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Tag Archives: Small and medium enterprises

Areas Of A Business That Need Attention When The Time Comes To Expand

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There is no denying that one of the most difficult ways to earn a living in this country and in this day and age is to run your own business. There is so much you need to know in order to make it all work successfully and even if your knowledge of business is sound then it is just the endless amount of competition out there already that you will have to get the better.

Having said this, with the right product or the right service for sale and a good team underneath you there is argument to say that this is the best way to make a living. After all, at least you have your destiny in your own hands. There’s hundreds of horror stories on the news at the moment of what were believed to be successful money making businesses being forced into drastic redundancies and downscaling. It is these kinds of stories that are enough to lead you to put your faith in yourself instead of into others.

One of the most important things in running a successful business is to know when to take your opportunity. At times it is incredibly scary to take that first plunge or to make that initial investment but it is essential that you do not let the fear get the better of you. It is vital that you take your chances when you can, that invest in the things that need investing in.

One make or break decision that you will inevitably come to at some point, if your business is doing well, is when to make the move to expand your operation. This is one of the scariest things that you could ever do and is a decision that can ultimately spell the end to your company. This is why it is so important to take your time but also to act at the right time to make the changes that will shape the future of your company.

When you do decide to expand your company these are the things that you need to consider:

  • Location – You may feel settled in the surroundings in which you set up your business in the first place but don’t be scared to consider upping sticks. This is a big decision but once you have researched your target audience thoroughly then it may soon become obvious that you need to relocate to increase sales for your business.
  • Office size – If you are thinking of relocating then it may also be advisable to consider up scaling your office. Even if you have decided not to invest in any more employees at the time it may be a good idea to invest in the future expansions that you are, no doubt, confident in doing in years to come.
  • Products and services – No matter what line of business you are part of if you are going to expand then it may be worth considering taking on new products or services that your company can offer. Remember it takes money to make money, as scary as that is.
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Guest post contributed by Simon Jones, a business consultant based in Manchester who specialises in helping SMEs expand their overall business capabilities in a safe & sensible manner. Simon often uses ideas such as corporate switch boards, to help deal with the increase in telephone calls & use, using companies such as Moneypenny

 

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Increasing Your Business Revenues

86540047Most small business owners will have an obvious interest in increasing revenue levels. By doing so, it may be possible to expand the business and to look forward to a more successful future. You may feel that you are already doing absolutely everything that can be done, but there may yet be scope for improvement.

Although it’s fair to say that businesses come in all shapes and sizes, there are often similarities between one operation and the next. What this means is that analysts will often point to a general set of improvements that should be applicable to most situations. By concentrating on each of these areas, it should be possible for you to build the stronger business that you really desire.

Building your customer base

Attracting new customers is an obvious means of increasing revenues for any business, but it is sometimes easier said than done. By focusing on your marketing and advertising strategies, it’s almost certain that you may be able to make improvements.

These are areas that are often associated with an element of risk and it’s important that you should be confident and realistic. Most importantly, any money spent here needs to be considered as an investment, rather than as a simple expense. That only becomes possible once you have the right strategy in place.

If you’re spending money employing dedicated sales staff, for example, then it’s important that you should be able to monitor their overall impact, in terms of attracting new clients.

Increase income from existing customers

It’s also important that you should remember that your existing customers may also represent a source of income that can increase over time. This doesn’t mean that you should be looking to increase prices, but it may be the case that strong business relationships will enable you to become the first choice for a wider provision of services, over a period of time.

Improve employee productivity levels

You may feel that you are spending a lot of money on employee wages and it’s critical that this should represent value for money. If some members of staff aren’t busy throughout the week, then could you consider assigning them an increased range of tasks?

There may be other changes that you could make, in order to encourage better productivity levels. This is an area where you need to hold open discussions with individual members of the team. There may be opportunities, for example, to enhance productivity levels by providing additional training.

You may also be able to consider offering incentives, which would become applicable once improvements are witnessed.

Reducing costs

When looking at overall revenue levels, it can be tempting to imagine that your main aim should be to increase income levels. You may, however, be neglecting to consider the issue of expenditure.

Most businesses will have an element of waste and this is not always easy to detect. It can pay to spend time carrying out a full review of spending levels. Even reducing costs by a small percentage may be enough to transform the outlook for your enterprise.

Keith Barrett knows that it’s possible to use Decisive Mediation online to deal with workplace issues and to ensure that productivity levels remain high.

 

 

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