Moving on Up
Setting up a company demands determination, plus the coordination of many different skills. Being an entrepreneurial person, at the earliest phase, you’ll be occupied with the business all of the time: roadmapping, advertising, organising, collaborating and documenting accounts. This article covers the crucial time period of shifting from a startup to an SME. Your revenue growth ought to be an indication of when this organic period has arrived. However, despite there being an organic time to transitioning, ultimately you are the boss and you govern whether to develop your company, or perhaps preserve its existing steady rate. The time must be right for you
#1 Be in the growth zone
You personally need to be prepared for the growth yourself. What this means is understanding that you can no longer manage everything yourself, and relinquishing responsibility over some areas. If you’ve grown rapidly, you may have become overwhelmed. Prior to making the transition, you need to first understand how things are going to change and prepare for the new challenges that will inevitably arise.
#2 Outsource or employ?
Growth will ultimately lead to you needing some help! Don’t try to go it alone. Seek opportunities to try outsourcing. Many companies offer freelance accounting or freelance content management, social media management or even PA services. You may wish to expand and take someone on for a permanent role, but in the interim transition period, the wealth of excellent freelancers available on the internet is really worth tapping into.
Platforms such as People Per Hour can offer cost effective solutions to finding people, whilst twitter groups such as Bizitalk really help you to connect with other small businesses and establish relationships that way.
Ultimately, this person is going to help make your schedule easier. Of course, it makes sense here to play to your strengths. I previously mentioned that my Dad does my accounts for me because I am stereotypically a writer who has trouble with numbers. I often get asked to write for numbers people who don’t get on so well with words. So choose someone to help with what you can’t do, before getting help with what you can!
#3 Stick to your guns
Usually, at the very beginning you’ll kind of want to do anything to build up a portfolio and reputation, in the hope that referrals will lead to other business. And whilst endorsements from others are the best form of advertising, you will need to make sure you can cover your overheads.
Once you initiate the transformation that’ll develop your company, you must keep tabs on which customers are working out better for you. No business can sustain being employed for free,and you must stick to what you know is the right price. It’s better to have one genuine customer who appreciates the quality of your work, over time; than 3 who are underpaying you and possibly even taking advantage.
That said, number 5 on this list is really important too. Always weigh up what’s working and what’s not and make tweaks to perfect it.
Set yourself attainable goals and evaluate your progress towards them on a regular basis. Be dedicated to these aims, as opposed to expansion: growth is a by-product of your effective organisation. Expanding to become an SME should never compromise your business ideals: these are what makes you, you. Or what makes your brand unique and ultimately what led your customers to you in the first place. Get your focus right: managing your business how you want it to be managed and you will acquire the clients you deserve.
Being the boss is pretty cool because it means that if you think of a great new idea; you can innovate without checking with someone else! If you’ve seen a risky strategy that you’re sure you can govern: do it! If you’re heart’s set on sending each client a chocolate lolly with their service order: send it! It’s your time to experiment and move with the times. Taking risks is what led you to startup in the first place. don’t be afraid to continue into SME ship!
Right now, self employment is 40% higher than ever before and seemingly rising. It’s a great time to be transitioning, as many companies seek expansion in the final quarter of the year. 57% say they foresee growth in the next few months. Join them, by ensuring that you get the help you need and stay focused on what makes you unique.