your sense of purpose as your business grows to make sure you are still doing what you set out to do.
Don’t neglect your core offerings
The heart of a company is usually its core product or service. This is often why your customers come to you and it’s vital to protect it. As your business grows and adds more offerings, it’s likely that your core product will adapt and change but it should never be neglected. It’s essential to continue delivering your core offering to the best standards you can, or you could lose existing customers to your competition.
Do consider your cash flow
Cash is king at all times, but it’s particularly important when growing your business. Without a healthy cash flow, you may not have the working capital needed to adequately fulfil new orders or to capitalise on new opportunities as they arise. Talking to a commercial finance broker could help identify the most suitable funding facilities available for your needs and growth ambitions so that you are never caught short.
- Busting 5 myths about financing business growth
- Is your funding setting you up for growth?
- Cash flow struggles restricting SME growth
Don’t ignore late payment
Late payment is one of the biggest challenges facing businesses. Therefore, effective credit control is one of the most important processes to ensuring sustainable growth. Without money coming in on time you may not be able to sufficiently meet your other business commitments, which can stifle growth and stop you taking advantage of new opportunities. So it’s vital to optimise your credit management processes to ensure that you’re getting paid on time, every time.
Do believe in your business
A positive mindset can be a key driver in encouraging growth. Negativity about your brand, product, colleagues or even the economy creates a sense of fear which could hold you back from investing in growth without even realising it. Therefore, if you want to achieve substantial growth it’s important to feel confident and have faith in your business so that you can seize opportunities as they arise without fear holding you back.
Don’t forget to sell
A great business idea is worth nothing if no-one knows about it. This is why effective marketing is vital to achieving sustainable business growth. The best methods to use will vary depending on your business structure, size, sector and many other factors. But, arguably, word of mouth is one of the most successful options regardless of the industry you operate in. So, always ask your happy customers to provide endorsements and share them.
Do monitor your performance
When growing your business it’s important to know what is working and what isn’t so that you can make improvements and continue to go from strength to strength. Therefore, it’s important to regularly analyse how you are performing in all business areas. This monitoring of your strategies and processes can significantly improve efficiency and help aid your growth going forward. Just remember to act on your findings or you will continue to make the same the mistakes.
Don’t be afraid to adapt
It’s only natural that, as your business grows, your customer base, the economy and your competition will also be changing. That’s why flexibility is essential for sustaining success over a long period of time. If you fail to adapt with the times you may find yourself falling behind the competition and losing customers along the way, so make sure you keep up with your target audience and continue to deliver what they expect.
Do ask for help
You can do anything you set your mind to but that doesn’t mean you should be doing everything. Outsourcing business functions can free up your time allowing you to concentrate on growing your business. Common jobs that get outsourced include accounting, credit control and marketing but it will depend on where your business’s strengths and weaknesses lie. It’s even possible to streamline processes further by having your funding partner provide additional services such as sales ledger management.
If cash flow is restricting your growth, as a commercial finance broker we may be able to help source a suitable finance facility to allow you to reach your potential. Contact us on 0800 9774833 or firstname.lastname@example.org to discuss your requirements.