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SME – It’s time for a booster

Published on 6th April 2017 - Last update on 13th January 2020

In business, knowing the right thing to do and how to do it can be nerve-wracking. There are many issues to cope with, goals to achieve and directions to take when handling a developing SME business. Yet, despite the challenges, being your own boss can be enjoyable and highly rewarding, providing your business is nurtured correctly.

On the road to success there are no shortcuts, but wouldn’t it be great if you knew beforehand what path was best for your business? Sadly, we don’t have a crystal ball at Rangewell, but we can offer you a few pointers on how to support and grow your business. The rest will have to come down to intuitions, a keen eye for detail and, of course, luck.

1) Revisit your business plan

An essential part of running a growing business is having in place a well-thought-through and adaptable business plan. A great business plan is like a manual, it can direct you to the right customer demographics, point your attention back to key areas, influence expansion plans, let you know what assets you’ll need, how to advertise goods and services and so on. No doubt before even starting your business you put in place your business plan, but as time goes by that plan may no longer be as effective. To reach your business’s full potential, periodically revising your business plan is an absolute must.

2) Build a strong team

Goods and services will only be as good as the people to who deliver them. That is why building a strong team containing a variety of essential core skills is imperative. However. You’ll also need to be mindful of your working capital. The more experience and skills they have the more you’ll have to pay them for their services. However, not underestimating a person’s ability to learn, you could employ someone with less experience and gradually build up their skills over time. This can ease the burden placed on your working capital as their wages will be lower. But, ultimately, it depends on how soon you need them at the top of their game.

3) Go global

Expanding is for ensuring your goods and services reach more and more customers, securing you a larger share of the market. Yet, as well as going nation-wide, why not consider tapping into foreign markets too? Despite the current political turbulence, the Government is putting a lot of emphasis on helping more UK businesses export. In fact, they’re unveiling new schemes to do exactly that by working with organisations such as the UK Trade and Investment (UKTI) and the Institute of Export.

4) Build up your business image

As an SME, building up your image is crucial for appealing to more customers. It’s about creating a brand that screams quality, efficiency, reliability and appeal. Understandably, this takes time and patience. You need a great workforce, the most efficient and up-to-date equipment and plenty of external funding.

5) Don’t be afraid to pitch to investors and apply for finance

Finance is an extremely useful tool no matter how big or small your business may be. It’s essential to secure the necessary funds in order to proceed with an array of business projects and stabilise your finances. Whether you need new equipment, premises extensions or funds for a large scale marketing campaign, Rangewell can help. With our services and expertise, you could gain access to an extensive array of finance packages including Asset Finance, Growth Finance, Refurbishment Finance and so much more!

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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David Harrison

David Harrison

Content writer
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