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Grow my business
If you’ve got plans for your business then this is an exciting time. Not only because of the opportunities that growth can bring, but also because of the range of support that’s available through No Limits.
If you’re looking for ways to grow, we’ve outlined a few things to think about below. Also get in touch with us on our free phone number to talk things over with a member of our team.
Why grow?
The reasons for growth can vary from business to business – and what’s right for someone else may not be right for you.
Even if you’re happy with where your business is at right now, spotting opportunities for how you can make your business more successful is a great way to ensure you keep moving in the right direction. It also ensures that your business keeps up with its competitors who will also be looking for ways to develop!
Some of the common reasons to grow include:
To become more competitive e.g. more staff to take on more work, larger premises to hold more stock, new IT systems to increase efficiency, new products or services to broaden your customer base
To take advantage of a new opportunity e.g. buying out a competitor, partnering with a business that offers a complementary product or service or exploiting a niche market
To provide a new challenge to keep interest in your business alive and give you opportunities to reap more rewards from your business
To respond to customer demand for a new product or service
When’s the best time to grow?
Essentially growth means change and only you will know when your business is ready for this. If you’ve just started, you'll know how easy it is to get lost in the day-to-day running of your business and thoughts of growth may be far from your mind. But the best way to make the most of the hard work you’ve put in so far is to keep looking for ways to develop.
The most successful businesses will always have a plan for the future even if they’re not planning a major growth phase as it helps them assess whether they’re on track for reaching their goals.
External influences, such as competition or rising costs, may also have as much of an influence on your business as your own ambitions for growth so it’s always good to be prepared.
Choosing the best time to put your plans into action may mean asking yourself a number of questions, including:
What’s the reason for growing? (This helps to maintain your focus)
Can I afford it?
Will I be able to sustain the quality of my business amidst the changes?
How will growth affect the culture of my business?
Will change destroy my business’ unique selling point?
We can’t answer these questions for you but our team of business experts can ensure you have all the information you need to make a decision about what’s right for you. We can also connect you with a network of experienced business people who bring the benefit of hindsight and can help you keep your plans on track.
Where do I start?
Some changes will occur naturally over time; others may not be possible straight away and you will need to plan for them.
Setting out a plan of where you’d like your business to go can help you identify all the issues connected with growth – and how to prepare for it. This is especially important if you haven’t updated your business plan since you started trading.
Plans typically cover 12 to 24 months ahead and should assess your current performance so that you know how well equipped you are to handle growth in the future.
If you need help on what to include in this plan then why not give No Limits a call.
How much will it cost me?
This is where a cash flow forecast comes in. This helps you see what money you’ve got coming into the business and more importantly, when it will be going out over a certain period of time.
Whatever change you decide to undergo you must make sure that there will be enough money left in the pot to cover the day-to-day running of the business, without leaving you overstretched.
If you think that financing your plans might be a problem, why not give No Limits a call to find out what help is available. We can talk you through the different finance options open to you and also look at whether you are eligible for any of the funding support that is available through No Limits.
To give you an idea of the sort of finance options that might be right for your business, why not use this interactive tool on the Business Link site.
This can help you assess your business’ readiness to obtain funding. However, it does not recommend specific products or services so should not be seen as a substitute for the professional advice you can get with No Limits.
Where does No Limits come in?
No Limits is the central gateway to a number of different support projects, each offering a range of help. We know that growth can mean different things for different people which is why we’ve set up a central freephone number (0800 612 2029) where you can get in touch and we’ll help you decide what help’s right for your business.
If you’d prefer to chat to someone face-to-face we can also set up a meeting for you with one of our expert advisors who can review your plans with you and look at ways in which you can develop it with No Limits.
