5 Steps To Take When Growing Your Business

As your business begins to grow, it’s important to make sure that you are scaling up in the right way. There are many common mistakes that businesses make during the scale-up phase, and if you’re not careful you could find yourself struggling to keep up with the competition.

Let’s discuss the five steps to scale up your business the right way and avoid some common mistakes.

The Challenges of Business Growth

Business growth comes with numerous challenges, including:

• Hiring the right employees
• Keeping up with customer demand
• Managing cash flow
• Scaling your operations
• Maintaining quality control

If you’re not careful, it’s easy to let one or more of these challenges fall by the wayside. As a result, your business could start to suffer and you may end up worse off than you were to begin with.

However, growth doesn’t have to hurt your business. By planning ahead and following these five steps, you can make the transition to a larger business as smooth as possible.

Have a Clearly Defined Vision 

Before you can move your business further you’ll want to take the time to develop a clear vision for your business. Think about what you want to achieve, what does success look like? Once you have a good understanding of your goals, you can start to develop a plan to achieve them.

Not having a clearly defined vision can lead to confusion among employees and customers and it can make it difficult to make decisions that are in line with your company’s goals.

Hire the Right People

To have a successful business you need the right team. So when you’re hiring new employees, take your time. Make sure they are a good fit for the company and that you have the resources to properly train and manage them. 

Rushing into hiring people can put a strain on your finances and you could find yourself spending more money on payroll than you’re bringing in through sales. It can also lead to lower productivity and increased employee turnover if you don’t have the management in place to train your employees.

Have a Good Accounting and Bookkeeping System in Place

Finances are never easy but having the right system in place ensures you can easily track your expenses and income. We recommend Xero accounting software as it’s extremely user friendly and has a great knowledge base. Alternatively, we can also do your bookkeeping for you if it’s not something you want to spend your valuable time doing. Book your free call with us today!

Not having a good system in place can lead to problems when it comes to filing your accounts and taxes.

Delegate

You have employees for a reason so start delegating tasks out to team members. This will free up your time so that you can focus on more important tasks that drive your business forward. 

When you’re first starting out it’s easier to do everything yourself, but as your business grows you’ll quickly find that you can’t do it all alone. 

Develop a Company Culture

Start by developing a set of core values for your company. These values should be based on your business’s mission and vision and they should be something that all employees can agree with. Once you have your core values in place, start implementing them into your day to day operation. This will help create a strong company culture that everyone can identify with. 

What’s Next?

Scaling up any business is never easy but following these steps will help to ensure a smoother transition and help you avoid some common mistakes that business owners can make. 

For more business and finance information you can check out our Brooks Business Hub or book a free call with us to see how we can help you to grow your business.