Common challenges when growing a business
At the start of 2020, there were almost six million small businesses up and running in the UK. Six million! In comparison, there were less than 8,000 large businesses registered at the same time. So, why the huge difference?
For some businesses, remaining small is the plan; they enjoy the flexibility that comes with it and don’t have any aspirations to grow bigger. But, on the whole, we’d imagine not many people would turn down the chance to expand and increase their profits. It then comes down to one singular problem that businesses across the UK (and the world!) are struggling with: growth challenges.
These are the obstacles that small businesses face as they try to grow and make their name in the uber-competitive business world. There are tons upon tons of different growth challenges out there, and every business will face its own personalised set along the way (lucky you, right?). The key to overcoming them is first to know what they are.
Maintaining Employee Wellbeing
In a study by Barclaycard, employee wellbeing came out as the top concern of scaling businesses – so this is definitely one to pay attention to! As you expand, it can be tough to maintain your focus on staff happiness, but it’s essential. If your employees aren’t happy, they’re going to go somewhere else, and your small business will remain just that: small.
The Search For Talent
The second-highest concern in the same study was talent. The transition from an SME to a large business takes a talented team, but with so many other businesses out there vying for the attention of top candidates, it’s tricky to get any of your own. You’ll need to create company values that attract talent, offer competitive salaries, and create a work environment that appeals to modern-day employees (that includes offering remote and flexible work).
Finding a Competitive Edge
Every large, successful business in the world has identified how it will win over its market. To beat out other companies, you need to do the same. Unfortunately this is tough, and it takes a lot of market research, competitor research, and understanding of your own company to uncover a USP that’s really going to drive your growth.
Choosing the Right Marketing Channels
Even if you’ve done everything perfectly, your staff are happy, your infrastructure’s fool-proof, and you have an incredible growth plan, it can all fall through if you don’t market yourself properly. Making sure you choose the right channels for marketing is particularly important. The right channels will lead you to the right audience, which is exactly where you want to be going.
How Can You Overcome These Challenges?
We hate to be the ones to tell you, but these are just the tiniest sample of business challenges you’ll face when scaling up. It’s a competitive world out there, and only those who are ready to take it on have a chance of succeeding! But, it is possible, and we’re here to help.
Our team at SGFE are experts when it comes to growth challenges and how to overcome them. When you work with us, we can help you safely scale your business, increasing your revenue without compromising your company. Take a look at our resources to find out more, or get in touch with us to start growing your brand. The world’s ready for the next household name; could it be you?