- June 16, 2020
How to Prepare Your Small Business for Growth
There are new opportunities on the horizon for your business, but are you ready? Growth means an increase in demand as well as costs, so it’s crucial to make sure you’re prepared. To accommodate these changes, you’ll need to make some technological upgrades. With some careful planning and investment, you’ll be able to reap the benefits in no time. Here’s how to prepare your business for the next challenge.
How to Make a Growth Forecast
To prepare a growth forecast, you’ll need to evaluate your business and the current market opportunities. Imagine a hypothetical sales increase. How would you ensure your company would have the resources to be able to cope with such a demand?
Your sales growth forecast should be based on an increase in customers, orders, and target revenue. Break down the numbers by month, and try to be as realistic and specific as possible. You then need to compare your expenses. Make a forecast for these as well and don’t forget to include upgrades in technology and infrastructure, staff, and systems.
Where to Find Funding
Even though your business is doing well, scaling your company is still going to cost more money. You’ll need to invest in technology, equipment, facilities, and personnel. Consider your financing options such as business loans and funding. It’s better to have support.
You can apply for different types of business financing, some loans cover equipment specifically, for example, so do your research. If you’re feeling lucky you could try to win the money in a small business grant contest.
How to Manage Sales
To maintain business growth, it’s essential to maintain steady sales. Ensure you are generating enough leads, and have adequate marketing tools to manage these. A strong sales system is important and enough representatives to handle a larger volume of clients. Make sure your invoicing and payments are dealt with efficiently, and your accounts are up to speed.
Which Tools to Invest In
Technology is key when expanding any business. If you are low on departments IT automation can do the work for you. You can cut costs and save on practical labor and workforce by automating a number of services. Email automation, for example, allows you to carry out email sequencing automatically.
You will need to analyze your client data on a larger scale. Invest in CRM marketing tools and financial services. As you grow your business you’ll need a secure overview of your accounts. Larger businesses also run off more than one system and rely on system integration to manage their companies.
What to Outsource
Although technology will give you leverage if you’re expanding you’ll still need to hire new staff. Small business owners choose to outsource rather than hire internally. Third parties that are already in place may have more resources in dealing with the functioning of your business. It can take more time and money to try and build this internally. Seek a reliable partner to outsource, enabling your company to grow more quickly and efficiently.