Figures of the Month:
55%

of the people in the UK would buy discounted food from a supermarket...

89%

of individuals from 20 years old have already visited the same holidays...

57%

of UK people usually go to the restaurant on Saturday for dinner

Research Reports Account
Panellist Account
Entrepreneurship Network



Supporting UK Enterprise


Newsletter

Newsletter Subscription:


Social area



Small Business / Entrepreneurship News

How To Break Your Business Into The Next Tier
2012-03-28

growing business, growing businessman, growth in business, business growth, business expansion,

Identifed on youngentrepreneur.com 

 

As a business owner it can be difficult to expand your business once you hit a plateau. Some business owners may want to keep both their feet flat on the ground rather than going out of their comfort zone. Others will dive in with both feet to expand their company to the next tier and often reap the rewards.

 

 

When to Know it’s Time to Jump

 

 

Customers – It’s important to always put your customers first. If you are continuously putting your customers on hold for over a minute then your business is likely to have more customers than staff and you need to meet this demand by hiring additional employees.

Orders – Is demand out weighing supply? Check your own manufacturing or suppliers to find out whether there is a large backlog of orders and whether it is having a negative impact on customer service.

Location -  Are you losing business because you lack working capital, which would help you expand by investing in new facilities and equipment?

 

 

How to Go for It

 

When you have decided it’s time to expand your business you should implement the next couple of steps to help make the transition smoother.

 

 

Survey your customers – I can’t stress how important it is to regularly survey your customers. Ask them what they like about your company and what could be improved. Find out what they perceive to be unique about your product or service. If you need professional help with your research survey to ensure you receive effective results get in contact with the experts at Marketest.

 

Survey your employees – This is a great time to hear what your employees think. They spend the majority of their time in your business, which means they will have an idea of how to make the business more efficient. Startups require broad overviews; expansion will allow you to be more detail orientated.

 

Finance your growth – When you are calculating the cost of expansion it is a good idea to provide a clear financial plan. Write down the budgeted figures before adding an additional 50% to your estimates. This extra funding will ensure your business can cope with any unexpected events.

 

Include others in your growth plan – Make sure all stakeholders are involved and updated during the expansion to ensure everyone is happy with the end result.

 

 

Life after Taking the Plunge

 

 

Remember to constantly look for innovative methods to make your business stand out from your competitors as you grow. This will help your company achieve sustainable growth in the future. Usually when companies grow they forget or move away from their original core values. Stay true to your initial values during expansion as that’s what attracted your customers in the first place.

 

 

 

Read More

Breaking down the new Facebook Insights

5 Branding must-haves for startups

Common Marketing Mistakes To Avoid

Are You Falling Into the Pricing Trap?

 

 

Post a comment