It’s something that all business owners must ask themselves at some point:
Is it time to grow my business?
Only you can know when business growth is the right move. Arriving at that decision takes a lot of careful investigation and consideration. It also involves a lot of preparation. Once you have decided that you want to go that route, there are some key things you can do to put your organisation in a good position to handle such a transition as smoothly as possible. Here are five things you can do to prepare for business growth.
- Implement managed IT solutions
When thinking about how you want to grow your business, managed IT services is one of the first things you might want to consider. The benefits of managed IT solutions are wide and varied. But they can be amplified even further during business growth. When you outsource your IT to experienced professionals, you unload a lot of issues from your plate and help keep your data safe. However, you also empower these experienced professionals to help you scale. You can increase your resources when you need to with managed IT services, and you most likely will when you grow your business.
Another part of your growth strategy should be giving your team all the tools it needs to stay productive and efficient in the face of a potentially increased workload. Perhaps you’ll be changing the way you target the public in a bid for more business. Let a Microsoft Dynamics CRM course prepare your team for such a change. Or give yourself or somebody else in your team the power to create a specially-tailored data centre with a Designing Cisco Data Centre Unified Computing (UCDC) v5.0 course. For optimal results, try to plan well ahead of your business growth, giving your team a few months to not only learn and/or perfect these skills but also to implement them and get comfortable using them in everyday situations.
- Think about your brand
Your company’s brand is constantly on display in a lot of ways, and you need to consider it when thinking about how to grow your business. Start with your logo, slogan and overall marketing. Will it still be a good representation of your business and the product or service it provides once your expansion is complete? You also want to think about your social media presence. Using social media in talent recruitment and to build a relationship with your customer base is an important part of today’s business world. Make sure the tone of your social media profiles on platforms such as LinkedIn, Twitter and Facebook is consistent with your business growth plan.
- Consult those close to you
An important part of balancing your work and life is keeping lines of communication between the important people in your professional and personal lives open. This communication can go a long way in helping you when you’re thinking of growing your business. Talk to the other key members of your team and ask them what they think is important to consider as you look to grow. Also, don’t be afraid to talk to friends and family, too. They can offer a different perspective because they are not as deeply involved in the industry. This fresh point of view can help you realise important things you need to take care of as you try to take the next step with your business.
- Be realistic about the costs
While the best things in life are free, business growth is unfortunately not. You need to be realistic about how you’re going to find the funding for such an undertaking. Make sure you and your financial department have done extensive analysis of your company’s performance and thought about all of the costs associated with business growth. You then want to investigate all the possible avenues of capital available to you, whether they be credit card, bank loan, a line of credit from a private lender or some combination. Being conscious of how much your business growth will cost will keep you from running into an all-too-familiar business stumbling block during your expansion.
There are plenty of factors that go into deciding when business growth is right for you, your team and your company as a whole. Wait too long and you might miss out on crucial opportunities. Jump the gun and you might not have your growth strategy fully developed. But, once you decide that growing your business is the right move, try to keep the above points in mind as you get ready to make your move.