The secret of growing your business? Remember these three simple tips!
You’re an established business owner, you’ve navigated through
those tricky first two years and now things are finally stable. You
feel more confident running the business and you’re beginning to
reap the rewards of all your hard work.
So why would you want to rock the boat with an ambitious growth
The truth is nothing in business stands still. It’s driven by
ever-changing technology and markets. Even if you're happy with
your current business performance, you should keep looking for ways
to develop. If you don't, you run the risk of allowing competitors
the room to grow and take market share from you.
As Wales’ largest SME investor we’ve helped a lot of established
businesses grow. Based on our experience, here are some simple
reminders to help you continue to push your business forward:
Embrace the new. Diversify into new markets (international,
online), launch new services or products. Consider a revamp or
repositioning of your brand to boost the business. Show your
ambition, open a second outlet or even acquire another
If you’ve never invested in your business, then maybe it’s time
for a cash injection. It might be the right time to consider equity
and reap the benefits of bringing experienced investors on board to
help accelerate growth.
Look at your systems and processes and identify your weak areas.
Invest in specialist equipment and machinery to reduce outsourcing
costs and boost productivity. Provide more training to get the best
out of your staff. Remember improved services can help give your
business a better reputation and a stronger USP.
Think big. Bigger premises, bigger marketing, bigger client
base. Go to trade shows, get on Government frameworks and aim for
the bigger contracts. Remember a short term loan can support cash
flow to help you win and deliver big contracts. Set your business
bigger targets and benchmark against bigger competitors.
Growing your business is a challenge all business owners have to
face. But with the right approach as well as thorough planning and
investment you can take your business to new heights.
If you’re looking for finance to grow your business please
speak to us