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July 18, 2024Enjoy the journey
Running a small business is exciting, hard work, frustrating, and
complicated. It stirs up a whirlwind of emotions, from the high of new ideas
and innovations to the lows of navigating obstacles. As the business grows,
those early butterflies of excitement can quickly fade, replaced by the
monotony of routine challenges. You start to face new considerations: Should
you register for VAT? Is it time to hire talent? Should you purchase premises?
Amid all this, the vibrant start-up bubble can burst, leaving a bitter taste.
So, how can small businesses continue to grow while retaining that
invigorating start-up spirit?
Grow slow, it's not a race
The temptation to fast-track your business into a corporate giant is
strong. You might envision transforming your start-up into the next big
household name, but rushing this process can be detrimental. Slowing down is
crucial. Growth is not a race, and trying to speed through it can lead to
burnout, loss of direction, and a dysfunctional company culture. Wishing your
business greater success can ruin the moment of enjoying being a start-up. This
phase should be cherished, and when you look back, you may feel relieved that
you didn’t make the common mistake of rushing.
Expanding the team
You may feel the need to suddenly accelerate
your recruiting, thinking you need all sorts of different resources to boost
your business growth. However, in hindsight, you are better off keeping the
numbers to a minimum. This not only saves money but also avoids the big
commitment of hiring new staff members and integrating them into an established
culture. Instead, consider using freelancers, consultants, or finding more
cost-effective ways of getting tasks done.
Considering new premises
One error start-ups make when looking to
increase their size is thinking they need expensive premises to impress
clients. This is a myth. Instead, look for other ways to keep overheads down,
such as using a serviced office full-time, allowing staff to remain remote, or adopting
hybrid and satellite solutions until you are really ready to make the leap into
your own premises. Plus, uprooting your business might disrupt operations. If
you want to make a big impression while keeping costs down, a Virtual Office
could be the perfect solution.
Stop and think about your clients
A bigger business doesn’t automatically
translate into more customers or higher profits. Expansion can bring a host of
complications. Many customers prefer small businesses because they feel valued
and enjoy the personalised service. Going bigger might mean you have less time
for these valued customers. With trust and relationship building already
established, don’t ruin it by making rash decisions that could cost you your
most trusted relationships.
Upgrading your products and services
Thinking about adding more products and services
to your business? Don’t rush into any long-term commitments unless your
business is truly ready. Will adding these new elements improve your sales, or
are you just being greedy? Ensure you have everything in place with existing
products and services, so you can still deliver the same customer experience
with your new offerings. Also, consider the costs, how much will this truly
cost your business, and will you see the returns?
Embrace flexibility
One of the hallmarks of a start-up is its
ability to pivot and adapt quickly. As your business grows, it’s essential to maintain
this flexibility. Be open to change, new ideas, and innovative approaches but
ensure this is done without upsetting the balance. Work with your existing team
to encourage a culture of experimentation where team members feel safe to take
risks and propose new solutions. This flexibility can help your business stay
agile and responsive, traits often missing in larger companies.
Don't miss the organic signs
Consider your business as a living organism—does it need pruning, or does it need replanting to grow? Your business will let you know. It will give off signs, such as too many customers to handle at the current level of service or an existing team. Or perhaps your customers are asking for additional services and products. It’s all about recognising the organic signs and not misinterpreting them for your own ego and vanity.
Summary
Starting a business is fun, and it should be!
Why rush through this once-in-a-lifetime experience to turn your business into
the biggest household name? From taking it steady to keeping hiring to a
minimum and not upsetting the client base you’ve worked hard to build, there’s
nothing wrong with growing at a steady pace. Growth should come naturally, and
when the time is right, your business will give you the signs. Remember, bigger
is not always better.