Running into issues is an inevitability when it comes to business, but that doesn’t mean they have to cause a hindrance. In fact, the perception that risk can stifle growth is increasingly being challenged and instead seen as an instrumental part of a company’s strategy in order to further develop.
Managing risk, therefore, is essential for small businesses looking to grow and while many leaders may not already have a policy in place, a clear strategy that can deal with problems before they arise is the best way to face any potential pitfalls head on.
So, rather than avoiding these growth opportunities for fear of harm, take an action-orientated approach to easily overcome hurdles. With that in mind, here are three changes you can adopt now to help in the future.
Plan now for international growth
As your company grows, you may find that opportunities arise worldwide, but with a tight budget business trips to meet potential clients and customers located in different countries is probably not a reality.
But this doesn’t mean all your opportunities for international growth are over before they’ve even begun.
Instead, companies can make use of technology to remain in contact with prospectives. Emails are useful for things that do not require the greatest urgency and social media tools – while informal – allow people to be connected for free and immediately. Platforms such as Twitter or LinkedIn are great for this purpose.
Of course, having a face-to-face conversation is great for more difficult subjects that may also be time sensitive. In this case, international conference call technology (shown here) can be used as it allows three or more people to be connected for relatively low costs and at the drop of a hat.
Why not do a little prep and look into these tools now ahead of time so you are ready for international communication and growth opportunities.
Know where to hire talent for the future
Your company is only as good as the people who work within it and despite the plethora of people on the hunt for jobs, there are still many positions that remain unfilled.
When thinking about the growth of your company, it’s worth bearing in mind what kind of openings may arise in the future and the kind of talent you’d like to get in to fill them. And while it may seem a long way down the line, think carefully about the kind of person who may be able to fill your own position once you retire – or even if you are simply having a holiday.
Using external agents is one way in which to find possible employees, while social media site LinkedIn is another great way to headhunt talented individuals without having to pay costly finder’s fees.
Have a look into these solutions now so you immediately know where to go when it comes to hiring new talent.
Use technology now to make savings later
More than 70 per cent of small and medium-sized enterprises (SMEs) believe adopting cloud computing is essential for growth, according to a survey by Fasthosts. This means if you’re an SME and you haven’t already made the move to cloud technology, now’s the time to consider the transition.
Down the line, cloud computing can promote flexibility as well as a reduction in costs – making it a particularly important step for small businesses. While many larger companies have already noticed the benefits, a lack of education is noted as one of the biggest barriers preventing all SMEs from making the leap.
It reduces overheads, allows employees to work while on the go, streamlines processes and improves flexibility – surely those are enough reasons to convince you this is an indispensable move now to reap the rewards in the future?