5 Tips For Helping Businesses Grow
Recent figures show strong business confidence in UK key regions, with businesses in Yorkshire & Humberside (56%), the East Midlands (55%), North East (54%) and West Midlands (53%) all expecting strong growth for the months ahead. For those SMEs which are eager to expand, there are several ground rules they should consider:
Anticipate and manage the extra workload
Once you have decided to expand your business, be sure to anticipate the additional demand and workload - on your team as well as yourself - and prepare accordingly. Remember that, if communicated well, your staff will be willing and able to handle an increased workload and additional pressure in the short term. However, ongoing stress will negatively impact their performance, and, ultimately, your business.
Therefore, it is crucial to anticipate the additional demand by recruiting new talent before you start growing your business. Recruiting can be time-consuming and could take several weeks or months, so make sure you start this process early.
In addition, innovation and digitalisation have broken ground over the last years and there is countless cutting-edge technologies available which all are aimed at streamlining business operations. For example, new software can help you automate your balance sheets and income statements, invoicing systems or payroll. The right technology can considerably lift the admin burden and help you and your staff focus on what really matters - growing your business.
Find the financing solution which is right for your business
SMEs continue to face challenges to source appropriate funding, with 73% of them finding the traditional application process too long, according to a recent survey conducted by Ashley Finance. In addition, some recent statistics from the British Bankers’ Association show a decrease of 1.6 billion in business borrowing from banks in February, as SMEs struggle to access appropriate funds from traditional lenders.
Fortunately the funding landscape has changed considerably in recent years, and in addition to more tradition financing options, e.g. bank loans and government initiatives, there are many new fintech and alternative financing options available. These include invoice finance, unsecured online loans, co-financing and peer-to-peer lending.
To navigate this universe make sure you are familiar with the different options. This will help you assess which solution suits your needs and business best. And don’t be shy to ask for help - your accountant or an independent financial adviser might be able to provide you with some clarity, some of them even offer free advice sessions.
Growing your business is exciting and, if done properly, can be hugely rewarding. If you prepare, plan accordingly and decide on the right financing, you are one step closer to making your expansion a success.
About Amy Roberts
Amy Roberts is a business development manager with Spotcap. Her focus is on adopting growth opportunities that allow Spotcap to provide UK SMEs with tailored finance.
Spotcap enables small business owners to grow by providing flexible and accessible financing from its own balance-sheet. The financial technology company has developed a decision making-process that assess real-time performance of businesses to grant short-term credit lines and loans. The growing team currently consists of more than 100 employees in five markets.
020 3440 4615