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Managing growth as a small business

Growth is a direct result of success and is something most businesses strive for, regardless of their size. However, for small businesses, managing rapid growth can often prove difficult due to lack of time, expertise, money and resources.

If not managed correctly, rapid growth could have disastrous consequences. It's important you know how to manage it well - here's some advice:

UNDERSTANDING CUSTOMERS

The first step in successfully managing growth is understanding who your target customers are, which will enable you to effectively market to them going forward.

Creating customer personas can help you get to grips with your target customers likes, dislikes and purchasing motivations. It will involve you grouping each persona, outlining their demographics and finding out which channels they use, so you can reach out to them.

SOCIAL MEDIA

As your business grows, sites like Facebook and LinkedIn will become increasingly important. Social media is great for extending reach and engaging with customers, and what's important is that you are considered 'active' on all the sites your signed-up with.

Regularly interacting with customers via social media helps to keep engagement levels high during your period of growth.

UTILISE TECHNOLOGY

Utilise any technology available, as this will free up your time so that you can focus on managing growth. For example, if you spend lots of time chasing clients for money, you could use something like Chaser. This simple, online tool sends automatic invoices to your clients, saving you both money and time.

As your business grows, technology will become more and more vital in the smooth running of day to day activities. If you are looking at investing in technology now to help set the right foundations for your business to flourish, considering a finance option and spreading the cost could be a highly effective means to acquiring the technology your business needs.

As your business, a finance agreement that allows you upgrade or add additional licenses mid-way through your contract will be extremely useful. Find out more about our IT finance solutions here.

CONSIDER RAISING PRICES

If you think the time is right, you may want to consider introducing a small percentage rise in your fees, as the extra money you�ll gain will help you to fund your business growth.

ADDITIONAL FUNDING

Growth opens the doors to numerous businesses opportunities, but have you got the money to afford these new ventures? Now is the time to consider additional financial support to help nurture growth.

Wesleyan Bank, for example, can provide funding to SMBs for a wide range of needs, from office equipment and refurbishment costs to short term loans to support your cash flow through invoice financing or asset based lending.

'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

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