At Startacus we are very aware of the challenges which entrepreneurs face in making sure that their business reaches its full potential.
When running your own business ensuring growth is about more than just the practicalities of business development- there is usually a strong personal and emotional drive to make sure that success is achieved. No wonder then that so much of an entrepreneur’s time is absorbed in planning strategies which can help encourage growth, but also removing barriers which may prevent that from happening.
Much of the time it comes down to simple common sense, with tried and tested ways of encouraging growth being more effective that many of the ‘new-age’ silver bullets.
Here, we take a look at some of the traditional ways of encouraging business growth.
Expanding Your Workforce
If you find yourself bogged-down with serving customers, administrative duties, or on the phone dealing with low-level issues, to the extent that you are frustrated that you’re struggling to have the time to deal with more important issues, then the time may have come to expand your workforce.
For many entrepreneurs the idea of employing another member of staff is one which fills them with dread, particularly considering the significant financial strain that this can put on the business. Whilst this is a genuine and understandable concern, it masks the very real value that an additional pair of hands can bring, and ultimately the potential for growth which can be unlocked. It’s very simple really- the more of your time that you can dedicate to business development, the more likely it is that you will be able to make some meaningful progress in your mission.
Being able to focus your time on what really matters: growing the business, a great position to be in. Indeed, this is something which many entrepreneurs fail to realise, to the detriment of their business’ long-term potential.
We have created a series of guides which can help you to recruit new members of staff for your business. You can check them out here.
Purchasing New Land
Alongside evaluating the number of staff working within your business, you should also begin to take consideration of the physical capacity of your business and its potential for expansion.
This is another element of business growth which gives many entrepreneurs the jitters- it can be all too easy to maintain a comfortable and familiar position, rather than face-up to the potential risks of a move to a larger and more suitable premises.
However, a well considered investment in the development of your business means that you are also investing in its growth, and if your business location has reached or is nearing its capacity then now may be the time to consider a commercial development.
An increase in capacity, can mean that the overall ability of your business to deliver its goods, or perform services is also increased- this is often a crucial step in ensuring that your business is given the space to reach its full potential.
Such a move can create an excellent opportunity to update the growth strategy for your business, and devise new ways in which this expansion can take place. Building more space that you need at the present time can also make sure that you have room for further expansion should you plans for growth go according to plan.
Upgrading Your Marketing Channels
A third traditional way of encouraging the growth of your business is a fresh investment in your marketing efforts. Of course marketing is an incredibly important part of any business’ activity, but as is the case with your location, breaking free from old ineffective habits, and embracing new ways of working can be a daunting process.
Thus is the nature of marketing- if your current practices are minimally effective there is a tendency to adopt a laissez-faire approach, rather than risk wasting time or losing out financially with a failed new strategy.
Simple low cost tools like email marketing can be a powerful tool in this regard, provided of course that you have a clear understanding of its limitations and precisely what you would like to achieve from it.
Likewise a strong and well-managed social media presence can provide an ability to have valuable and effective engagements with customers. We have a number of guides which can help you to make sure you are using these social media channels effectively.
To conclude, as an SME owner, you need to invest to make sure your business reaches its full potential. So, increase your staffing, upgrade your marketing and buy new land. You’ll soon see the benefits in capacity growth.