When looking to grow a business, owners look to either increase revenue or reduce costs but there are other areas of the business that can be forgotten which are essential to the success of the business.
Here are a few practical tips to support faster business growth:
Don’t try to do everything yourself. If you hire good people, give them the opportunity to develop their skills and grow in the business. Not only will this free up your time to focus on other areas, but it will help you retain staff.
Develop a strong culture
If you can develop a strong culture, it will lead to happier, more productive staff. It also makes recruiting new team members much easier. Communicate with your team to find out what motivates them. If they feel more engaged and empowered they will be more committed and work harder to deliver good results.
Get the structure right
When a business grows and you add more staff, it’s important to get the management structure right. However don’t add in too many layers which can dampen innovation by creating unnecessary chains of command.
Know your weaknesses
Understand your weaknesses as well as your strengths. Build your team with people that have different skills and compliment your strengths and weaknesses.
As a business grows, it’s inevitable that change is going to happen. Operational changes will need to be made so it’s important to work with them, not against them. Keep the long-term goal in mind at all times and review your processes periodically to ensure you’re not preventing growth from happening.
Implement the right systems
When planning for growth, it’s good to have the long-term goal in mind when reviewing your systems. Software can play a key role in the business and support growth by helping it to operate more efficiently Software can provide full visibility of where you’re making or losing money, identify opportunities for more work and often reduce the need to hire additional staff. When choosing new software, make sure you think about what the business will need in 3, 5 or 10 years time. Software changes rapidly so implementing something like simPRO which has fortnightly product updates included in the licence fee, will future-proof your business as it grows.
Take a break
It’s important to take a step back and to look at your business from a fresh perspective. Use this time to speak to business coaches, other business owners, and people who are going through the same changes as you.