Growing your Business in 2018

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Christmas is upon us once again. As festive adverts become ever more present on our TV screens and the mince pies are already stocked up on the supermarket shelves, now is the time where the work load starts to dwindle a little as we wind down the end of the year. Getting the batteries recharged is a great thing, and it also gives us time to think about what the next year holds for both ourselves and our business.

Ambition is what drives us to grow, and having a clear road map of where you want your business to be in predefined increments of time can help you take bite sized actions to achieve growth. We all know, however, that what works on paper doesn’t necessarily translate to the real world. Promises are broken, markets change, and things that are true one day aren’t true the next. Here’s a few things to consider for your business if you are planning from growth in 2018.

Taking on Staff

A popular statistic that always seems to surprise people is that a significant proportion the UK’s SMEs are staffed by one person. Handing over a degree of responsibility to a stranger can be a difficult thing for anyone to overcome. Especially since you’ve been putting the hours in since day one to nurture and grow your business.

The reality is that increasing the output of any business requires external help. Many small businesses struggle to transition beyond the one staff member size, as people don’t feel well equipped enough to take on staff. Luckily, there exists a plethora of guides and information online designed to support you in finding the perfect staff. Becoming an employer has a number of legal responsibilities too, so an awareness of these is vital before you begin the recruitment stage.

Property for your Business

There are great variations on how you operate your business, dependant on what industry you work in. For those who work out of a back bedroom in a mainly online capacity, there’s a lot of money to be saved in the reduced overheads associated with this way of working. When it comes to taking the next step with growing your company, you need to start thinking about the capacity of your business.

Physical premises are a great investment as you can have more room to work in you can get other people involved in growing the business. As with hiring an employee, there are a number of legal obligations you have to the property you run so be sure to use online tools to gain visibility of the tax you’ll need to pay, and any safety requirements that will need met.

Increase Customer Engagement

It doesn’t take a genius to recognise that customers are the life blood of any business. It can therefore be seen that nurturing your customer base is vital if you want to continue to grow. The need for businesses to grow their presence online is universally recognised, and search engines like Google are helping SMEs realise their potential with drop in sessions.

Social media is the way forward in encouraging engagement and getting people to share information about your business. There is a variety of approaches you can take to the medium, across a number of platforms. Education on how to effectively engage with your audience is only going to become more important next year.

Enjoy the festive season as it comes round, and prepare for success in the New Year.

 

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Friday, 16 November 2018
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