Looking to the future – growing your SME

Do you have any idea how much it costs to start a business in the UK these days?
Well, according to a survey conducted by online freelance marketplace PeoplePerHour, it’s just £312, which is considerably less than the average UK weekly wage of £422.
This means if you have a lifelong dream of running your own company, but haven’t embarked on a venture yet because of a lack of funding, now’s the time to bring your wish to life and crack on with that business proposal.

Don’t be put off by the bleak economy, instead get a foot on the ladder and plan adequately for the future right from the get go – this way you’ll be able to grow comfortably and strategically.
Here are some tips to help you do just that.

Invest in talent
Too many small and medium-sized enterprises (SMEs) are failing to plan for their future because they are so worried about the here and now.
As a result, training up employees is falling by the wayside and many SMEs are failing to develop the next generation of leaders within their company. But without investment in developing the skills of employees, it’s hard to see how organisations can be successful.
Therefore, think carefully about the talent within your team and rather than trying to do everything yourself, delegate to the people around you and nurture their abilities – in this way, you have a strong team around you to help your business grow.
Invest in people and they’ll invest in you.

Invest in equipment
SMEs in the UK are in danger of losing billions each year because they are unwilling to invest in new equipment.
According to a study by asset finance provider Lombard, the UK is now lagging behind more forward-thinking SMEs in countries such as Germany, Italy, Switzerland, Turkey and Mexico, the Telegraph reports.
Seizing the power of the internet is essential – and while it may feel like forking out on some technology is a costly burden, there are numerous beneficial programs which cost very little or nothing at all for those who really need to tighten the purse strings.
Take social media, for example – using tools such as Facebook and Twitter are not only ways to get your brand out into the public domain, but they are also indispensable for communicating with consumers and clients on a global scale.
Another cost-effective option is utilising free conference call services to remain in contact with colleagues, conduct virtual meetings at the drop of a hat and also liaise with customers and clients on the other side of the world.