Let it grow, let it grow
It’s a startling fact that only one in three SMEs reach the 10-year mark in business, with a huge 50% failing after only five years, so how can you avoid becoming another negative statistic?
Tomorrow never dies
Plan, plan and plan. We all know that starting a business can be one of the best decisions you ever make as an entrepreneur, but if you don’t plan for the long-term, you will be in for a rocky ride. Think risks, opportunities and hurdles that can’t just be jumped over and forgotten. Yes, there may be obstacles on your growth plan that you can’t foresee, but with a clear vision of the path you want your business to take, you can be ready for the potholes or fallen trees along the way.
No I in team
Being an entrepreneur can often feel like a lonely place, but by investing in the right people, and trusting them to be responsible for your business is one key ingredient to building a successful company. A solid, happy team will also allow you to focus on your five- or ten-year plan and move you away from the day-to-day handling of your growing company. Allowing your team to take the reigns will be one of the best things you can do as a CEO or founder.
Going back to my roots
From the very start, every business needs its values and principles, and when it comes to growth, it’s important to stick to them. Whether you’re expanding in to new territories or creating new products, your brand identity must remain the same. Never forget your roots – but continue to adapt and you’ll see your tiny bud become a flourishing forest.
Eye on the prize
When first going to market, every entrepreneur will research the competition to stay ahead of the rest. But the key is to never stop spying on your competitors. Keep those x-ray glasses on their ad copy, social media platforms, and business strategy. However, it’s important to remember that emulating the competition is not always the answer – when it comes to growing a business, imitation is not always the highest form of flattery. Think bigger. Think better.
Extending your market reach can do wonders for growing a business, making it available to a new pool of customers. And not just a paddling pool. Social media, consistent blog posts and targeted advertisements are ideal tools to further market your business, alongside strong marketing strategies, a solid, up to date website and exciting campaigns. Social media is one of the most powerful weapons for any business – it reaches out to hundreds upon thousands of people at once and helps you stay relevant. It also gives you insight into your customers – their demands, interests and thoughts.
All successful SMEs eventually face the issue of handling expansion or growth, and it is a stage in every company’s life that is fraught with both opportunities and perils. Call us on 020 3941 0305 or email email@example.com to discover how we can transform your business.