If you’re already successfully running a small business then the logical next step is to start growing it any way you can. Expanding your business is the first step in expanding your market and your overall return on investment (ROI).
Whatever your specific goals for the growth of your business are, you’ll need to make sure it is prepared and ready to capitalise on new opportunities. Let’s take a look at some basic tips for growing your small business.
1 Make your business scalable for growth
You need prepare for changes in every part of your business ranging from bookkeeping all the way to stocktaking and making sure they can be scaled up to meet new demands. Imagine what the demands for your business will be over the next 5, 10 or even 20 years and prepare for them accordingly.
2 Invest in automating business process
Whether you’re integrating new accounting software or totally streamlining your production with robotic labour, there’s a huge range of ways that you can use technology to reduce your overheads and create room for growth. New kinds of software and equipment can help reduce the waste of money, time and resources that human error brings.
3 Record business analytics
If you’re not making records of your business operations then you won’t have much information to work from when making future business decisions. There’s no way to know exactly which numbers will be crucial in the future so it’s prudent to establish a system whereby everything is catalogued and easily accessible.
4 Invest in your team
If you want to grow your business then don’t forget about the people who help you run it every day. Your staff is one of your greatest assets and you need to invest in them in order to get the most back.
For example; if your business is growing and establishing a new premises, hire the new manager internally rather than recruit externally. Giving your employees avenues to grow alongside your business establishes loyalty and commitment to your business because they have a personal stake in its success beyond just their paycheque.
Other ways to invest in your team add value to your business by training them in new skills or in how to use new technology. Spending money on developing your employees is a smart move for any growing business.
Lastly, building relationships with other businesses provides countless opportunities for partnerships that can help your business grow. You may discover a cheaper supplier for some of your raw materials or may find a unique marketing opportunity, there’s no way to know unless you get out there and start making connections.