Rab Kooner: Business analyst, Small Business BC
At Small Business BC we commonly see entrepreneurs who have been in business for a couple of years and feel they’re ready to take their company to the next level.
These business owners often face a number of challenges, such as feeling overwhelmed by the roles and responsibilities they’ve taken on, having difficulty with financial management, being undercapitalized and facing trouble increasing production to meet a growing demand.
Before you start hiring employees and initiating expensive marketing plans, this is the perfect time to revisit and revise your business plan. You’ll need to develop a strategy to not only build your company but also to manage that growth. Growing too quickly without being prepared can kill a business just as quickly as having no customers at all.
We also encourage all business owners to hire expert help; as your business grows you’ll no longer be able to juggle all of the responsibilities you previously did. Assemble a team of expert advisers – lawyer, accountant, banker etc. – to support you as you put your growth plan into play. An accountant can offer you a business valuation, while a banker can help you work out solutions for cash flow, such as a bridging loan or a business line of credit.
My final piece of advice is to take the time and make the investment to implement systems to increase efficiencies. Whether it’s installing project management software or providing staff training on new technologies, as your business grows you’ll want it to run like a fine-tuned machine.
