Going from small to big: Is your small business ready to grow?
February 03, 2015
For many entrepreneurs, growing their small business is a goal. For others, keeping their business small, and their schedule flexible, is preferable. Every business owner has to come to the decision to grow on their own terms and in their own timeframe, and keeping your small business small is absolutely fine if that’s what’s best for you. So how do you know if your entrepreneurial venture is growth-ready? The good news is, it’s always ready! Growth is normally a slow, continuous process that happens organically. Every day that you’re running your business it’s evolving and changing to meet your needs and your customers’ needs. And when you’re good at what you do clients tell others, enlarging your clientele and increasing sales based on the hard work you’ve already put in. Framework for Growth: Sometimes you may feel pressure and stress along with that growth. Maybe you just can’t keep up with demand, or there aren’t enough hours in the day to get done the things that are vital to fulfilling orders, providing service and managing business operations. If this is the case, you need to set a framework for intentional and structured growth to reach your goals. Cost of Upgrading: Growth will likely include hiring help to free up your bandwidth as an owner and potentially moving to a larger space. Figure out what these upgrades will cost, and create a sales plan that can meet these projections. This will help you figure out how much growth you can take one, and how fast you can do it. Pace yourself: It’s important that you don’t try to grow your business too fast, which almost guarantees failure. Growing too fast has the potential to leave orders unfulfilled, clients unhappy, and cash flowing in a negative direction. Know what your growth goals are – whether that’s opening a second location or selling to a national chain – and you can easily track your progress and keep your actions grounded in an achievable goal. Protect yourself: And make sure your business is protected with the licensing, small business business insurance and workers compensation coverage that you need to protect yourself and your business.