Small businesses are dynamic and ever-changing. To continue growing, small business leaders must be agile enough to pivot when necessary and maintain a clear vision of where they want the company to go. Small business growth is challenging but not impossible. Small businesses have unique advantages that make them well-positioned for growth. However, founders often get caught up in day-to-day operations and fail to see how they can expand their business. In this blog, we’ll share five ways to support growth in your small business so you can take your company to the next level—and beyond. Read on to learn more!
At the core of any successful business is strong talent. To grow your business, you’ll need to hire the right people to help you achieve the next level of success. This means hiring people who are a good fit for your company culture, sharing your company’s values and having strengths that can propel your company forward. Your best bet for hiring the right people is to use a proven hiring process. A formal hiring process helps you evaluate every candidate with the same rigour to make the best hiring decision for your company. When designing your hiring process, ensure you cover all your bases—from pre-screening candidates to reference checks.
As your business grows, you’ll likely encounter new and unforeseen challenges. One of the best ways to tackle these challenges is to get the right legal advice. Companies often overlook the importance of getting outside legal advice until they hit a significant speed bump in their business. At that point, it’s often too late. Hiring a lawyer to help you navigate complex legal issues, like forming an LLP (Limited Liability Partnership) or handling employment issues, can help you avoid costly mistakes and improve your company’s growth. Getting outside legal advice from experts in Corporate Law early on can help you avoid expensive errors.
The best way to ensure your company’s growth is to be adaptable to change. Working in a niche industry that has a consistent set of challenges and opportunities can be daunting. Being adept in your industry, equipped with the right tools, and able to make quick and effective decisions will help you stay ahead of the game. However, it also provides you with the benefit of being able to learn from the mistakes of others and make adjustments based on your own data and insights. Being adept in your industry means knowing what drives your customers, keeps them coming back, and drives them away. It also means knowing the latest advancements in your industry so you can be at the forefront of growth.
As you make moves to grow your business, there’s always a risk that you might fail. Successful growth often comes down to taking calculated risks and making intelligent decisions based on your company’s unique situation. To take practical risks, you need to know your business inside and out. One way to better understand your business is to create a SWOT (strength, weaknesses, opportunities and threats) analysis. You can create a table with two columns: one for strengths and one for weaknesses. Then, list opportunities and threats in the last two columns. By creating this table, you’ll better understand your business, which will help you make better decisions to support growth.
Growth is inevitable for every business and every leader. Hiring the right people, getting legal advice, being adaptable to change, reducing risk, and focusing on the customer experience can support growth in your small business and beyond! When done right, development doesn’t have to be a complex process.