A Guide for Entrepreneurs: How to Grow Your Fledgling Business

Under the right conditions, there is no reason why a well thought out and well planned business cannot succeed. However, one of the main problems that many fledgling businesses have is their owners getting carried away, attempting to grow the business too soon. When grown properly, a business can thrive, becoming hugely successful. When done under the wrong circumstances, it can collapse beneath you, potentially ruining your entire business plan. At the height of the financial crash, this caused 50 businesses per day to close. Here’s a plan to help you get it right.

When is Too Soon to Expand?

There are numerous blogs online that tell you about when is the right time to expand your business, with many of them focusing on the client-customer relationship.

Generally speaking (and of course it is different for a variety of businesses in a number of different markets, from the cannabis business to industrial processing), this is the best approach for you to take. As soon as your relationship with your customers starts to worsen, it is time to take action. So, look for obvious signs such as:

• A failure to fulfill the needs of your customers – if you can’t help customers in the way you used to, or if you can’t guarantee order delivery dates or stock, then it is time to upgrade.

• Marketplace changes – if something changes in the market you’re operating in (such as technology changes) then make sure you’re ready to think on your feet and react.

• Rapid competitor expansion – if your rivals are expanding then they’ll more than likely steal your customers in the process. Consider whether it is worth following them (if you can afford it).

If you believe you are ready to grow your company, outsourcing is a good first step. Learn more about how to Outsource IT in Denver for your business needs here.

How Do You Expand Effectively?

If you do take the decision to expand (which should never be taken lightly), then you need to make sure you expand effectively. In order to do so, make sure you look for government help.

In the latest budget in March 2015, Chancellor George Osborne unveiled a number of plans to help small businesses, and many of these were confirmed or solidified in the recent Queen’s Speech.

From cutting the jobs tax to reducing corporation tax and even freeing businesses from red tape, there are plenty of things that the government is doing to help suitable businesses expand. If you’re thinking of taking the plunge, then consider it carefully and ensure you check out each of these proposals in detail. Good luck.