8 Things to Consider When Growing Your Small Business

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Growing a small business is never an easy feat – no matter what industry you’re operating in or how long you’ve been running for. A process that takes thorough research and organization to get right, it can’t be done overnight. Therefore it’s important to ensure that your expectations are realistic from the start.

If you want to expand your business, there are several key considerations that you should pay attention to from the get-go. But if you’re stuck as to what these are, then the process may feel a little daunting. To help guide you, here is a list of the top 8 things to consider when growing your small business:

Will You Have To Find a New Premise?

Whether you’re currently running your business from metal sheds/your garage, a shop or online from home you’ll want to consider if you need to find a bigger premise in the near future. As your business starts to gain traction, you’ll undeniably need more space to be able to cope with the orders/work that’s coming in. 

If you run a business online, this could be a commercial premise that can cater to your staff along with the technology you require. Whereas if you sell a physical product, you’ll not only need a warehouse to store items but more stores to operate in. 

Will you have to hire extra staff?

At the moment, it might only be you and a handful of other staff members working for your business. But as you grow, you’ll have to consider hiring extra employees. This step not only involves you having to budget for the extra salaries, but to have an understanding of what to look out for. 

To ensure that you’re following the best HR practices possible, as part of this step, you may also want to hire an HR professional. Taking on the responsibility of hiring yourself as your business expands may become unattainable – so consider spreading the responsibility. 

The Trends Within Your Industry 

One of the most significant factors that you should consistently pay attention to is the trends within your industry. An element that can shape your growth, it will help you to evaluate any opportunities that arise and adapt as needed. This research could involve you analyzing the latest technological advancements or the state of the market. 

What Your Goals Are 

This might sound like an obvious one, but it’s vital for future expansion. When you’re striving for growth, it’s important that you sit down and set realistic goals to attain. Without these, it’s hard to track and measure how successful certain decisions have been. 

Giving your employees something to aim for, they will be more motivated in their everyday roles. No business can be successful without measurable goals to strive for after all. These SMART (Specific, Measurable, Achievable, Relevant and Time-Bound) goals will be tailored to your business and your business alone. 

The Cost of Expansion 

When you’re planning to expand, you need to be financially savvy from the start. Why? Because if you don’t watch your bottom line and budget for the costs, your business has the potential to lose more money than it makes. As part of this process, you need to consistently review your investments and your business’ bank account.

At the start, this may also involve you utilizing software such as Quickbooks, but as you grow, you may want to hire a professional accountant/bookkeeper to keep an eye on the accounts. Never underestimate the cost of things – always overestimate to ensure that your finances are kept in check.  

Whether You Add New Products/Services

It’s one thing growing your business with the product/service you currently offer. But as customer interest starts to increase, you might want to consider adding new offerings. You want your revenues to increase and for customer intrigue to grow – and this strategy could prove to be very effective at doing this.

Although it can initially be challenging to accomplish, with the right preparation, market research and testing, it will be an invaluable step in the long term. As part of this, you can ask your current customers what their opinion is of this decision, including what they think about the price of the product/service. 

How You’ll Get the Word Out 

Although you might currently be relying on social media and your business’ website, if you want to expand even further, then it may be worth considering other avenues. From attending networking events to investing in TV advertisements, the possibilities are endless when it comes to the marketing techniques you could try.

What Technology You Use

As part of your growth, you may want to consider embracing new technology. Although this will, of course, require an investment if you want to implement it efficiently, it can make your business more productive in the long run. From project management software to cloud computing, in the modern-day there is so much technology out there for your small business to discover. 

Your Customer Service Efforts 

This might also seem like an obvious consideration, but it’s nonetheless key to your expansion. Although you may already be working tirelessly to ensure that your customer service is exceptional, as your business grows, this should continue to be a top priority. 

Without quality customer service, you won’t be able to retain customers or acquire new ones. Therefore, you’ll want to consider investing in your customer service efforts. From hiring more professionals to handle enquiries to adapting your policy to align with customer requirements, there are certain effective proactive steps you can take. 

Creating Discounts/Membership Only Features

As you expand and get the word out, you need to find a method that entices new customers. And one that proves to be very effective is creating discounts for your products or services. These tempting deals will catch the attention of your target market and draw them in.

Alongside discounts, you may also want to consider adding ‘members-only’ deals. A part of your business that’s exclusive, you can offer these customers special products/services – which in turn, will have a positive effect on your profits. 

Final Thoughts

There are the 8 key things to consider when growing our small business. Of course, every small business is different. And what can work for one, might not work as effectively for the other. Plus, it’s advisable that you only take steps that are appropriate for you.

Regardless of this, whatever proactive steps you take towards expansion, the more likely it is to be a success in the long run. 

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