Taking the Next Steps and Growing Your Business

By  //  May 14, 2020

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There are many people out there who dream of running their own company; those who relish the prospect of calling the shots and taking responsibility for its development.

There are many people out there who dream of running their own company; those who relish the prospect of calling the shots and taking responsibility for its development.

There’s no denying that being a business owner offers a great sense of freedom and independence, not to mention the possibility to profit personally from its success.

Getting started is just the first step along the journey, however, and the next phase is harder to master. After all, research shows that although there are 660,000 new companies registered in the UK every year, 20% of start-ups fail inside the first 12 months

So how can budding entrepreneurs ensure they don’t become just another statistic? Once your business is set up, how do you take the next step and begin to grow your brand? 

What do you need to grow? 

Developing your business is no mean feat, of course, otherwise all companies would be a roaring success. There are a number of elements that need to be factored into the equation and getting the balance right can be tricky.

Primarily, money makes the world go around so access to adequate capital is an absolute fundamental. Having the right contacts and developing relationships can also enhance your chances of success, while all companies need to be able to increase their marketing reach in order to take their organisation to the next level.

Funding

To boost your revenue it’s likely that you’ll first be required to make a financial commitment – that’s the vicious cycle of the modern business world. But there are plenty of options to consider.

A study from the British Business Bank shows that 36% of SMEs sought external finance in 2018-19 and as an established small enterprise rather than a start-up, more funding avenues are likely to be available to you. For example, secured business loans offer the opportunity to put up your company’s assets as security in order to access greater levels of finance.

Networking

In terms of cost-effectiveness, networking is one of the most useful tools in your armoury. Attending events and exhibitions will allow you to spend time with like-minded individuals and afford you the opportunity to pick their brains for ideas as well as develop relationships.

Face-to-face meetings can prove invaluable as you get a feeling for the person behind the brand, and opening those lines of communication can pave the way for profitable partnerships further down the line.

Marketing

You could have the greatest product in the world, but it’s not going to make you any money if nobody knows about it. That’s why growth marketing is a critical part of conquering the next stage of your entrepreneurial journey.

By investing time and money into analysing various metrics, you’ll gain a clearer idea of where your campaigns are succeeding and where there’s room for improvement.

One product might be selling well in a particular location, for example, or the vast majority of purchases might be completed via a certain device.

This information is invaluable when it comes to shaping your strategy and ensuring your business maximizes its potential.

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