Can your business afford to stand still?
There are some benefits of staying small, for example, avoiding expansion costs, business tax, remaining in smaller/cheaper premises, reduced staffing overheads, maintaining control in your business.
However, standing still very rarely delivers anything other than more of the same and is a higher risk as no SME can afford to be unresponsive to change and market uncertainty. In fact, most startups fail because they lack the ability to grow past this initial lifestyle stage.
Adopting a clear differentiation approach which sets you apart from the competition can mitigate against external technical, political or environmental pressures and is a possible defence strategy in order to maintain profitability.
Funding your growth
Don’t be put off by cash flow and poor debtors, there are some very good solutions and providers out there who can help you to get the money into your bank account more promptly. Investors can also help but beware this may result in you losing some control.
Growing too quickly
Being forced to grow too quickly is not without risk so it is essential to plan for change.
Having well developed plans in place will almost certainly help you transition. If you are unsure how to put robust plans for business growth in place, we can help, alternatively help on building the value in your business can be found here.
10 Steps to gearing up for greater success in 2017
Want to know more? Why not come along to our business growth seminar on 18th January and find out how to gear up for a successful 2017. Register here for your free place