All business owners want their ventures to succeed, but not everyone knows what this means.
While it would be nice to simply make a little more money using the resources you already have, smart business growth means being prepared for whatever you come to next: will you be needing more employees? A larger facility? Access to more tools and resources? New sales and distribution channels?
In addition, looking ahead to future business growth can also help your organization anticipate whether current increases will be steady and ongoing or a one-time bump that will soon return to normal levels. There’s always a risk of making moves to scale larger but then be stuck with extra people and surplus products. Likewise, not responding well to possible production or sales increases could lead to unsatisfied customers or overworked employees.
Some of the other potential landmines of business growth that people can encounter deliberately or accidentally include:
- Focusing only on new growth. Putting lots of effort into a new project or opportunity can be exciting especially if it helps your company grow in big ways and lots of eyes are on you. But this shouldn’t be done at the expense of existing clients. Make sure you provide them with suitable service and quality so they continue to be satisfied customers in the future.
- Forgetting about invoices. It’s also common to put “basic paperwork” or other administrative tasks during the time that you’re ramping up. Your accounts receivable and accounts payable still need to keep in motion. This includes making sure people are paid on time and clients are reminded to pay. These fundamentals can set a base for correct procedures as everything improves.
- Taking everything on yourself. Wise business growth means that some tasks you felt were important when you were smaller may not be so critical anymore. While you should still perform these, perhaps some tasks can be outsourced, everything from landscaping to payroll. This will give you more time to focus on critical tasks that need your skills.
For more business strategies, visit OneClick Commercial Funding.