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So, are you ready to grow your business?
Business growth is one of the main focuses you should have as an entrepreneur. Searching for new opportunities and working out how to scale your current operations is essential but understanding what makes for strong growth is vital.
While most companies will grow naturally and take time to do so, you must constantly evaluate what you’re doing and how you could improve. To do this, you must have a firm foundation to build on and a plan to keep your ambitions in check.
Prep for Growth
Growth is all in the preparation. If you can’t easily scale your business model or implement new ideas throughout the growth season, you won’t last very long. One of the most common mistakes amongst young businesses is growing too fast and rapidly losing control. Before you make any decisions, you need to see more about how IT solutions could benefit you, explore the possibility of moving premises and consider the number of staff you will need to acquire.
Preparing for growth is a lot like trying to make a forecast. You can’t be totally sure how things will go so you need to consider how you will deal with various outcomes. The keyword to remember is always ‘flexibility’.
Pitch to Investors
Unless your business is a runaway success with piles of unspent profits in the bank that are ripe for reinvestment, you’ll need to source some investment. Pitching to investors is a learned skill and you need to remember that it’s not just about you. When you pitch to an investor, you need to understand why the growth of your business will be positive for them.
But before you even start working on your pitch, you need to make sure that you are approaching the right investor. Private investors may set specific parameters for their terms and you need to look into how repayments or share profits will work. But that’s a topic for a whole other blog post!
In many ways, business is like a science experiment. You have to set up test conditions, look at the data and make adjustments to see how the results change – hopefully for the better! You have to prove your business model works. With business growth on the mind, it can be easy to overlook the day to day running of the business right now. But taking your eye off the ball at this stage can be a huge mistake.
Proving that your business strategy works isn’t a one-off. You need to keep testing and working to hone your business and improve it. Growth will come naturally to a business that understands its niche and how to evolve. When you stop being critical, you start making mistakes.
Whether you plan to grow your business or it grows organically, you must manage the process. Don’t feel forced to expand beyond your means and make certain that each move you make is worthwhile. As exciting as growth can be, you have to remember that your business is in your hands. Don’t push too hard.