Accelerating the growth of your small business is no mean feat. There are plenty of windows of opportunity to expand and increase revenue. Although there is no one-size-fits-all solution, here are some useful tips which may be a good place to start:
Sort Out the Basics
In order to thrive you need to be sure that you’ve ‘ticked all the boxes’ with basic admin. Make sure you’re up to scratch on the relevant tax laws, have planned out cash flow, and have home business insurance cover which is suited to your needs as you expand.
Diversify Your Offerings
Big name competitors working in the same industry generally diversify their products or services to target particular customers. Ask yourself, instead of challenging major competitors directly, can you diversify your product or service offering?
Collaborate and Share Knowledge
You don't need to go through the adventure of running a small business alone. Join up to local networking organisations, use MeetUp or get involved in localised LinkedIn groups to be kept in the loop. Surrounding yourself with intelligent people is the fastest route to business inspiration. As a take-away, ask yourself what the other person brings to the table in terms of clients, industry contacts, knowledge and skills.
Investigate new markets
This could involve new customers, a change of scenery by opening up a new office! This is in every sense a big move and so make sure that you conduct rigorous research first. Market research is critical in this type of expansion scenario.
Licence your products
Got a great idea but don't have the time or the resources? Then consider licensing arrangements. This means that another organisation takes over the responsibility of producing and distributing the product. They get the majority of profit however still need to pay you a royalty fee for the privilege of using your patent. In recent years licensing has become huge in the software and gaming industries.
Consider the Public Sector
It's a myth that the UK government only awards public tenders to big corporates. Government targets now stipulate that 25% of public tenders need to be awarded to SME's. Now has never been a better time to explore public procurement as an option for your business.
Remember that nothing is guaranteed when it comes to small business expansion, but with some intensive planning, business insurance and a well-thought out strategy, you will be on your way!