The early days of business ownership can be extremely stressful and rewarding in equal measures. However, there will come a time when the ship has been steadied and a stable income is starting to trickle through the business. It is often now that small business owners begin thinking seriously about getting bigger, so here are some top tips to help guard against potential pitfalls, whilst giving your company the best possible chance to thrive during expansion.
If you’ve reached a point whereby you are either turning away business or unable to keep up with product/service demand, then you’re going to have to take on more staff. The importance of getting your recruitment policy right in the early days of business expansion cannot be stressed enough. It’s imperative to get people on board who share your vision for the company and can potentially go on to be managers themselves further down the line. A high staff turnover at this point can cost huge amounts of time and money, as well as affecting the morale of both you and other members of your team. There’s plenty of information on your responsibilities as an employer available from the government’s website.
Money Makes Money
There will come a time when further infrastructure, staff, or a change in premises are going to be essential to maintain the relatively rapid growth that comes with running a successful small business. These can be big investments to make when resources are being funnelled elsewhere, so outside financing is often a great way to expedite growth without siphoning money from key areas. You can read the opinion of business finance experts, Fleximize, in this blog post, going into detail about ways to grow a small business.
Invest in Social Media
With finance in place and the right staff members on board, it’s a must to keep with the current marketing trends and diversify your marketing strategy. Small businesses will often turn to the free exposure that social media outlets can offer, and with Facebook now a floated company, their focus has firmly shifted towards advertising revenue. By spending even a few pounds each day on sponsored advertising, the reach of your special offers, blog posts or product and service news can be increased exponentially. Facebook have a really useful guide on setting up business pages and it can help drive bit volumes of traffic through your website if you get it right. Of course, there are plenty of professional social media firms ready to tout for your business if you’ve got the budget.
By sticking to these tips, your business will thrive in the three key areas for successful development: recruitment, investment, and marketing. The bi-product will leave you on the receiving end of an ever-growing customer base to work from, whilst surrounding yourself with loyal, positive staff who will form the bedrock and firm base on which to build your workforce.