How to adapt to growth as a business

As a business owner, it’s only right that you want to grow your business. Whether you’re looking to expand your clients, add investors or hire more staff, business growth is a positive thing. But it’s not always easy.

If you’re one of the 5.6 million private sector businesses in the UK looking to grow, read on to find out how you can develop and succeed.

1. Generate a business model based on company analysis and the current market

Firstly, it’s important to come up with a comprehensive business plan before you set out to grow. A business plan should include everything from your ideal customers and how to attract them to your pricing model and your distribution channels.

As they say, fail to prepare and you prepare to fail!

2. Keep a close eye on the competition Following Covid, it was thought that 906,000 businesses were at risk. Therefore, it’s never been more important to know who you’re up against and who are your biggest competitors. It’s important to consider both your direct and indirect competitors. Direct competitors are those who sell the same or similar products, with indirect competitors being those who may have different products or services but may be competing for online space.

3. Improve internal processes

To achieve business growth, you need to objectively look at your business to see what is and isn’t working. For example, do you need to hire more people to bridge a skills gap? If so, you may need to invest in temporary buildings or new office spaces to house your new employees.

4. Adapt

Businesses that adapt are those that thrive.

One way to adapt is by looking at adapting to new styles of working. Broadly speaking there are three different types:

· Agile working – Businesses that are agile are those that encourage a dynamic business environment.

· Flexible working – Flexible working often refers to the working arrangements where employees can choose their own hours outside the traditional 9-5.

· Hybrid working – This type of working normally refers to the combination of office and remote working.

To grow, you may find you need to look at adapting to new working styles like the above, offering your employees benefits in the way of hybrid working or a a new workspace to house the growth.

You may also wish to consider investing in new technology that makes working simple. Whether that’s a new HR system, project management system or simply a new way to manage stock!

Final thoughts…

Business growth is not straightforward and there certainly isn’t a ‘one size fits all’ approach. However, by planning ahead, getting a thorough understanding of the competition and adapting to changing markets and ways of working, you’re almost certain to thrive.

How will you grow this year?