All small businesses reach the point where they must decide how to grow their venture and expand to achieve newfound success. There are many, many different ways to do this, and much will depend on the type of business as well as its size and capital.
That being said, there are some general areas which almost any business can look into to stimulate growth and help them reach their long term business goals. Here are some of the areas which you may want to consider.
As soon as you can afford it, outsourcing is one of the most effective ways to free up the most important asset in your business: time. Through outsourcing some of the more mundane/simple tasks, you/your workforce can spend time doing more fulfilling and important tasks which will help boost growth, not to mention keeping everyone inspired and happy.
If your business sells and delivers products, for example, then using an established courier service like Whistl to deliver could well help to get your products out further afield (as opposed to just locally) and give you more time to focus on other areas of the business (see below).
Often one of the most undervalued and overlooked elements of small businesses, marketing can put a rocket booster on your business’s growth when done right. With an effective marketing strategy in place, your business can reach a multitude of new people, and could help you increase your turnover significantly.
One of the best parts of taking your business to the next level with marketing is that there are plenty of cheap ways to go about it. Looking up effective SEO techniques, for instance, and then applying them (which costs nothing), can go a long way in helping your business website reach the first page of search engines, meaning a vast increase in traffic and, ultimately, profits.
Whilst this method may seem expensive, it is also necessary in most instances if you want your business’s operational capacity and overall effectiveness to increase. Depending on your business, you may want to hire staff which have specialist skills in a certain area, such as customer service or marketing, or more general staff to help out with day to day tasks.
Having more staff around generally takes more pressure off you as the business owner and, like outsourcing, frees up heaps of time which you can spend growing your business even further.
Whilst these methods may seem expensive in the short term, it is important to look at the long term picture. By freeing up valuable time in the business and increasing its operational capacity, it will become a much more effective and larger enterprise, capable of servicing far more people and one day becoming an industry leader.