You’re an established business owner, you’ve navigated through those tricky first two years and now things are finally stable. You feel more confident running the business and you’re beginning to reap the rewards of all your hard work.
So why would you want to rock the boat with an ambitious growth strategy?
The truth is nothing in business stands still. It’s driven by ever-changing technology and markets. Even if you're happy with your current business performance, you should keep looking for ways to develop. If you don't, you run the risk of allowing competitors the room to grow and take market share from you.
As Wales’ largest SME investor we’ve helped a lot of established businesses grow.
Based on our experience, here are some simple reminders to help you continue to push your business forward:
Be Bold Embrace the new.
Diversify into new markets (international, online), launch new services or products. Consider a revamp or repositioning of your brand to boost the business. Show your ambition, open a second outlet or even acquire another business.
If you’ve never invested in your business, then maybe it’s time for a cash injection. It might be the right time to consider equity and reap the benefits of bringing experienced investors on board to help accelerate growth.
Look at your systems and processes and identify your weak areas. Invest in specialist equipment and machinery to reduce outsourcing costs and boost productivity.
Provide more training to get the best out of your staff. Remember improved services can help give your business a better reputation and a stronger USP.
Be Bigger Think big.
Bigger premises, bigger marketing, bigger client base. Go to trade shows, get on Government frameworks and aim for the bigger contracts. Remember a short term loan can support cash flow to help you win and deliver big contracts. Set your business bigger targets and benchmark against bigger competitors.
Growing your business is a challenge all business owners have to face. But with the right approach as well as thorough planning and investment you can take your business to new heights.