Whether you are thinking of starting up an office in Toronto or a company in Sarnia, everyone's goal for their business is growth. You want your venture to make the most money possible, and you want to operate it in the smartest way possible.
A lot of people have difficulty as they realize their small business is actually a growth industry. While the money is great, and it's good to see the bottom line increasing, a few mistakes here can really kill your whole business. One or two missteps and suddenly, not only is your business smaller than it should be, your previous idea has been shattered as well.
There are many facets that come with a growing business, and we want to make sure you are covered. Here are some tips for dealing with common trouble areas as your business begins to grow.
Focusing on Your Market
Most people start out their businesses trying to make money from anywhere they can. They'll take all comers, as long as products or services are sold and the bills are paid.
However, during the growth period, you will find that certain customers are more desirable than others. They may be easier to deal with, they may be willing to pay more, or there may be a lot of them. As you grow, you want to focus on these customers more and more, gaining a reliable customer base.
This will mean some careful analyzing. You will need to determine who exactly is paying the best money for the services. You may wish to concentrate on wealthier clients, perhaps even expanding. At the same time, she will have to start turning down offers from those not in the target market area.
A growing business means you need to start thinking about taking on employees. A wedding business might need a contact person at the desk who can take care of a customer phoning a request, bookings, and other appointments based work while the owner takes care of the management end. Every successful business will need to hire employees.
The good news when it comes to employees is that generally, they are not hard to find. In fact, it's not even too hard to find employees of high quality. What becomes difficult in the employee area of your business is the red tape that comes with hiring.
An increasing number of businesses are avoiding the red tape by using independent contractors for the various tasks they need done. A company in Toronto might contract some jobs out to professional chefs, for example, rather than taking on a full time cook with the contingent problems of a guaranteed salary, government forms, and so on.
Special thanks go to