When you first start your business, you are working with a vision in mind. It is hard to hold yourself back, especially when you believe in your concept and approach. The fact of the matter is, businesses don’t grow solely on desire and grit. If they did, they would be functioning at a loss. They wouldn’t be considering the response of the market and state of the environment. Growing your business is about making your products and services relevant to the people.
Do the math and work to reach your breakeven point.
For your finances, it is best to be financially stable before expanding. Calculate the needed sales to reach your breakeven point. Create a cash flow statement. Make your financial statements as detailed as possible for future reference, for potential investors, and for financial institutions. Your financial statements tell an objective story about where your money goes. You can supplement them with additional details such as current events and environmental changes that might factor in why you are doing poorly. Do the work yourself, or you can find accountants at www.gsmaccountants.co.uk. Having a good relationship with your finances does necessarily mean being debt free. Breaking even and making a profit might come months later. Do not be daunted by slow business. A good relationship is creating a realistic plan for paying off your loans and roughly following it. It is making small sales goals and meeting them as close to your target dates. It is avoiding extra debt.
Advertise your business at relevant events.
Fostering a good relationship with your community means being active. Your community can be your neighbourhood, your city, your market, or your industry. You need to know your role in the grander scheme of things. If you are an art supply store, your community can be independent artists, students, educational institutions. You actively participate by sponsoring city improvements, participating in local bazaars, or creating workshops for young students. There is always a way to engage and advertise, regardless of the industry and sector. You need to find the right angle and work with it.
Fostering a relationship with the community also means excellent customer service. Respond promptly to calls and enquiries. Interact with your online audience. Ever since social media was established there are businesses that have created websites to advertise online. They neglected their online presence with dated websites and a list of unanswered questions. People assume that these businesses have closed, even though they haven’t. Quick responses and frequent updates remind people that you are still there.
Continually innovate and draft new ideas.
Being able to meet the expectations of your plan and your customers is a good thing. However, growth requires innovation. As you work to create a financially stable and community-relevant business, don’t forget your initial vision. Draft your ideas for new events, advertisements, and partnerships. You do not know what plans might be useful in the future.
To achieve relevance, you need to balance between setting a good foundation while looking beyond what you have at the moment. You need to have a good relationship with your finances, with your community, and with your vision, to be able to move forward.