Business Growth: A Change For the Best?
Business growth is indeed a complex topic, especially for startups and small businesses that are new to the market.
There are many ways in which you could expand your business. ‘Growth’ is multidimensional; consequently, business growth could mean switching premises because you’ve outgrown your current office (which can take anything from a few months to a few years with a startup), or maybe your team isn’t growing but your productivity has increased and, therefore, you need additional storage facilities for your production. Or it could be that you need to invest in an extra store for your business? Whether you run an independent coffee shop or an organic grocery shop, you need to address the increasing demands of your customers, in terms of room and location.
In a word, business growth can have many meanings. But there’s one thing that you should also consider when it comes to growth: you only expand your business for the best of everyone. If it doesn’t make the business better, than the expansion is misguided.
#1. Changing premises to increase facilities
Switching premises is never an easy decision, as you need to take your budget into consideration as well as the needs of your team and clients. A common mistake for startups is to consider that picking a bigger office will be the best possible choice. Things are a little more complicated than that. When you move office, you need to choose an option that adds more facilities to satisfy the needs of your audience, from the addition of a commercial platform lift for wheelchair users to large windows to keep the mood at work light (literally). While size is an essential requirement when it comes to the choice of your premises, you need to take a step towards an improvement for all.
#2. Growing team to bring more talent in-house
The team needs to grow, and you’re in position to hire new employees. It’s an advantageous position for startups, so don’t ruin it by not hiring the best possible talent for your business. Hiring for a startup is tricky as a lot of candidates prefer the safety of established companies. However, instead of taking in those who don’t mind working for a startup, you should attract those who can make a difference. Your vision will help to attract new talent.
Steve Jobs convinced John Scully, a Pepsi executive, to join Apple with these words: “Do you want to sell sugar water for the rest of your life, or do you want to come with me and change the world?”. At the time, Apple wasn’t the big success we know today. You need to find the same passion to engage with potential employees. And if local talent is hard to find, you can still grow and hire remote talent instead. An expert remains a valuable addition to your team, regardless of where they sit.
Growth is not a change for the bigger; it’s a change for the better. Whether you are moving premises or hiring new team members, you always need to aim to improve more than just the size of your business.