Small Business Saturday Blog
7 essential growth tips that small businesses need to know
Thursday, August 22 at 09:27
It’s one thing to start a business, but it’s another entirely to turn it into a major success. After all, the road to growth is riddled with potholes and challenges, fully prepared to arrest your development (or even send you hurrying back to square one) if you’re not careful. Because of this, if you’ve started taking your first steps down that road, you should stop to think.
What should you think about? For a start, how prepared you really are for the route you’re taking. If you’re feeling anything less than 90% confident (some doubts are unavoidable), then I strongly suggest you do some more research before continuing. To help you move in the right direction, here are 7 growth tips that every small business owner should follow:
Learn from comparable companies
You’re not running your business in a vacuum, and while it’s somewhat commendable to want to discover everything for yourself, it’s simply a bad way to operate when history is littered with incredible examples of everything from absolute success to miserable failure. By identifying some companies already active in the business world that are similar to yours (not direct competitors, but useful points of comparison), you can learn from their paths.
Keep loyal customers happy
It’s true that you might well outgrow your first set of customers, but you should hold onto them for as long as you can. Why? Because their loyalty and support are invaluable and will prove critical for convincing new customers that you’re truly worthy of their attention (referral schemes are very impactful, and an ecommerce growth tool like Girafi can help you implement them). Churn is a dangerous enemy indeed, and you need a solid foundation upon which to build. Even as you expand, then, you musn’t forget where you started.
Get your finances in order
Money isn’t everything, but not having enough of it is. Growth demands investment (not just personally, but also financially), and you can’t get where you want to go unless you figure out how to balance investment in your future with the needs of today. Above everything else, get your accounts sorted: Wave has free accounting software designed for small business, so you can try that, or just set up a spreadsheet and log everything (this will take longer, though).
Assemble a great team ASAP
You can start out as a solo entrepreneur. You can even create a business and run it yourself fairly successfully, particularly if you’re operating as a freelancer — but you can’t indefinitely run a rapidly-expanding business with no assistance. Sooner or later (probably sooner), you’ll find yourself exhausted and frustrated, having lost all energy for your project. To stop that from happening, you need to build a great team (the earlier, the better) to lighten your load.
Delegate anything you can
Speaking of not doing everything yourself, you need to learn how to delegate. This is something that plenty of business owners struggle with (even experienced ones). They’re so used to controlling everything that they don’t know how to stop themselves from micromanaging tasks or simply handling them directly. But if you’ve hired a great team, that team deserves your trust and respect — so trust them to do things correctly, then step back and focus on sales.
Document all your procedures
If you’re extremely fortunate, your team will stick around while you grow, but you’ll need to hire new people eventually. When that happens, you may need them to take over the handling of various existing tasks. Doing this efficiently is all about having your procedures fully documented — even something as simple as updating the company calendar could be given a walkthrough. (Tallyfly is a program designed to digitise manual processes, and you can try it for free.) Then, in the event that a vital employee does leave, they won’t take all their knowledge with them and leave you in the dark, because much of it will have been added to the documentation.
Don’t try to rush anything
Perhaps most importantly, don’t feel the need to grow at a rapid pace. You’re running a marathon, not a sprint, and you needn’t be thinking too much about where your business will be in a year. Instead, think about where you want it to be in two years, five years, or even ten years. Growing too quickly can lead to huge practical issues, such as being unable to fulfil orders, which can ultimately make your business smaller. Wait until you’ve clearly demonstrated that your business is ready to grow, then step on the accelerator.
It’s great to be proud of the business you’ve built, and to aspire to more, but don’t let that ambition send you in the wrong direction. If something’s worth doing, it’s worth doing well. Be smart, follow these growth tips, and you’ll minimise the risk.
Kayleigh Toyra is a content marketer and writer based in Bristol and Finland. Find out more at www.kayleightoyra.com or contact her at [email protected] or on 07954421522.
Interested in writing a Blog Post for Small Business Saturday? Here are our guidelines.
