A small league business is fine, but there’s only so far you can go in the little leagues. If you want the best, you’re going to have to push yourself to go further. Staying in the little league is the easy option, the option that won’t see you tearing your hair out at every turn, and the option that will mean you can put cruise control on your business and relax a little. But, is this the option you really want to go for. It’s so easy to get complacent if you stay as a little league business, and being complacent can easily lead to your business going downhill pretty quick. We want this article to show you how easy it would be to progress to becoming a bigger business, and the benefits that you’re going to feel from it. So, have a read of the tips below, and see if you’re ready to move to the big league.
1. Set Yourself Up For The Transition
You can’t just go from a small business to one that’s fighting its way through the big leagues if you don’t set yourself up properly. Obviously, something like this is going to take months anyway, but getting yourself on the right road is the first step. So, first of all, think about the team that you’ve got working for you. You’re essentially steering the ship, but it is the team that you have that’s going to put in the elbow grease to get you where you need to be. If you need them to work harder, train on more areas, or improve their work ethic, you’re going to have to make the role more appealing. No employee is going to willingly take on more work or pressure without some form of incentive, so give a little pay rise. Start by adding on an extra 100 a month to their paypacket. If your business is nicely afloat, this won’t affect you much, but can make huge differences to the life of your employees. Then, you need to give them the space to do their thing. Moving office is like a fresh start as it were, and something you might like to try! There’s plenty of office rentals for you to look at, you can view more about them here if you’re interested. A bigger office or warehouse gives you more room for production and growth, even if your business isn’t ready for that step just yet. Plus, if things don’t work out, you can always downsize later down the line!
2. Secure Your Finances
You don’t want to make moves in the business world if your finances aren’t secure. If you’ve got debt coming at you from all angles because of mistakes you made as a startup, then you’re going to have to do something about them. It’s important to remember that as long as your business is afloat, you’ve got all the time in the world to get into the big leagues. So, if it takes a year or two to clear the majority of your debt, then so be it. Customers will still be there, and your opportunity to make your move will still be present. Whatever you do, don’t rush the process and take on more debt just because you think you’ll bring in more money. Take things slow, do it organically, and with as little debt as possible.
3. Open Up Your Options
If you’re a closed book, then you’re never going to get where you want to be. Sometimes, you need to open up your options to new sales, niches, countries… you name it, and you expand! Just because you’ve only sold certain products for so long now, it doesn’t mean you can’t open up your options and explore new products or services. You should also open up your options in terms of the contracts that you have, and building new ones. You’ll no doubt have contracts with multiple different companies, all outsourcing different areas of your business. Think of others that might benefit your business, and whether they’re going to be cost effective. Sometimes you don’t know what you’re missing out on just because all you know is what you’ve got!
4. Dive Into The Deep End
The final step here! Once you’ve got to a point where you know you’re financially secure, and you’re ready to dive into the deep end, then go for it. Taking a leap of faith is sometimes all you need to do to put yourself on the right path.