Just like some successful business owners similar to Andrew DeFrancesco which is the Chairman and CEO of Delavaco Capital Inc., reaching the point where you can expand your business is cause for celebration. You’ve worked hard to get to this point and there’s no feeling like seeing all your hard work pay off. However, it’s also a time to think carefully about your next steps – a growing business can change quickly and so can the demands it places on your time. You need to make sure you’re prepared to take this next step methodically, and that you’re able to handle whatever it throws at you. Here are a few thoughts on what you should consider doing before expanding your business.
Nailing down your marketing strategy
You’ll already know as a business owner that when you’re starting out, a killer marketing strategy is everything. No business gets anywhere if it doesn’t have any customers,a nd getting your services and products in front of the right eyes is more than half the battle to succeeding.
This doesn’t change when your business starts to grow – what does change is the amount of time you have spare to focus on it. Before you take any other steps towards expanding your business, plan out your marketing strategy (taking into account projected growth) for at least the next quarter. That way, you won’t have to be constantly worrying about advertising when you have other things that demand urgent attention.
Solidifying your best relationships
Onboarding new clients will be the flavour of the day once you start expanding in earnest, but it’s important not to leave your existing customers behind in all the excitement. Before you start searching for new clientele, make sure you strengthen your relationships with your existing clients both big and small.
Check in on their satisfaction with your service or product and let them know you’re there to help them with what they need – offer them a new service, or send them some kind of thank you for their custom. Getting a lot of new clients quickly can feel like growth in the short term. But it’s not sustainable – building solid, fruitful relationships with long term clients is where true expansion will come from.
Outsourcing an Hourly CFO
One of the things you might need help with in particular when you’re expanding your business is the finance side of things, as this can be a lot to take on when you’re also concentrating on building customer relationships and a killer marketing strategy. On the other hand, there probably won’t be enough work to take on a full time CFO – and you probably couldn’t afford to yet. This is where CFOshare’s CFO for hire comes in, as you can hire a CFO hourly. This is a massive advantage as you can delegate the financial work you don’t have time for into safe hands without having to find room in the budget for a full time salary. This really is the best of both worlds.
Celebrate reaching a point where you can expand your business, it’s an amazing milestone to reach – but don’t forget to keep in mind the practicalities of managing a growing business.