Starting out your business career is always a risky time. You’re going it alone, capitalising on the knowledge you have built up until that point in your career, but you’re going to be the one who profits from it this time. A small business might always be a risk, but there’s no doubt that it’s thrilling, exciting, and enjoyable as well.
When a small business has begun to function as a well-oiled machine, it can feel like you have conquered the world. You are defying the odds that say that startups will fail; you’re now able to include yourself in the ranks of other successful business people, who have had an idea and made it a reality. Small businesses are a vital part of the economy, and you’re now one of the success stories included in the statistics.
It’s at this point a less-ambitious person would be satisfied. They’d think that they have made it, and they will continue to enjoy the fruits of their hard work.
That’s all well and good, but what if you are an ambitious person? What if you look at what you’ve achieved so far and don’t see it as the entire story? Instead, it’s just chapter one. With a small business accomplishment behind you, you find yourself wondering how you might transform into a bigger, better business.
This ambition is the key to entrepreneurial success. It separates the lifestyle businesses from the fledgling moguls; the latter category is definitely the one that you want to be included in. So how does a small business become a medium business, on its way to being a large business?
Associate With Bigger Fish
With a small enterprise, you likely haven’t had the luxury of being ensuring you have the best people on your side. You opt for the small suppliers, the cheap contractors, the cheapest accountant you can find. That’s all well and good, but it’s not going to suffice for the next step.
Take the time to begin to switch your business links to companies who can play in the big leagues. Talk to other suppliers, get quotes from potential business connections, and easily switch accountants to a firm more capable of handling your needs.
Change Your Strategy
By necessity, as a small business owner, you likely took on many tasks yourself. You’ve been the website writer, the designer, the person who does sales pitches – all different roles that you have had to personify.
That’s fine for a small business, but if you want to step up, then you’re going to have to learn to delegate. Focus yourself on the main central point of the business, and begin to outsource tasks you are less familiar with to staff or companies who can do it for you.
Finally, the majority of companies will require investment to transform themselves from small, local enterprises. It’s time to sell yourself as a good investment to potential backers, detailing your success to date and how you intend to capitalise on it in future.
With an injection of extra funds and a realignment of your business practices, you’ll find your business can grow at a rate that might surprise even you.