A practical guide to growing your business

Thinking of growing your business? Amazing! It sounds like you’re smashing it. But now you’re probably wondering how to do it, right?

Fear not, we’ve got you. 

We explain what growing a business means in reality, some common pitfalls to avoid how you can grow your business in 5 easy steps.

Let’s get into it.

Growing a business – what does that even mean?

Growth isn’t just about more money in the bank (though that’s a nice bonus). It’s about changing and scaling your business so it can reach its max potential. 

Maybe you’re taking on bigger contracts, moving into new markets or hiring your first employee. Whatever shape it takes - growth means new challenges and new responsibilities.

Agility is going to be your new key skill. The way you started out won’t necessarily cut it once you begin to scale, so get ready to adapt.

1. Set new goals

If you want to grow, you need fresh targets. 

Ask yourself: what does success look like in 12 months? Maybe it’s doubling turnover, reaching new customers or adding new services.

Be specific. Write it down. Share it with your team. When everyone knows what you’re aiming for, it’s easier for you all to stay focused.

2. Count your pennies

Growth can be exciting, but it can also be expensive. 

New staff, new premises, new equipment - it all adds up. Don’t dive in without checking the numbers first.

Look at your cash flow and see if you’ve got the breathing space to scale. If not, consider funding options like: 

• A business loan

• A business credit card

• Asset finance

• A line of credit 

These options can give you the boost you need, but only if you borrow responsibly. Don’t stretch yourself too thin or you may quickly owe more than you make.

3. Listen up

Your customers are your compass. 

If they’re asking for faster service, new products or a better online experience - listen. Growth may collapse if you ignore what customers want.

Gather feedback, check reviews and watch how demand shifts. Then adjust course and steer your business in the direction your customers want to go. 

4. Get the right crew

You can’t do it all yourself (as much as you might try). 

Growing means trusting others to deliver your goals right beside you. That might mean hiring your first employee or investing in training for your existing team.

Pick people who share your vision and give them the tools to succeed. The right crew makes growth easier and more rewarding.

5. Stay on the ball

As your business grows, so do your responsibilities. 

Keep on top of tax changes and think about whether moving from sole trader to limited company makes sense. It’s not as complicated as you might think and often makes financial sense for larger businesses. 

Don’t forget the bigger picture too. Stay sharp on market trends and keep an eye on what your competitors are up to.

Traps to avoid

Growth is exciting - but it’s also risky. Steer clear of these common pitfalls:

• Expanding too quickly – keep your spending in line with your income

• Ignoring your customers – their needs should guide your next step

• Neglecting admin – tax, payroll and paperwork can derail you if left unchecked

• Doing it all alone – growth needs teamwork, support and sometimes outside advice – get help if you need it!

With the right goals, finances and focus growing your business doesn’t have to be scary. 

Done right, it can be the most rewarding step you ever take.