Preparing For Business Growth
All businesses are striving for growth in one form or another; this is how companies develop, new relationships begin, and profits increase. This growth can come in many varying forms; it’s not always easy to know if your business is ready for growth, which direction and shape that growth will take, and you need to know that the company can handle it, which is why you need to know how to prepare for business growth.
Knowing if your business is ready for growth is the first step; an analysis of your business can inform you of any weaker areas, perhaps not strong enough to support the strain of growth. Once these areas have been identified, you can begin to prepare them for the changes that need to take place.
How are you looking to grow?
Employ more people
Increase your services
Simply make more money
Begin entering a new market or sub-market
Drilling down and defining what kind of business growth you’re looking for will help you to prepare
Streamline Your Operations
Sloppy or unorganised business operations will not support accelerated business growth. As more clients, workers or departments are added to the structure, clarity and precision are the qualities that will support the change.
Make Room For The New
Firstly, think physically; do you have room for the changes that you’re hoping to achieve, for the extra members of the team or additional meeting rooms for clients? If the answer is no, then this leads you to more considerations such as property changes or taking on another office. If you’re anticipating relatively slow business growth, this might be something you can work towards as you grow.
Secondly, think logically; streamlining your business operations will have helped you to cut out any unnecessary processes or responsibilities, or even roles which could make room for the obligations of new business. If it hasn’t, then you’ll need to assess if your workforce has the capacity to welcome new responsibilities or if a bigger team is required.
Your first move toward preparation is a thorough survey of the business, analysing at what capacity departments are currently working. There is no scope for growth if all of your teams are at capacity already.
Are You Financially Ready?
Finance is one of the most significant factors which prevents businesses from accelerating growth. The concern of putting the extra strain on finances can put businesses off investing in their growth. With a secure handle on your business finances and the use of business loans or investors, managed and reduced-risk growth can be achieved with minimal negative impact on finances overall.
Know The Market.
To prepare your business for growth, revisit and consult your business plan, as you did when you started your business; this can help to assess the market, the competition you intend to join and where you will now fit into the market as a larger company.
Know Your Drive
Why are you pushing for this growth? Is it natural? Are you naturally growing and therefore need to scale up to keep up with demand? Alternatively, are you aiming for rapid growth? If so, then be clear about why you are pushing this business growth forward and what point you are pushing towards, is it national status, global, or maybe to increase your customer base by a certain percentage.