Essential cornerstones of business growth for SME’s

Business growth has to be a goal for all organisations. The form that growth takes will be different for each company. Some businesses will be looking for a greater share of the market, others will be wanting to streamline processes, others will want to break into new markets, and others still want to either introduce new products, enhance their primary product or add variations to a popular original.

Where will your business focus be?

Whatever direction you are taking, be careful not to lose sight of the factors that placed the business in a winning position: such as the usp; the loyal target market; don’t lose the quality for the sake of cheaper production. For instance, the small local pub that does well from a local clienteelle and then adds the facility of a restaurant may well be adding an extra dynamic to it’s services, but as well as losing that personal touch it may also be entering an arena where substantially different skills are needed and where there is heavy competition.

More growth, more space

Even horizontal growth needs to be thoroughly thought through. For example, as companies become successful there is a greater onus on space. Not only for stock but also staff. The latter will need to be able to deal with an increase in orders and equipment may be needed to back up the processes. More space calls for more property which in itself calls for more staff and equipment. Old top down leadership models can become fragmented and more difficult to monitor so there is also a need for refined processes. (on a small-scale business considering storage expansion can use self-storage units before looking to buying new premises).

Always keep your customer needs central to future growth

Before making any decision about growth direction, a business should strongly consider their customer base and future customer retention. After all, it is customer loyalty (their target market) which has bolstered success. If considering a new market, bear in mind that it can be 20 times more expensive than working on existing accounts. And remember that your greatest asset is your labour force. If growth will mean diluting working relationships, consider how that may affect future processes.

In the same way, growth does not just have to be about the product itself. Start with the customer and consider how your organisation can enhance the customer experience. You may be in a place where you can enhance products, provide a greater product variety or step into a slightly different market, but at the end of the day, if it does not enrich your client base you could be on sticky ground. Factors such as help and support which to some may just seem to be expensive add-ons, can be the kind of triggers that not only keep your customers coming back but are fundamental to real growth in the future.

Need A Space is based in Canterbury Kent and offers self-storage facilities to the London and surrounding areas such as Faversham, Medway and Herne Bay. for a quote see our homepage or call us on 01227 260500