Every multinational corporation started as a small business. The path to success is a long and winding road! Brands such as Apple, for instance, have a long history of facing challenges before finally becoming successful. The bottom line: Growth is rarely an overnight story. More often than not, when a small business suddenly meets unexpected success overnight, the venture is more likely to fail. Indeed, it takes a lot of time and works to build for success. Growth is not without obstacles. Therefore, it’s essential to understand how to prepare ahead.
Business growth is expensive. Indeed, when a company chooses to invest for growth, it needs to accept that recouping the investment can take a long time. Unfortunately, it can be tricky for small ventures to unlock commercial loans to finance their next steps. For instance, if you wish to build a solar power farm to make your business fully self-sufficient and carbon neutral, the costs of the project can be overwhelming and difficult to recoup via traditional bank borrowing. But if you can use a form of guarantee for project financing, you can make your growth project more reliable and safe for money-lending institutions. Bank guarantees can unlock new financing strategies.
Being heard and seen in a crowded market can be tricky. Small ventures need to make the most of their digital presence to maximise visibility. Indeed, as the whole world is going digital, a user-friendly web presence with a strong organic ranking position can increase your impact. High-quality content with reliable digital technology can help a business to get noticed online. Additionally, it can be useful to reach out to existing clients to enhance your digital reach. For instance, introducing former clients to your new services can drive more traffic to the site. You can also write a success story linking to their website or share their experience on your social media to reach out to new audiences.
Finding the talent you need
Small businesses often make the mistake of trying to manage every task with a small team. Working on a shoestring budget can reduce hiring possibilities. However, expecting your team to multitask can damage both the productivity and the output quality. To enable growth, a small business needs to bring more talent to the team. When hiring is not an option, outsourcing can offer a cost-friendly alternative to acquiring world-class skills.
Building a credible brand
According to Nielsen Media Research, there are over half a million individual brands in the world. Needless to say, to survive in a cacophony of brand names, a business needs to build credibility and memorability. Credible brands can maintain their positions, even in a crowded market. Brand credibility includes quality goods or services and finding a suitable strategy to share your expertise. For instance, a small business that creates an expert blog and contributes to other expert platforms, such as industry magazines, business interviews, or even speaking engagements, is more likely to gain the public’s trust.
In conclusion, small businesses face growth challenges regarding financing, visibility, credibility, and human resources. They must find appropriate and effective strategies to tackle those challenges and unlock their growth potential.