Looking to take your start-up to the next level? We investigate how to achieve long-term, sustainable growth for your company.
For your expansion plans to become a reality, you need to ensure your company has been configured for scalability. And that means having the right outlook and the necessary infrastructure in place. Here’s how you can be ready to grab when the right growth opportunity arises.
1. Have a clear mission statement
Everyone needs to be on the same page, which is why having a clear mission statement and company culture is key. Even if it’s just you to begin with, there will be a time when you need to share the company’s short- and long-term goals with others.
2. Look for software that can scale with you
When considering various platforms, apps and online services, look for software solutions that can grow with you. Will you be able to add more administrators in the future? Will you have access to the kind of data storage that you’ll need down the line? Similarly, start populating online tools – such as customer relationship management (CRM) – from the beginning and you’ll have a valuable resource that will travel with you into the future.
3. Automate operations and processes where possible
Likewise, those day-to-day admin tasks might be easy to keep on top of at first, but if you want to grow you’ll need to free up time wherever possible. And this means automating various areas such as marketing, invoicing and lead generation.
4. … and outsource non-core functions
As a small business owner, you might feel you need to be an all-round expert. But you can’t know everything. That’s why it’s wise to outsource all non-essential roles, including payroll, public relations and IT as appropriate, do your sums, could work out cheaper and ensure you have the right service levels in place for your business.
5. Think in advance about your next hire
Is there practical experience that your business is lacking? What skills and knowledge you will need to achieve your plans? And what kind of personality do you work well with? Always keeping questions such as these in mind will help you spot the right person to help grow your company when they come along. In addition, you might benefit from engaging a mentor who has scaled a company before to guide you through the process.
6. Plan and prepare for anything unexpected
Create an in-depth business proposal that outlines a plan for your potential growth while accounting for turns that the industry might take. Companies that are agile and quick to adapt will stand the test of time, and having a plan that’s focused yet flexible will help you stick to your growth strategy.
7. Protect your online existence
Register your business with online directories (such as Google Places, Google Maps, Yelp, Foursquare and Yahoo), sign-up to social media platforms (even if you don’t plan to use all of them right away, you should secure your company’s name) and buy any relevant website domains. Then you will have an online presence that’s ready to grow and expand your business reputation.
8. Compliance Ensure your business is registered for EU Compliance Evolves. General Data Protection Regulation (GDPR) proposed by the European Commission will strengthen and unify data protection for individuals within the European Union (EU), whilst addressing the export of personal data outside the EU.
9. Maintain good working capital
Working capital refers to the amount of cash available for you to operate while meeting your obligations. And regardless of how successful your business is, without healthy Cashflow it will be difficult to scale effectively. When seeking external funding – such as invoice finance – remembers that you don’t have to enter a full-ledger facility, you could use a flexible facility selective invoice finance offered by Global Asset Finance Limited.
10. Join a Reputable Business such as the CBI the CBI is the UK’s premier business organisation, providing a voice for firms at a regional, national and international level to policymakers. The purpose helping business create a more prosperous society www.cbi.org.uk/ Or the Federation of Small Businesses www.fsb.org.uk/ the services and support to members is worth the membership, such as legal advice, and local business networks.
How Global Asset Finance Limited can help:
We offer selective invoice finance, which means that – compared to some other financiers – you can pick and choose the invoices you’d like to have advanced. So, depending on your business needs at any given time, you have the flexibility to adjust your Cashflow position by selling single invoices or selecting a few at a time.
When necessary, selective invoice finance can help reduce long payment terms immediately – usually within 24 hours – freeing up money that is owed to your business. Global Asset Finance Limited is perfect for SMEs who wish to use external finance as a cash buffer, as there are no contractual obligations or hidden fees.