How to prepare your small business for sustainable growth
As more and more Aussies choose to work for themselves and run their own business ventures, demand for different types of loans has risen. Established businesses often require funds for extra cash flow, new or repair of equipment, rental leases or leasing equipment, marketing expenses, vehicles, and property. As well as the cost of staffing, stock, and general business operations. A business will find peaks and troughs in its journey.
Planning can help prepare for the low points. It can be a great idea to plan for growth as well!
Small business growth isn’t normally something that happens overnight, we wish! Small business growth requires careful planning and a solid strategy in order to be effective and successful. A business can find itself growing too slowly and on the flip side, too quickly. We explore some ways to enhance small business growth and some handy ways to increase sustainability in any industry.
So how can you enable small business growth in a way that is sustainable?
Evolve with your target audience
It’s no secret. A business can increase its success by having a flexible and adaptable approach to its operations and marketing. Flexibility has been a very big part of the past 2 years as businesses adapted to the COVID-19 restrictions. Small businesses rapidly adjusted menus, hours of operation and restocked to support the changing menus.
Some small business growth was also contributed to by getting websites updated and enhanced. More businesses than ever invested in software and technology to support customers better. That way customers could make bookings and purchase items online. If you recognised that you would also benefit from investing in your technology, then you may benefit from a Lumi small business growth loan to help evolve with your customers’ needs.
An idea to look at could be to build an ‘evolution target’ that will assist in keeping your business always connecting with customers. The evolution target could involve working with your team on the latest trends, technology, and resources. Whatever your target audience may be, it is important to have the ability to change with their demands.
Give the customer what they want
This might be a simple suggestion. However, some businesses can really miss the mark with meeting customers’ demands. Sometimes business owners can get stuck in pushing the stock and service that the customer is just not looking for. Or they can completely miss out on serving the customer due to the hours they choose to operate. Let’s consider this business example, an ice-cream business tends to have peak seasons throughout the year when they are busiest. During summer an ice cream shop can see a lot of business, especially in a high tourist area. This small business could find itself limiting the staff number based on a roster, closing at 8 pm every night.
However, this same ice cream shop could find itself with a long queue of people waiting for ice cream well after 8 pm. Keeping the minimum staff number on, as they are concerned about current cash flow, will limit the number of sales that could be made. If they were to take advantage of a line of credit, they could look into hiring a new team member to cover the later hours, servicing more customers.
Have a continuous business plan
Having a plan in place that has flexibility gives you a blueprint as to where the business needs to go to achieve small business growth. A business plan will also help you know what your cash flow situation is and whether you would benefit from a business loan to enable sustainable small business growth. A continuous business plan includes checking in regularly, you could set up a weekly or fortnightly review. This way you are always keeping on track with trends and requirements. For example, a car company will need to ensure they are keeping up to date with emission requirements and installing technology that is modern such as in-car entertainments systems and park assistance.
Keep track of all expenses
Part of your business plan can include keeping a close eye on all the expenses of your business. This is also a great way to keep on top of cash flow. As we know cash is needed for a business to grow and keep growing. An excellent way to do this is to know exactly where the money is going. Have a system in place that enables you to monitor and manage expenses and incomings. You could also contact your suppliers or service providers and ask if they are running any promotions or be willing to discount. Doing this from time to time will keep your overheads working for you.
Sustainability in the office
Ways you can implement a sustainable approach in the office could include encouraging staff to bring coffee mugs from home and reuse them throughout the day, as opposed to using single-use coffee cups. Consider going paperless, or reducing the reliability of paper resources. Can your office ban paper entirely? Another way to be more sustainable in the office includes reducing power consumption. Having a policy in place to turn off lights where possible can really help save money and energy. For more handy tips on making your office a more sustainable place, click here.
Make the most of peak seasons
A small business tends to rely on a well-planned approach to manage operations. It can be beneficial to know and make the most of the peak seasons in your industry. You could create a marketing calendar that contains all of the major dates and events. Ensuring that you run promotions before, during, and just following the peak period. Win new customers during the big buying periods, such as the festive season, and Boxing Day sales. This approach could help your business to grow and become more future-proof.
Enjoy the good times, celebrate the big wins
Small business goals are fun to acknowledge whether it’s reaching a sales target, successfully implementing a new product or service. Celebrating helps boost employer and employee morale and makes your staff feel like they are a part of the business’s success.