Business growth can mean many things to different people. Generally, it relates to a stage where businesses prioritise what is important and expand on them. Business growth can mean:
- increasing cash flow or sales revenue
- reducing expenses to improve your bottom line
- increasing the number of employees
- working smarter to be more efficient
Identifying growth opportunities in your business and creating plans to action them is how to stay competitive in your industry.
Why do you want business growth?
The most common reason people start up a business is with the intention of turning a profit. Business growth opportunities to take advantage of include reducing overheads and increasing cash flow through marketing efforts and strategic planning.
Some people want to create a working lifestyle that suits the needs of their home life. Business growth can enable an opportunity for more staff to be employed, allowing you to spread your workload and spend time with your family.
It is important to plan ahead and anticipate what kind of business growth you will see, from time allocation to financial needs. Fast growth can have a negative impact on a business.
Be smart about business growth
Having the correct plans and strategies in place is how to be smart about business growth. The quality of your product or service should not be compromised when you have surges in sales. Similarly, you only have a certain amount of time in a day to provide your service or complete the job. Don’t burn out trying to counter business growth.
Plan for the following:
- Outgrowing your premises
- Maintaining product and service quality levels
- Time pressures and meeting multiple deadlines
- Staff turnover (from increased workloads)
- Losing touch with competitors
Establish a plan with short and long term goals
Business growth goals should answer some of these questions:
- Why are you trying to achieve business growth?
- How will you control costs as your business expands?
- When will you review the goals and targets?
- What procedural and systems development will you put in place?
- Is there any feedback from employees?
Don’t forget about your financials when you’re planning for business growth. All to often businesses get caught up in spikes in revenue, or taking over a gap in the market, that they spend too much money. Slow and steady business growth is the key. Keep a strong handle on your finances during the entire process. Outsource if necessary, numbers aren’t for everyone and your time is better spent on your service or product – find yourself a bookkeeper or accountant.
Opportunities to support business growth
Keeping overheads as low as possible is important during a business growth phase. Don’t be conned into signing expensive long-term leases for offices that you won’t need next season. Talk with Serviced Offices like SOI about a flexible working space to suit your growth phase (with no lock-in contracts!). SOI Serviced Office facilities are located in the heart of Sydney CBD and Chatswood, and can offer you a number of different office solutions that are flexible and tailored to your needs. This might be a private office with experienced receptionists to take your calls; a hot-desk for an hour, a day or a month; or, pro-working solutions.
Virtual Office services also assist with business growth. Expand your staff without committing to employment contracts. SOI Virtual Offices and Meeting Rooms are also fully-furnished and include full use of facilities and amenities. SOI Virtual Bookings can work for your business remotely, answer your phone and handle your appointment bookings by using your online calendar. With some training and guidance, commonly asked questions asked by your customers can also be answered in the Virtual Bookings service.
Contact one of the friendly staff at SOI now on 1300 318 680 to discuss what options we have available to support your business growth.
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