It’s always an exciting moment when you realise that the single (wo)man business you launched is in the business growth stage. You’ve got plenty of clients and more than you can manage on your own. You’ve also increased your revenues, and you feel that you could do with investing these in your business growth as a way to support the constant flow of work. But growing a business is overwhelming for some, even if you know that it’s the only solution to your situation. Do you know why it feels too much for you to handle? Because growing a business is not a one (wo)man’s job. Don’t grow your business on your own.
There’s a lot to think about when it comes to Business Growth stage
There’s a major difference in the way you think about launching a single-person business and the way you consider growing your at-home startup. Scaling up brings new complications and challenges to your everyday business life. Hiring a team, for a start, is a tricky matter as you need to sustain the cost of new employees to the revenue they generate. Ultimately, business growth is about spending more, in recruitment processes, in HR matters, in marketing, and in workplace management equipment. The trouble is about juggling your expenses against the forecast revenues.
Outsource to experts during the crucial Business Growth
First things first, if you’re set on business growth, then you need to accept that you will likely face situations for which you are unprepared. That’s exactly why you need to find experts to guide you through the process. For a start, when you decide to set up a team and to upscale your IT infrastructure from single entrepreneur at home to team in a workplace, you may need to consider small business IT support packages to make sure that your data are safe and your work protected. As you can’t do it yourself, outsourcing to professionals is the best solution. Additionally, business growth requires a strategic plan of activities, which you can entrust an independent business strategist. A strategist can find outsourcing requirements for you.
Business Growth – Find a partner
You may not have all the skills in-house to sustain growth. While hiring is a solution, how about using partnerships to bring the necessary skills, market outputs or even budget to your company? You can set up a profitable partnership with distributors, promoters, communities and non-profit charities to gain the leverage you need for expansion. As a result, you can benefit from direct access to new audiences and market, a positive brand reputation, and even competency gaps.
Get the funding you need during Business Growth
Finally, there’s no business growth without sufficient funding. While you can naturally use some of your accumulated profits, it’s probably inadequate. Instead, you can use financial options, such as flexible invoice financing to free up cash rapidly or even business growth loans. You can also turn to investors for support, or even create an engaging crowdfunding page to attract public funds. In the end, whatever you decide is best, discuss with a financial advisor to make sure that you check all your options.
In short, business growth is a collaborative process that includes you, your future team, your potential partners, your investors, and your consulting experts. You can’t make it work alone. But you can accomplish a great future together.