Many established businesses don’t become corporate overnight — it takes time and loads of resources to grow your business. It also takes capital, skill and the ability to weather the storms of hard economic times that might threaten to draw you back. The magic wand for success is in figuring out how to bring in the profits and ensure the capacity needed to sustain that growth for posterity.
What are the steps a small or mid-sized business owner should take to set their enterprise on a consistent upward trajectory? Below are areas you may need to look at to grow your business from small to prime:
Accounting and financial reporting overhaul
Accounting is in simple terms a summary of your income and expenditure. If the items in your records are too generalized, it might be very difficult to pinpoint conclusions from your financial transactions. This is important so that you are able to tell which areas of your bookkeeping need adjustments. For instance, you will be able to keep accurate and precise track of purchasing costs, wages for staff, taxation, owner drawings and other vital accounting and financial information.
Leverage on partnerships
Another great way to grow your business is to establish a connection with your suppliers and the competition. Not only will you enhance your access to helpful industry information, stats and trends, but you will get to know where your competition is excelling at that you could replicate in your business. You may also get into franchising as a form of partnership.
Get the bank loan
Your enterprise might be doing so well in terms of improved profit margins that all you need to do is find ways to increase your sales and expand on your way to becoming a prime brand. Consider seeking the services of an expert to help you draft a compelling pitch to your preferred lender. They will give you valuable insights on how to fine-tune business components like the business plan, cash flow analysis, budget, financial projections and any other aspect of your business the lender may ask for.
Perform an appraisal
If you truly want to come out of unchanging reported profits, similar costs, same number of employees and breaking out into more outlets or a bigger space is a real struggle, then re-looking at your management team is not a bad idea. It is may be a time to consider a change in personnel with fresh ideas and energy for emerging challenges. Based on the size of your business, restructuring may be something you are not leaving out of your growth and sustainability plans. This is only a single method on cost management and operational planning.
Contact us today to learn more about growing your business from small to prime. With more than 25 years experience working with small businesses, we have the experience and skills needed to help you grow your business!