Historically, there have always been some serious barriers between what constitutes a “small business” and what constitutes a “large business.” Of course, plenty of these differences still exist today. After all, there’s no way you could ever call a group of friends running a company out of someone’s kitchen a large business. However, that doesn’t mean that there aren’t plenty of ways in which the modern world has adjusted the expectations that people have for what smaller businesses are capable of. In truth, it’s never been easier to start your own business, and it’s also never been easier to make that business into something truly special and exciting. It might be scary but, when it comes to your business, it’s time to start thinking big!
1. Go international
Few methods of growing a business are more important, or more effective, than expanding into new markets. After all, if you’re not looking at growing your base of customers, then your business is probably going to end up stagnating pretty quickly. The best thing to do is to think about how you can reach the maximum numbers of customers using the means that you have available to you. Fortunately, you have one of the best possible resources for that right at your fingertips: the internet. Thanks to the internet, every business has the chance to reach customers on an international level. Where you might have been limited by a single location, the internet means that, potentially, there are customers right at your doorstep from all around the world. Of course, you shouldn’t assume that customers in every part of the world are going to respond to your business in the same way. From doing research into other cultures to using translation services from the experts, there are plenty of ways to connect for effectively with international customers. Suddenly there are millions of customers waiting for you that, previously, larger businesses had had a total monopoly on.
2. Think about recruitment
As your business grown then so too are the number of tasks and responsibilities involved. Marketing becomes a full-time task; accounting suddenly requires far more expertise than you possess. When this happens, it’s time to start thinking about recruiting some new blood. Look at what the new needs of your business are and try to figure out what kinds of people you really need. Look at the skills that people involved in the business already have and try to identify gaps that need filling. Then it’s a matter of trying to match your needs up with the right candidate. There’s plenty of advice online about how to find the right candidate, but the most important thing is to be thorough and not to rush into something just because you want to fill the role as quickly as possible.
3. Look for investors
If there’s one thing that makes more of a difference to the growth of your business than just about anything else, it’s money. That’s hardly going to come as a surprise to anyone. Businesses need money in order to function. So how do you go about increasing the revenue to fund your business’s growth? Simple, investors. Investors are people or organisations who will provide you with the capital they need in exchange for a promised return on their investment. The key to convincing investors to part with their cash is to show them that they can trust that you’re going to turn their investment into profit.