Growing a business is about getting the most you can out of the assets you have, but there comes a time when you realise that further assets are required to push your business to a whole new level.
The key to growth is to recognise when your assets are running thin, sometimes this can be a little more difficult than you think, particularly if you are blinkered by current operations. However the warning signs are usually evident if you look hard enough.
Here is what you should be aware of:
- If you are bursting at the seams, with little warehouse or office space to move around in and your employees end up sitting on each other’s laps while hot desking, it’s time to move to bigger premises. You have outgrown your current space and you need to move out.
- If demand is exceeding supply, this should be something to celebrate unless you continue to struggle to meet demand. If this is the case, it is time to invest in further resources, including staff and manufacturing facilities.
- When you find that your staff cannot meet any new obligations because they are too busy with old ones, it is time to look into hiring new staff members. It may even be important to create new positions to manage the growing workload.
- If operations have gone from smooth to crazy, it may be the case that you have outgrown your current stature. It may also be the case that you have hired the wrong staff, but that is another story for another time.
- When you feel you are ready to take your business to the next level, but don’t have the cash flow to do it, it’s time to look at cash flow options.
Once you have made yourself aware of your growth potential, the next phase is to put some strategies in place and to streamline operations.
- Make sure if you are ready to take the next step, that your accounts, financials and paperwork is in order. You need to keep up to date records, stay on top of your taxes and pay your bills on time.
- Manage your resources properly. Time and people are the biggest resources you have, if you lose sight of either one in your plans for expansion, it will cost you money. Look after your staff, treat them well, give them opportunity to grow as the company grows and you will find that they remain loyal and dedicated to the task at hand. Do the opposite and they will leave you, meaning you have to spend precious time and money training someone new.
- Turn merchandise. Replace your popular items and ensure they are always available. Meanwhile liquidate old merchandise.
- As you grow, so will your customer base and this means you need a decent CRM in place to manage their needs. Relationships are everything.
- Find finance. Working capital finance that offers flexible repayment terms can help you purchase equipment, expand location and invest in new stock. Don’t be afraid to use alternative or new finance options as this can be the one thing that helps you grow your business quickly and efficiently.
By recognising these signs, your business can take a proactive approach to ensure that it is well equipped to take on new growth opportunities. Timelio is a great resource for growing businesses, we can help bridge the funding gap when you need, to find out more, contact us today.