Every business owner out there wants to see their business soar and grow. Maybe move into new markets or fully capture the market you already operate in. There are safe ways and risky ways to do this. In all business, risk can pay off but if you wanted to make sure things go smoothly, it’s best to stick to what’s been tried and tested and safe. At least for the first time you decide to extend and certainly if you don’t have much capital to do so. These tips can help you start thinking about your business growth in the right way.
Keep Enough Cash on Hand
You have probably already heard many people say “cash is king.” The truth is that you can’t run a business effectively without a strong cash flow. Around 82% of businesses fail due to poor cash flow. If you aren’t a seasoned financial expert, you need to find someone that is. You need to ask yourself “where can I find cash flow planning services near me?” Then you can work with the professionals that will help you manage cash flow effectively.
If You Need To Extend, Research
Growth can come in more ways than one, but if you need to grow your place of operations then you need to consider every opportunity. It may be more office space you’re after, or more space to manufacture. Whatever the case, don’t just keep hiring until you reach capacity. There are strict regulations on the amount of employees to the ratio of the building size which you wouldn’t want to fall foul of. If you get the planning permission to extend and decide to go for commercial construction services make sure you do your research. Also, check out some other suitable buildings for rental or sale. It may be cheaper to sell up and buy bigger than to get an extension in the first place. If your location is everything and extension is the only way to make sure you get the right planning permission in place before you go ahead with any construction work.
Keep Calm And Hire Well
If your business is growing quickly, the best thing you can do for it is hire someone to help. It’s good for you too as it allows you to focus on the most important things in your business instead of trying to juggle everything. The issue is that you need to hire the right person. If you hire quickly and in a panic, there are more chances you could hire someone unsuitable and worst still miss out on the perfect client. Hiring for your business is extremely important and warrants a lot of your time. To save you time sifting through hundreds of applications specify exactly what you want. Be it certain experience, or qualifications. This way only the right people apply. Employment is a minefield; you may want some help in ensuring it all goes well.
Don’t Forget the Basics Of Advertising
These days lots of companies plow huge chunks of their budget into advertising. There’s nothing wrong with this. But, depending on your business type, you need to ensure you go for the right kind. Spending on SEO optimization is all well and good but you have to be sure you’ll benefit from it. If you’re a small business offering your goods of services to the local community, then there’s an argument to suggest old school advertising might be better. Post the leaflets through letterboxes. Get some posters up. This kind of thing is overlooked by a lot of startups these days who throw everything into online advertising. Don’t forget the basics; they’ll see you right.
