Particularly in the current climate, growth might not be the thought on the forefront of your mind. However, there will become a time when the economy is waiting for action, and this is what you need to plan for.
Of course, growing your business is far from easy. Firstly, you’ve got to get your business to a level where it beats all of the terrible start-up statistics which are doing the rounds.
Then, put simply, growing is difficult. You might have established an incredibly successful business but taking it to the next level prompts all sorts of other risks that can be very difficult to overcome.
Unfortunately, a single article isn’t going to hold all of the answers. Instead, we’re hopeful that today’s guide provides at least some insight on what you need to prepare your business for growth and ultimately get it to the next level.
It’s not just about new customers
Let’s firstly talk about one of the biggest mistakes that tends to blight businesses who are looking to explode into growth.
They’ve been going for a few years, have made a real success of things, and then want to reach out and boost their new customer figures to try and grow.
This all sounds great, but there’s a big caveat if you are taking such an approach. It’s fine to go after new customers, but you simply can’t forget about the ones who have got you to this level of success.
This isn’t just because of pure loyalty reasons, either. Put simply, existing customers are the lifeblood of your business. They don’t just buy your products now, but if you keep them sweet, they will provide immense lifetime value and also recommend you to other people. In other words, your new customer figures will grow organically if you retain plenty of focus on your existing customers.
Logistics are key
Unsurprisingly, the growth of a business is met with several logistical considerations.
There are umpteen to talk about, but let’s focus on the big two for the purposes of today.
Firstly, storage. If you sell tangible products, the last thing you want is to run out of business storage options when the time comes to grow. You need to plan this in advance and even foresee growth. If you don’t, huge backlogs can occur, and your business reputation (and even cashflow) can be in tatters before you realize.
Then, there are the transport logistics. Again, you may have found a great local transport provider who provides an impeccable service. Unfortunately, this provider only operates in one area, meaning that you have to find others if you grow to other regions. A bad choice here can again kill your reputation and at the same time, kill your chances of successfully growing.
Not all markets are the same
Finally, if you have taken the plunge to grow by exploring other markets, let’s leave you with the point that they’re not all going to be the same.
For example, the culture in some regions is different than others. You might run an excellent pizza restaurant in one city, but the one you are moving to is dominated by established chains who just aren’t going to shift.
Or, it might be about a new product. Not all products will be received as positively as your main success story – and this is important to note if this is going to be your main route for expansion.