Venturing into a small business is an exciting milestone, especially when it is your first one. Expectations are high and you are eager to meet them in a matter of a few years. Owners set immediate growth as a benchmark for their success during the early maturation of their business, which translates into frustration if not reached at the expected timeline.
However, it’s important to note that showing fast-paced growth doesn’t always equate to success. Rapid development can be a good thing, but you need to remember that speed only puts you ahead of the competition, and eventually wears you out before you reach the end of the line.
The same concept applies to long-time business-owners as well. There may be times of the year when you experience a sudden dip in your performance and flag discouragement among your team. During these seasons, your insights go downhill and possibly disrupt your business performance. As a key player in your company’s maturity, what are the business growth strategies you execute when there are sudden blows of stagnance?
Monitor Your Cash Flow
Small businesses make up the majority of the Australian industry, with 2.1 million SMEs operating across the country that employ half of Australian workforce. According to a study, these small businesses only have a survival rate of 56%, with an average life-span of 1 to 4 years at most.
Growing businesses in 2019 offer a more competitive ground for business owners to thrive in. Staying afloat amidst a wide pool of firms means settling the recurring problems your business faces, and on top of this list is your cash flow management. Managing your numbers diligently will provide you enough working capital to be up and running through the lull seasons of a fiscal year.
Monitoring your small business cash flow helps you make sound financial decisions for your company and find opportunities to reduce your overhead costs. This not only allows you to project budget deficit and possible shortfalls in the long run, but also bounce back when unexpected fund shortage happens.
As we approach a more technological era, our approach to work also changes overtime. If you want to be at par with, or even ahead of your competitors, learning to align your small business with the industry trends is a must.
Innovation brought us the technology which makes our workload more efficient and done in a more precise manner. This breakthrough brought us cutting-edge technology such as artificial intelligence, robotic accounting and automation, among others. Integrating innovative practices on to your firm welcomes more deliberate strategies onboard, giving you a more streamlined business process and provide insights on the future your company will most likely take.
This advancement also helps in organic business growth. Sustaining your small business can be daunting but once processes are running smoothly, you can focus on developing your long-term goals to constantly move forward and keep flourishing.
Invest in the Right People
Growing your small business can be a handful for starters, and it eventually gets more overwhelming as the entity grows. Though you have a number of employees onboard, the workload can be too much for everyone to accomplish or sometimes, you may not have any more hours in the day to do the work. During these times, hiring an outsourced staff can be your best option.
If you find your team swamped with their tasks, consider outsourcing your services to an esteemed firm that will complement your needs. Having human capital can be one of your invaluable assets that comes in handy at your busiest seasons.
Outsource your recurring activities and time-consuming work so you can focus on what you do best. Once you free up your schedule, you’ll be able to catch up with your team and concentrate on strategizing plans for your company.
Having a hard time attending to all your management responsibilities? Don’t worry. We’re here to help. With D&V Philippines, we guarantee that you’ll have additional hands on deck as we support your small business’ growth. Download our paper Outsourcing: How to Make it Work and learn how outsourcing can further your business growth strategies.