Building a successful startup or creating growth for your small- to mid-sized enterprise (SME) can be difficult in any economic climate. Some of the major obstacles impacting on growth include:
- Competitors and marketplace restrictions
- Regulation and compliance issues
- Recruitment of the right employees with essential skills
Overcoming the obstacles to business growth
It is possible to overcome these obstacles, but the right processes need to be in place from the earliest possible moment. Many smaller businesses and startups struggle as they seek to expand, as owners find that processes have become so complex they stunt business growth. Scaling any business relies on effective planning and great communication, at all levels. This means it is imperative to define business processes and come to an agreement about who has responsibility for different activities.
Once business processes are in place, it’s important to maintain or improve them. This means ensuring activities continue to be carried out in the same manner. Leaving any employee to their own devices often results in changes to the accepted processes or business practices originally implemented. This can have a detrimental impact on growth if left unchecked.
Failing to act when markets change or when competitors develop new services or products is another way in which smaller business organisations impact on their ability to grow. It’s important for any entrepreneur to understand that remaining one step ahead of the competition can help the business to grow.
Create positive change in your workplace
Some ways to ensure positive change include:
- Empowering employees and taking a step back to allow them to take responsibilities within their own roles
- Relaxing control over aspects of the business in order to prevent micromanagement of the workforce and grow employee morale
- Appreciating that people are vital for making any business process work effectively and listening to the views and feedback of employees
The processes you put in place for your SME or startup will impact on your eventual business success and growth. Keeping a tight grip on business cash flow will also be an important factor to consider, get in touch with Tower Leasing to discuss all the alternative funding methods that can help ensure the successful growth of your business.
Process management – where to find out more
If you’d like to expand your business, but need help with finance, please get in touch, we can help.
To find out more about the business expansion finance we can help with, please visit our Alternative Finance page.