When you first start a business, the primary goal is to survive. You just want to get through the first six months, then a year, then two years. That’s all you care about. You fight tooth and nail, working 80 hours weeks for a pittance just to make sure you achieve longevity.
That’s when the goalposts move. It’s no longer about survival; it’s about expansion; it’s about world domination. However, upscaling and expanding requires a whole new understanding of business, one that you haven’t needed to know up until this point. That is why we have compiled a few words of advice to ensure you grow your company successfully.
Adaptability
It doesn’t matter which industry you are operating in, markets have an incredible ability to change without warning, and you have to be prepared for these changes, you have to be able to adapt to and run with them. A great way to achieve this is by having the ability to outsource. Having a pool of contractors, services and freelancers that you regularly use will allow you to vet your staff with more accuracy, know the ways in which they work and be confident in the quality they will deliver. Another good tip is to know what network support for businesses is out there. This will allow you to upscale efficiently when required, and without spending a fortune.
Hiring
You can’t grow your business successfully all by yourself, which is why there needs to be concerted effort to employ the right people; people that will help you realize your ambitions. What’s more, it is no good employing people strictly based on the credentials, that is to say, their college degree, qualifications, and experience. You need to employ people based on their personality. You can teach skills, but not hard graft and a work ethic, and so you need people who will want to roll up their sleeves. The right team will allow you the best start, and the greatest chance at growing.
Invest
When you started out, and your focus was on surviving, chances are you saved all the cash you could for those dry months where revenue wasn’t such a certainty. Well now is the time to shift that mindset and start putting any money you can back into the business. But make sure you spend this money wisely and in areas that will ascertain growth. The heavier and earlier you can invest the faster, you will achieve this ambition. Trust us, being stagnant won’t draw in customers, it won’t get people talking, and it won’t allure investors or buyers, so keep your business growing as much as possible.
Planning
Yes, it is crucial to be adaptable, but it is always worth having a plan too. As such, watch the market trends, listen to what your suppliers are hearing, and have a plan to meet as many different scenarios as possible. This will allow you to remain grounded, stable and focussed.
