A lot of people have started successful small businesses, growing their startup from a dining room table or garage and turning them into money-making machines. They struggled through the hardships of getting up and running, but what they didn’t plan for was what to do once they needed to grow. This can be one of the biggest and most terrifying steps of any small business. At this stage, success isn’t a matter of marketing yourself in a cost-effective way, or becoming accustomed with social media or blogging, or knowing what to outsource and when.
Now, it becomes a matter of upscaling, and that requires another level of understanding. Getting this wrong is a huge killer of businesses. However, we have come up with some smart business tips to help you handle your growth in an efficient and intelligent way.
Know Your Competition
You have managed to rise above the competition and that is something to be proud of. But it may be that your competition has now changed. You may have entered a bigger league, a tougher league, so it is worth doing your research and fighting out who these companies are, who their board is, their ethos and ambition, which area they have cornered and how. The more information you have on them the easier you will find it to navigate your sudden rise.
A Big, Bold Team
It is time to think big and that means surrounding yourself with people who don’t just think big too, but know how to successfully do big by taking bold steps. If you’ve made your little company into a £10million business, you should be asking yourself how you take it further and create a £100million business, and that is where the right team comes in. Build relationships, make strategic moves, look for mentors and acting bold.
Time To Stop Working In Your Business
Now has come the time where you have to step away from the ins and outs of running a business. You now need to work on your business, and that means focussing on the strategic moves you have to take to take your business forward. To do this, you need to have the right people in place to run your business and keep it on course. This means hiring the right Head of Sales and a Marketing Director, it also means upscaling certain areas of your company and that could include IT infrastructure and IT support and relieving yourself of more technical pressures.
How do you go from £10 million to £100 million? Well, you are probably going to need some more capital and that means looking at your finance options. You may be concerned that will mean losing control of your company, but that is not the case. There are very few companies, big companies, that are self-funded. Most of them have had to seek additional sources of capital in order to make their ambitions achievable. This tends to be a terrifying step, so to ensure you are able to fund your growth, first make sure you have an experienced and top-level CFO by your side. This will help you understand your options and decide on one that suits your vision.