You have maintained a successful business for the last few years. After having positive gains you may begin to think about the next steps for your business. Should you stay where you are now? Or is your company ready to grow? This is a difficult question that many small business owners must face. This problem can be a tricky one to navigate for some. If you rest on your laurels, you could lose out on your opportunity to scale your business. On the other hand, if you decide to try and grow your business before it is ready, it can have devastating impacts on your financial health and could even put you out of business.
Simply put, knowing when to take the jump and grow your business can be difficult. This guide is meant to shed some light on the topic to better help you understand where your business stands.
Conduct A Financial Health Check
Knowing your business’ finances in and out should be the first step you take when approaching growth this year. Depending on the size of your business, maintaining finances can be a tough task to handle alone. If you are not financially savvy, it may be wise to hire a full-time accountant.
A full-time accountant can help you get a better idea of how successful your business has been, and they should be able to provide you with accurate projections for the upcoming year. Having an accurate projection of your financial future will better help you decide how much you should grow.
A full-time position can be costly to create. If you don’t think that your business necessarily needs a dedicated accountant, it may be worthwhile for you to look into utilizing online accounting software. Online accounting services can be more cost-effective but will lack the personal touch an in-house accountant can bring. Whichever route you decide to take, getting a handle on your finances will help you realize if your business is ready to grow.
Need Money? Get Money.
When conducting your financial overview, you may notice that you do not have the money on hand to go through a growth period. Growing a business can cost a lot of money. From adding new positions to buying new equipment, you should expect to dump some money into the business.
If you do not have a lot of liquid capital it may be worth your time to look into different business loans that fit your company. Small business loans have come a long way from what they used to be. Even if you feel that your company may not be the best fit for a loan, make sure to look at all the options. With the emergence of many different niche Fintech companies, business loans are more widespread than ever. If you are interested in an alternative to a traditional business loan, consider applying for an online business loan. Online loans have higher approval odds, transparent application processes, and are often tailored to fit your business needs.
Take Your Sales to the Next Level
As you begin to go through the checklist to see if your business is stable enough to grow, you will want to be sure to focus on your sales numbers. After all, sales are what keeps a business afloat. Taking a deep analytical look at your sales will help you decide if your business is truly ready to take the next step, or not.
If you realize that your sales team could use some assistance, do not hesitate to seek outside help. Sales are tough, and every business from fortune 500 companies down to mom and pop stores can have difficulties selling products.
Outsourcing sales departments has become more prevalent over the past few years. Our sales team is full of driven sales professionals who garner results. Outsourcing sales will allow your company to increase sales while minimizing your bottom line. Our expertise with sales technology, sales processes, and customer service will allow us to seamlessly integrate with any team. Learn more about our outsourced sales department here.
Our last suggestion to see if your team is ready to grow is to look within yourself and see if you are ready for the commitment. Growing your business is going to be extremely time consuming and stressful. You have to be completely committed as the owner of the business to dedicate almost all of your time to the company.
If you feel that you are struggling by yourself, make sure to lean on family and friends for support. Oftentimes, it just takes some positive encouragement from the ones around you to keep you motivated. Besides talking with your family, you may want to consult with a personal life coach. Life coaches can be great to help keep you grounded when the business is going through tough times.
This guide is just meant to get you in the right direction when approaching your business this year. We hope that you approach growth cautiously this year; it can be a difficult task.