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Growing your Small Business

Many entrepreneurs are so incredibly busy managing the day-to-day tasks of running their business that sometimes, things fall through the cracks.  Most often the most important thing, your future growth – how to take your company to the next level in a smart, disciplined way – slips because you are so focused on the now. But be warned: growth is an issue business owners ignore at their peril.

Picture this; you’re building a sand castle. The most marvelous sand castle, and there’s someone else in a different sand box also making a sand castle. Both sand castles are great, but only one continues to grow and expand. Only one sand castle is making moves to stay significant and competitive. Which sand castle do you want to be?

Business owners can create a strategy to guide them and reduce their risk as they grow their enterprise. This can help discover growth opportunities and avoid common mistakes.

Start by outlining a plan for your growth, it should include the following basics:

  • An updated SWOT: your business’s current strengths, weaknesses, opportunities and threats.
  • A vision for where you want your company to be in the next three to five years.
  • An action plan to achieve your vision, outlining tasks and delegating who will do what and by when.
  • Everything from a mission statement to scenario planning, and financial forecasts.

The plan doesn’t have to be pages long; sometimes the simpler, the better. But if you don’t have a planned, disciplined approach to growth, it’s inevitable that mistakes will be made.

So now that we’ve convinced you it’s time and you feel you’re ready to grow your business, we’re here to help you even further with some tips to get you started.

  1. Leverage existing clients: listen to what existing clients have to say, they can be your best cheerleaders and provide you with the best feedback.
  2. Protect your margins: now this may sound contradictory, but don’t expand into new areas of business just because you can. You may think growth will bring a more profitable situation. However, each circumstance is unique and you may end up growing from one to 20 employees and not make any more money, all while working twice as hard. It’s not just about growth; it’s about smart growth.
  3. Don’t micromanage: delegate, delegate, and delegate! Hire good people and trust them. Let your team work, while you spend more time thinking about your strategic focus and your next move.

With all of that in mind, are you ready to take your business to the next level? If you need some extra help, someone to take away the headache, you know who to contact: KBH Chartered Accountants. Our purpose is to help you succeed, so let us know how we can help: info@kbh.ca