Five tips for growing your business
April 19, 2018
Are you looking to grow your business, but struggling with how you should do it? Andrew Leeming, programme manager at Boost; Lancashire Business Growth Hub shares his five top tips for growth.
Work with a mentor
Having the support of an experienced business person who has ‘been there, done that’ can be invaluable for growing businesses.
Mentoring gives you the opportunity to have a fresh pair of eyes cast over your business, an independent expert to evaluate what you are doing right, or wrong and give advice on how to get better.
Working with a mentor can help you take focused time out to work on the business, rather than in the business, developing a growth strategy and clear business development goals.
Have a business plan
Achieving growth and developing your business will be easier to achieve with a business plan. The plan, which can be worked on with a business mentor, will provide you with goals, targets and a breakdown of how you will achieve them.
Examples of what business plans can include are; the organisation and improvement of manufacturing processes and workflow, the hiring and training of new staff members, registering a trademark and designing and the development a new website.
Get the right funding
If you have identified the areas of your business that you want to grow and have developed a growth plan, it’s now important to explore the funding that is available.
There’s a diverse and expansive network of finance providers across Lancashire, which offer assistance in not only raising finance, but support in developing business plans, financial forecasts and applications for funding.
The funding that is right for your business will depend on your size, turnover and the reason for your application.
Running your own business can, at times, feel lonely. Building a network of fellow business owners from across your local region is a great way to begin the growth conversation with people in a similar situation.
Networking with like minded people provides a platform for you to ask questions, share problems, learn from other people’s experience and share your expertise and knowledge with your peers.
Opportunities often arise from networking that wouldn’t normally present themselves. it’s important to take time out from the daily churn of being in business and see what other business owners are doing, what is working well for them and what is not.
Ask for help
Lancashire is home to countless successful businesses of all sizes, covering all sectors, but there’s no doubt about it, launching a business can be difficult, sustaining it and growing it can be even harder.
Boost offers a wide range of funded programs delivered by a fantastic network of private sector business support providers and experts who have a track record of growing established and start-up businesses.
As a business owner looking to grow, the best thing you can do is ask for the support that you need or ask one of the many support providers to help you identify the support your business needs.
Boost has helped businesses across the county grow. Latest figures show Boost has helped over 3,500 businesses in the county to access business support, leading to the creation of an estimated 540 new jobs since January 2016 when the growth hub secured £7.8m of funding to run for a further three years.
If you are a business adviser or a business looking for advice, you can find out more about what Boost has to offer by calling 0800 488 0057 or visiting www.boostbusinesslancashire.co.uk