If you’re an owner of small business that is operating healthily, you might not have placed too much emphasis on moving forward. After all, if things are progressing nicely along, then why risk destabilising what you have? It’s a fair question, but also one that overlooks a key fact: in this day and age, you have to keep moving forward if you’re going to remain in business many years down the line. It’s also not just about surviving as a business, but thriving: you want to be the best you can be at all times, and that sometimes involves taking your company to the next level.
Defining Your Goal
You can’t just fall into progress: it has to be clearly mapped out. There needs to be a plan in place defining where you will be going tomorrow, a year from now, and 5 years and more down the line. This gives you an opportunity to really think about what direction you want to take your company in. Have a vision, whatever it is, that’ll help you grow and grow. You’ll deviate from it of course, but it’s a must have starting point.
The Right Investments
You need cash if you want to grow. Whatever sums you put into your growth will be worthwhile so long as the cash is spent correctly; that is, if it ensures a higher return. There are many ways in which you can free up capital to fund the growth, such as cash flow finance, re-negotiating a commercial mortgage, or performing a CAM audit on your property.
Nothing inspires a leap into the future like a change of scenery. Your current offices may be fine, but don’t discount the potential benefits of upgrading to somewhere new. Benefits of a move can include being easier for potential customers to find you, rebranding the style of your premises to fit in with your new ambitions, and being more centrally located (which, in certain areas, adds a level of prestige that only money can buy).
Celebrate Your Differences
If you’re currently operating within a crowded marketplace, you might just be keeping in line with what your competitors are doing. Thinking through a longer term plan allows you to think again about how you’ll differentiate yourself from other businesses. How could you take your industry in a new direction? What products and services would work that others haven’t yet thought of? Think outside the box and the rewards could be massive.
Bringing People on Board
It has always been the people we surround ourselves with who define how successful a venture will be. If you’re reevaluating your company, this could be the time to invest in the kinds of people with the experience and know how to take your company to the next level. That doesn’t mean leaving behind the people who have gotten you where you are now; it could mean inventing new senior roles for the best. It might cost a fair bit, but there’s a reason the best command higher wages: they deliver.