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How to prepare your business for growth


Thinking of taking your business to the next level? Here is how to achieve a long-term, sustainable growth. To make your expansion plans a reality, you need to make sure your company has the potential to do that which means you need the right outlook and infrastructure in place. Here’s how you can start preparing your business for growth.

 

Have a clear mission statement:

Its key to have a clear mission statement and company culture. Share your businesses short-term and long-term goals with your employees as they will be the ones that will help your grow your business!

 

Look for software that will help you progress:

When researching various platforms, apps and online services, try and find software solutions that will grow with your business. Start populating online tools as soon as you start your business, lick customer relationship management software (CRM) as it’s a valuable resource that will continue growing with your business.

 

Automate operations and processes where possible:

As you grow, normal day-to-day tasks will start becoming difficult to keep on top of and you will need all the free time you can get where possible. Automating smaller tasks like marketing and invoices will allow you to spend time doing other things in your business.

 

Outsource non-core functions:

As a small business owner, you might think you know everything there is about a business and how to grow, but you can’t know every single thing. Outsourcing non-essential rolls like IT, payroll and public relations will allow you to work with experts.

 

Plan and prepare for the unexpected:

Create and in-depth business proposal that outlines a plan for potential growth, whist taking in consideration any obstacles that the industry you’re in could take. Businesses that are agile and quick to adapt will last longer, also by making this plan it will help you stick with your growth strategy.

 

Protect your online existence:

Register your business with directories like Google Business, Yelp, Bing, Yahoo, sign up to social media platforms and buy and relevant domains. Even if you aren’t ready for any of these, at least you have secured the correct usernames and website domains.

 

Maintain good working capital:

Working capital refers to the amount of cash available for you to operate whilst meeting your obligations, regardless of how successful your business is, without healthy cashflow means that it is hard to scale effectively.

Added: 02 Aug 2019 14:34


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