Categories:
- Accounting (1)
- Brand (1)
- Branding (1)
- Budgeting Tips For Small Business (1)
- Business (1)
- Collaboration (1)
- Customer (1)
- Digital (6)
- Economy (1)
- Exhibiting (1)
- Finance (2)
- Getting Online (2)
- HR (3)
- How To (4)
- Inspiration (1)
- Inspire Series (1)
- Legal (1)
- Marketing (3)
- Plan (2)
- Planning (3)
- Protect (1)
- Quick Guide (3)
- Recruitment (3)
- Small Biz 100 (2)
- Small Business (9)
- Small Business Saturday (10)
- Small Business Saturday Uk Champion (2)
- Smallbiz100 (1)
- Social Media (3)
- Start-Up Support (1)
- Top Tips (10)
Latest Posts:
- Feeling lighter than air at The Float Spa4 Weeks Ago
- At the cutting edge of local community5 Weeks Ago
- Sewing the seeds of success in Scotland5 Weeks Ago
- Joco's leap of faith pays off6 Weeks Ago
- No messing around! How Tom Foolery Coffee Company pivoted during the pandemic6 Weeks Ago
- How Mandira’s Kitchen has its eye on spicing up your freezer7 Weeks Ago
- Wild about keeping it local and healthy in Bristol8 Weeks Ago
- Award winning small business announced at Blue Tie celebration13 Weeks Ago
- Free leadership training for SME leaders delivered by leading Business Schools5 Months Ago
- Six things you can do in your business right now7 Months Ago
- How can my employees return to work safely and legally after Covid-19?7 Months Ago
- What is it really like being a #SmallBiz100? – Stamptastic spill the beans7 Months Ago
- Why apply to be a #SmallBiz100 2020?8 Months Ago
- Why embracing technology should be your New Year resolution12 Months Ago
- Starting a new business: financial tips for start ups13 Months Ago
- Top 10 security tips for small businesses storing personal data13 Months Ago
- From architect to artisan at the Dumfries Larder13 Months Ago
- Putting down new Roots in Abergele14 Months Ago
- How Amazon is helping one woman tackle taboos and period poverty14 Months Ago
- Creating a community: What it means to be a small business14 Months Ago
- Building an enabling bridge, brick by brick14 Months Ago
- Get ready to rock with Rockit15 Months Ago
- How to create an event for Small Business Saturday UK15 Months Ago
- Jampacked with passion: the local cinema that’s giving back15 Months Ago
- Celebrating the North East’s cycle stars16 Months Ago
- Don’t know what to write about? 9 ideas for your next business newsletter, blog or social media post16 Months Ago
- Take a butcher’s at the first of the #SmallBiz100 201917 Months Ago
- 7 essential growth tips that small businesses need to know17 Months Ago
- Making a great first impression: photography & small business17 Months Ago
- Strength in numbers18 Months Ago
- How to choose the right pricing strategy for your business19 Months Ago
- How taking matters into her own hands led to huge success for Revival Retro19 Months Ago
- Why apply to be a #SmallBiz100 2019?19 Months Ago
- 5 content ideas every small business needs20 Months Ago
- The Flour Pot Bakery's secret to success20 Months Ago
- How to harness the power of Instagram and drive your business forward - the GB Labels way21 Months Ago
- Making Tax Digital is here! What does it mean for your business?21 Months Ago
- How we should champion success for International Women's Day22 Months Ago
- Step aside Mystery Shopper scheme - hello new Public Procurement Review Service!23 Months Ago
- The top three causes of entrepreneur burnout and how to avoid it23 Months Ago
- Get a great digital ad for your business for just £50, and help tomorrow’s entrepreneurs learn with iDEA!2 Years Ago
- Badge Your Brilliance with iDEA2 Years Ago
- How to make your Christmas the most successful yet!3 Years Ago
- Life in the fast Laine3 Years Ago
- Small businesses shine at launch of Silver iDEA Award St James's Palace3 Years Ago
- Local and sustainable is winning formula for SmallBiz100 Hays Hampers3 Years Ago
- Red Herring Games – Case Study3 Years Ago
- Going for gold with the Inspiring Digital Enterprise Award!3 Years Ago
- Keeping Up With The Tylers: How To Move With The Times3 Years Ago
- How to open a corner shop3 Years Ago
- Making our own kind of music at the Blue Tie Ball3 Years Ago
- How to guest blog (and look like you know what you’re doing)3 Years Ago
- How to market your small business on a budget3 Years Ago
- Top summer marketing tips!3 Years Ago
- Purposely: embedding purpose into the heart of your small business3 Years Ago
- A ‘Dog Day Afternoon’ for Britain’s small businesses3 Years Ago
- Your iDEA Award questions answered!3 Years Ago
- Five ways to make your business successful in five years!3 Years Ago
- SmallBiz100 Mooch revive the local high street3 Years Ago
- Why apply to be a SmallBiz100 2018?3 Years Ago
- SmallBiz100 Julu on design, manufacturing, and building an online business with friends3 Years Ago
- Small Business Champion Series From Rich Brady ... Setting Business Goals3 Years Ago
- SmallBiz100 Techsixtyfour on how to successfully build an online business3 Years Ago
- SmallBiz100 Frequently Asked Questions3 Years Ago
- Small Business Champion Series from Rich Brady...Putting the Family into Family Business3 Years Ago
