If you’re thinking about growing your business this year, you probably already know that it’s not a decision to take lightly. In fact, there are so many things to consider that you may find yourself feeling a little stressed about the large to-do list that you’ll be taking on.
Luckily, we’ve got some excellent tips which should make the whole process easier:
Scaling effectively can be a long and difficult process. While you don’t need to be in love with your business (this can actually be detrimental- ever heard the term “love is blind”?), you do need to be passionate about it. Since you’ll be devoting a lot (some would say all) of your time and energy into this business, it’s important that you actually enjoy what you do.
Don’t quit your day job
This will depend on the size of your business, and if you’ve been running a small business for some time, it’s unlikely that you’re still working your day job. However, some people will work part time while they’re running their business until they reach that important growth period and come out the other side. For this reason, it can sometimes be a good idea to focus on growth when you’re still working your day job- that way you’ll have greater financial security and the whole process will be less stressful.
Get some support
Like it or not, it’s important to have a support system once you’ve decided to scale your business-a friend or family member who can listen to you and be there to bounce ideas off will be invaluable. It’s also a good idea to find a mentor or even a group of people who are also aiming to scale their businesses so you can keep each other on track and learn from each other.
Sort your money
Once you’ve committed to making your business a priority, it’s important to get your money sorted. You’re probably going to need growth finance at some stage, so check out OakNorth, which is run by entrepreneurs, for entrepreneurs – meaning the company understands your challenges and makes allowances.
Make sure you have a clear growth strategy in place
If you’re serious about growth, you have to treat your business like a business- even if it’s not yet as large as you would like. Planning for the future is crucial, and that means setting goals, ensuring that you have a detailed business plan, and getting solid advice if you’re unsure how to achieve growth going forward.
Make sure you’ve got the right team in place
If you don’t get this sorted from the very beginning, you could be in for a major headache later on. You need to be sure that everyone on your team is committed to your goals, looking towards the future, and passionate about your business. You’ll need to hire skilled talent from the beginning, and also be continually reaching out to new contacts as you grow so you can have relationships already in place when you need to hire for key roles.