Growth should be the continuous goal of any business.
It does your brand no favours to stagnate and remain content with the status quo. Steady trade is great, but even if you have no ambitions to become the next household brand, it’s important to have goals, and your business should have direction.
That said, commercial growth comes with certain challenges, and while you shouldn’t be running before you can walk, you need to plan ahead. These are just three side effects of business growth, and how you can prepare and respond in real time to make the most.
1. Changing customer base
As your company grows, you might find that new target audiences come into the picture.
You never want to lose touch with your core following, but it’s always good to embrace new custom.
You can respond by diversifying your offerings, where appropriate, responding to consumer feedback to evolve your product range, and retargeting your marketing efforts. For example, if you’re investing in social media marketing, pay attention to which customers can be found on particular platforms, and tailor your content to those audiences.
But don’t forget to keep your brand true to its original aims and values to be sure that your old customers aren’t going out the door as quickly as new ones are coming in. Maintain quality above all else, and consider implementing tactics such as a customer loyalty scheme to reward those who stick with you.
2. Workforce growth
When rapid growth occurs, you’ll often find your team needs to grow just as rapidly to cope with the demand
But recruitment is hard enough, and mass hiring presents a set of unique challenges. As well as hiring the right candidates, it can be something of an administrative nightmare. Enlisting the assistance of a recruitment software such as Oleeo can help the process to run as smoothly as possible.
Finding talented staff is no small task, but it’s one that, when done right, it will stand your business in good stead for the long run.
When your customer base grows, you might find that your current premises are no longer fit for purpose.
Whether it’s the location you make your products, or the retail space you’re using to greet customers, the time may come where you need a bigger space.
Your early decision-making process may affect the direction this form of growth takes. For instance, if you buy your premises outright, it may not be quite so easy to up sticks and leave your current grounds, but you may have more freedom to make certain changes and modifications. However, if your premises are rented it’s much easier to move if necessary.
You may even want to consider setting up in another location – broadening your reach, whether digitally with a WordPress website launch or in a brand-new real-world branch.
Aim high and prepare for growth, and your business will prosper in turn.
These are just three tips to pre-empt and prepare for growth – share your advice for aspiring entrepreneurs in the comments below.