- Exporting - not just for the big!3 Years Ago
- Can Giving Really Be Good for a Small Business? Spoiler: Yes!3 Years Ago
- Let's get organised....3 Years Ago
- Is your business leaking money?3 Years Ago
- Podcasting - The Ultimate How-To Guide - Part 23 Years Ago
- Podcasting - the Ultimate How-To Guide - Part 13 Years Ago
- Save time with automation3 Years Ago
- Setting BIG goals – why do it and how to go about it3 Years Ago
- International Women's Day 20183 Years Ago
- 9 tips for Business Success - it's all about love.3 Years Ago
- Demystifying LinkedIn for Small Businesses3 Years Ago
- 10 Top Money Tips for Small Businesses3 Years Ago
- Organising a Small Business Event - Tips from the Experts3 Years Ago
- 12 Top Tips for Micro-businesses3 Years Ago
- ACCA on board the Small Business Saturday Bus Tour4 Years Ago
- There is still time to get involved!4 Years Ago
- Is Britain Becoming a Cashless Society?4 Years Ago
- Small Business Spotlight - How Technology Can Help Small Businesses4 Years Ago
- Better people for Better business4 Years Ago
- Taking Your Business Beyond the High Street4 Years Ago
- Five reasons to be optimistic about access to finance in 20184 Years Ago
- Small Business Saturday App!4 Years Ago
- The Importance of Customer Service4 Years Ago
- Sign up today for free business mentoring!4 Years Ago
- 5 Ideas to Improve your Time Management4 Years Ago
- The Small Business Saturday Bus Tour launches across the UK for its fifth year!4 Years Ago
- 5 minute interview with Nick Entwistle from One Minute Briefs4 Years Ago
- Say Hello to the 2017 Small Business Saturday Champions4 Years Ago
- 5 ways to save money on your business energy4 Years Ago
- Establishing a Small Business through Online Branding4 Years Ago
- Get by with a little help from a friend4 Years Ago
- How Small Businesses Should Deal With Adversity4 Years Ago
- Three helpful ways your phone can reduce paperwork4 Years Ago
- How to Set Up Your Own Business4 Years Ago
- Give Your Business a Boost with Improved Conversion Rates4 Years Ago
- Protecting Your Business Against Risk4 Years Ago
- Small Business Budgeting Tips4 Years Ago
- Hiring tips for start-ups4 Years Ago
- How small businesses can build their online presence4 Years Ago
- Leading business experts come together in one-off inspirational event4 Years Ago
- Five Tips to Effectively Market your Business4 Years Ago
- Nottingham's Lady Bay Vintage Midcentury Antiques Fair5 Years Ago
- Spend with small busisness on Small Business Saturday up 15% year on year to £717 million5 Years Ago
- Why you need to add exhibiting to your marketing mix5 Years Ago
- Seven ways you may be able to reduce your tax bill5 Years Ago
- Practical advice from Acas to help small businesses succeed5 Years Ago
- Automatic enrolment problems? The PLSA has a Pension Solution5 Years Ago
- Ideas and Innovation Dens: help tease out those great ideas and turn them into reality faster.5 Years Ago
- Black & Gold: Supporting other local businesses through partnerships5 Years Ago
- Interview with Paul Gardner founder of the East End Trades Guild5 Years Ago
- Fully Funded Essential Management Skills Training5 Years Ago
- What I learnt in my first year in business5 Years Ago
- 4 Invoicing Mistakes you Should Avoid in your Small Business5 Years Ago
- Interview with Small Business Saturday Champion Elaine Pritchard from Caittom Publishing5 Years Ago
- A Guide to: Handling Small Business Disputes5 Years Ago
- Communication is key5 Years Ago
- How to get your small business found5 Years Ago
- Is cloud hosting for you?5 Years Ago
- Is cloud hosting for you?5 Years Ago
- How to: Get your product in a magazine5 Years Ago
- How to: Get your product in a magazine5 Years Ago
- Is Beer Brewing The Next Big Thing For The Hospitality Industry?5 Years Ago
- 5 tips to make starting your business easier5 Years Ago
- Do not underestimate the power of the internet5 Years Ago
- A Beginners Guide to Corporate Wiki5 Years Ago
- How to use social media to grow your small business5 Years Ago
- Recruiting for your small business5 Years Ago
- 5 Customer Experience Tips for Small Businesses5 Years Ago
- Effective interviewing techniques5 Years Ago
- How Your Small Business Should Go Digital5 Years Ago
- How to write the perfect job advert5 Years Ago
- Hiring a VA: What's it all about?5 Years Ago
- Surviving and thriving as a small business5 Years Ago
- Why job descriptions matter5 Years Ago
- Music makeover5 Years Ago
- Five things all SMEs should know when applying for funding5 Years Ago
- Self-assessment help for small businesses5 Years Ago
- Making the most of Small Business Saturday5 Years Ago
- Finding alternative sources of finance for your small business6 Years Ago
- Small Business Saturday 2015: Burton6 Years Ago
- Top tips for finding a great office for your small business6 Years Ago
- Interview with Martin George of the Post Office6 Years Ago
- Colourful New Photo Exhibition of Levenshulme Small Businesses6 Years Ago
- Small business and accessibility6 Years Ago
- 3 Online Tips for Small Business Saturday6 Years Ago