Every new business owner starts with a number of goals, such as to grow rapidly and gain brand recognition for their young company.
However, success in business is not all cut and dried. There is no magic bullet business owners can use to accelerate business growth. However, there are ways to achieve growth that can accelerate the success of your business.
We asked small business owners to share tips on accelerating growth, and these are the ones they have shared:
Set Achievable Growth Goals
Start your business growth plans with a specific, measurable and achievable goal, e.g. 1000 new accounts in 2020, or £1 million in revenues.
Once you have your SMART goals in place for growth, the next step is to put an operational plan in place. This will cover how to get from where you are at the moment to where you want to be.
The key to success is to refer to your plan and revise it if necessary regularly. Also, put in place resources to successfully run your plan.
Hire the Right People
Building the right team is crucial for the development and success of your business because employees can either help or hinder your business.
While it is true that experience is important, you should also look for eager people where you can be sure that they can support your business no matter what it is going through.
All successful growing companies share a common element: people who are 110% involved in company growth and development. Therefore, it’s crucial that you hire a reliable team who will support you during hyper-growth.
Manage your Finances
There are so many reasons why it’s never a good idea to run a combined personal and business account, including personal liability, taxes and a complicated book of accounts.
Therefore, as part of your growth plans, develop a separate accounting system for your business and stick to it. Of course, there are times when you will be tempted to borrow from your personal account to help your business finances and vice versa, but don’t give in to the temptation. There should be a clear demarcation between the company and personal finances.
The best way to ensure a clear demarcation of expenses is to set up a business current account for your company that is separate from your personal bank accounts. Keep it strictly separate so that you can always account for what you are doing with your business finances.
Reduce the Risk
Risk is an inevitable part of starting and running a business. You can’t control everything, but there are many ways to reduce internal and external threats to your business and its growth. One of these ways is to invest in business insurance.
As a growing business, you should to look for insurance products that will help protect your business from financial loss, business interruption, litigation, and simply anything that can affect your growth trajectory.
Avoid Long-term Debt
Since your long-term debt will lead to a slower growth rate, one of the first steps should be to lower it. If your business has not yet incurred a long-term debt, you can work around it by looking for short-term alternatives.
Look for credit options that will help you pay them back in less time to avoid costly interest and to prevent a slowdown in growth.
Your company is your child, and you are probably very proud to take care of it and to achieve success. However, if you try doing everything yourself, you may not only get overwhelmed but also jeopardise the chances of your business reaching its full potential.
No matter how hard you try, you can’t be an expert in all areas. Therefore, you need to be willing to delegate or even outsource some of your business processes so that you can have time to focus on the things that matter.
You can’t force your business to grow, but you need to make the growth process as natural and as easy as possible.
Follow the steps above, and you should be able to set up your business so that it attracts and retains more paying customers. You can then increase profit and watch your business grow.
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