“Without continual growth and progress, such words as improvement, achievement, and success have no meaning.”
Wise words and never a truer statement made when it comes to growing a business. However, continual growth is unlikely to happen unless you can back this up with the necessary funds.
There are telltale signs when a business is in need of a financial boost, but sometimes we just need to take a step back from the chaos to see the wood for the trees.
So just what what are the costs that might push you into needing funding?
Irrelevant of your business model, having enough staff to meet your business needs is vital. We’ve all been on the receiving end of a business that doesn’t have enough staff. You may have been waiting to be served in a restaurant, with very hungry children and not a waiter in sight. Or, standing in a ridiculously long queue at a supermarket with only 3 people working the tills, or trying to trying to buy a train ticket from the one open booth with just 2 minutes to spare until your train arrives.
It’s pointless having phones ringing off the hook, orders piling up on the desk and a warehouse full of goods that need to be packaged and sent out the door if you don’t have enough staff to deal with the demand. A successful business needs not just enough staff, but staff that are well trained.
Having the right processes and systems in place is critical for creating an efficient and productive work environment. It’s all about getting it ‘right’. Making sure you have the right people in the right roles, using the right systems and doing things in the right way. Your business might benefit from a Business Information System which provides analyses that predict future sales patterns. You may see the need for a Knowledge Management System which organises and dissects knowledge and then redistributes or shares it with individuals of an organization. Systems and processes can be costly to implement, but the cost of not having these in place is likely to be far greater.
Orders flying out the door and having a highly sought after product or service has got to be the ultimate goal for most businesses. It is, if you are on top of your game, ensuring that you can meet the demands of your client base and have enough stock so that you never run out of your most popular items. If you get that wrong, it’s likely that customers and clients will get frustrated and take their business elsewhere instead. The aim has got to be satisfying the wants and needs of your target market.
As the business grows so will your customer base. Customers and clients are our bread and butter. If these relationships aren’t natured, the long terms effects can be costly. If however managed well with a decent CRM system in place, it’s possible to keep track of all past business, any current work in progress and potential future work that may come your way via this client. Having a decent CRM system in place helps you to build and maintain meaningful relationships with your customers and clients.
The world of business can be cut throat. Unless you have a business model that will reinvent the wheel, businesses need to constantly investigate possible new areas of expansion in order to survive and grow. This might involve expanding your current product portfolio, consider higher advertising costs to get to a wider market, moving to a larger new property or looking into building renovations to meet the space needed for increased stock and staffing.
Recognising and acknowledging that your company will benefit from the help of a cash injection, is the first step on the road to growing it to its full potential. Yes, this comes at a cost. But in a crowded market place, isn’t that just par for the course?
Find out more at www.matt-haycox.com