Do rapidly growing businesses change strategy?Published on 31st January 2017 2017-01-31T13:18:45+00:00 - Last update on 13th January 2020 2020-01-13T12:29:03+00:00
As businesses grow and develop, over half would have pivoted (changed strategy) at some point in their lifetime. Whether you’re a startup or an established business, creating a workable business strategy can be tricky, but it is always essential. A business strategy is your guide, it keeps you and your team aware of where the business is heading. It lets your entire team know what the ultimate goal is, what they need to achieve and how.
What defines a good business strategy?
“There are no secrets to success. It is the result of preparation, hard work, and learning from failure.” – Colin Powell
A strategy must outline what your aims are. It should also discuss how to achieve those goals as well as what to avoid.
When starting your business, the first thing you need to do is ensure that you have the right people in senior positions. Ensure that roles are well-defined, so everyone understands why their contribution is so important. This helps raise morale and keeps every member of the team working at their hardest, guaranteeing success.
What can hinder the development of a business, however, is not having a senior management team who have a deep understanding of the sector they’re working in. Business depends on bringing in customers and spreading awareness. Getting the right people for the job means getting people who know how to attract and tend to your target audience’s needs.
It also means hiring a senior management team, or people who possess the skills and knowledge on how to streamline your systems. Can you deal with a customer’s request faster and without sacrificing quality? Could your internal systems be made simpler and more efficient? Can information be displayed with greater clarity, allowing every staff member to know their targets and identify issues? If your senior management can answer those basic questions, great. If not, you’re likely to need to hire people who can. You need to have people on board who possess different ideas, technical knowledge and business logic, but who all share your vision.
What financial support might I need?
Hiring quality staff requires you to have access to adequate funding. The more experience they’ve garnered over the years, the more you’ll have to pay. Some business owners may decide to delay hiring, preferring to concentrate solely on growth before attracting professionals.
However, no matter which you decide, you’re still going to need a source of funding either way.
At this early stage in your business’s development, seed funding may be an option.
Seed funding opens your business to investors. Prove that you have a good idea and that you’re the person to make it happen, and you’ll draw their attention. In exchange for their funding, you will be giving away equity in your business. This can help you muster enough funding to bolster growth and give your business a firm kick-start.
Many business owners tend to pour their own capital into the initial stages of their development. However, this can create problems when deciding to grow as there is no extra capital available. As your business enters maturity, usually 2 or more years, you gain access to even more forms of business finance. As banks close their doors to SMEs, alternative finance is moving in and taking their place. Alternative finance lenders can offer your business a full range of loans, leases and much more, giving your business the ability to further develop and thrive.
However, the list of finance solutions on offer is immensely vast and growing larger by day. Ultimately, this is excellent news for SMEs, but ensuring you’re applying for the best solution possible can be an incredibly arduous endeavour. Thankfully, there’s Rangewell. With our services and expertise, finding the perfect finance solution for your business has never been simpler!
Our values are simple – We’re on your side
At Rangewell, our services are clear and transparent. We support a wide range of SME businesses of every shape and size, for finding every type of finance. Follow us on Twitter and LinkedIn for business tips and tricks, and feel free to call us on 0203 637 2340 if you’d like to chat about what we can do for you.
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