Most businesses start out quite small. For many people, this is enough. They don’t want the added pressure of running a big business. Other people, however, may aspire to grow their business. The good news is that it’s much easier to grow an already-existing business than to try to start a big business right off the bat.
The bad news is that there are a lot of things to think about, and even more things to do. Before you start taking any steps, you need to be sure that growing your business is something you can and want to do. If it is, then keep reading.
Consider using fulfillment services
If you want to grow your business, you may need to consider getting a warehouse. But it’s not that simple. You will need to arrange packaging, have people who actually pack products, have a warehouse with a functioning system for incoming and outgoing orders, and more.
If this is something that you think you can handle, and you’re looking for a challenge, then great! We’ll discuss soon. If you’d prefer having a third party do most of these things for you, you should look into fulfillment services.
Get a warehouse
So, maybe you don’t think fulfillment services are the way for you to go. But if you deal with products that need to be shipped somewhere, and you want your business to grow, you’re going to need a warehouse of some sort.
You will need to make sure that everyone who works in the warehouse is trained to take the proper safety measures. You may also want to invest in software that can help you with stocktaking – if you have a small business and a few products, it’s easy to do the stocktaking with a piece of pen and paper, but when you’re dealing with thousands of products, it’s easy to get confused.
Look at your budget
It’s no secret that most people who grow their business do it so that they can earn more money. But to do that, you will first need to spend a lot of money.
Growing your business means having more space, more employees, and more expenses in general. You need to make sure that your business is earning enough to cover these extra costs, especially since it’s no guarantee that you’ll immediately make money. You can also use your budget to accelerate business growth.
Business growth isn’t something that happens overnight, nor is it something that you can decide spontaneously. If you do, there’s the very real possibility that it will fail.
Instead, you need to make sure that you plan ahead. Start thinking about the end goal, and what steps you need to take to get there. This will help you understand how to make your dreams come true.
Doing this is also a good idea since you may need to get financing from a bank, and they are more likely to give it to you if you can back your ideas with a plan and statistics.
Hire more employees
When you own a small business, it’s easy to run it yourself. Sure, you may have a few employees to help you out but that’s really all you need. That’s not the case when your business starts growing. As your business grows, more tasks will need to be done, which means that you will need to hire more employees.
You will also need to relinquish some control and delegate certain tasks to employees that you trust. It’s also important that you choose the right employees for your business – you can click here to learn more about what to look for.
Consider moving to a new office space
If you’re going to be employing more people, you need to make sure that you have the space for all of them. Of course, if you don’t, remote work is always an option.
However, if you want to have all of your employees working at the office, and you’re planning on growing your business by a large amount, then you may need to consider moving to a bigger office space to accommodate them as well as future employees you may gain once your business grows even more
Grow your online presence
Gone are the days where “business growth” referred to only the physical growth of the business. Nowadays, online growth is just as important.
This means that if your business is expanding, your online presence should be working even harder. If you’ve been neglecting your business’s social media, now is the time to fix it. You should also consider setting up a website if you haven’t already. Doing so will make it easier for potential clients to reach you, and thus help your business grow even more.
Consider switching suppliers
If your business grows and starts selling more products, you will also need to get more of these products, or at least get more supplies to make them. This means that you may need to switch your supplier.
Some suppliers offer a discount if you buy in bulk. While this is not always an option for small businesses, it is an option for growing businesses. It’s not a must that you switch suppliers, but it is a good idea to at least have a look around and consider other options.
You may think that your business growth will only affect you, but it may affect a lot of other people, and it’s your job to inform them of any changes that may occur as a result of your business growing.
If you will be moving to a bigger location, you will need to give notice at your current workplace, and also inform employees and customers that you will be moving. If any drastic changes will be made within the business itself, it’s a good idea to give employees a head’s up about this as well, so that they can start preparing themselves for what is expected of them.