28th February 2018
All businesses reach a point in their evolution where big decisions have to be made. Most businesses reach this point many times – the first time you employ someone; the move to bigger premises; merging with a competitor; finding new funding.
All of these are business growth humps – points which could be make or break moments for you and the business. They are moments of excitement, opportunity and often fear. There are ways to manage your growth issues positively though and, with help from good financial and business advisers, you can use these crossroads in your business to move things forward in a controlled and manageable way.
Like all business decisions, managing growth is easier if you have a plan in place. You don’t have to stick to it rigorously, but just having sat down and thought about what you want to achieve and how you can get there will put you in a better place. Sometimes, the need to make decisions comes from unexpected events – the acquisition of a new, big, demanding customer for example, or the loss of a key person in the business. Even if the initial cause is a surprise, having a plan will help you to see how you can adapt.
When businesses fail, it’s often because the business owner finds it difficult to delegate – and one person simply can’t do everything. It makes sense to get things right as early as possible, and that means using people who have the skills and experience you lack. Whether this is outsourcing your HR so you can be confident you’re hiring and employing within legislative requirements, or working with an accountant so you know your finances and tax payments are in order, professional advisers can make all the difference when the chips are down.
Even if fast growth is your objective, you may need to be patient. There are a range of external factors that can affect how your business grows, and you may need to test markets, find the right employees, borrow money for essential capital expenditure and work hard to find loyal customers. Patience often pays off in the long term and saves you bouncing from one problem to another.
If you need help preparing a business plan, or with some forward planning in terms of finding and securing funding that will help your business to grow, talk to Wise & Co today. We work with growing businesses across all sectors to manage growth in an achievable way, setting your business on the right path for the future.