Kickstarting growth can be a challenge for any business, large or small. Taking that first business idea and turning it in to reality is an incredible feat; and one that can require a huge amount of self-discipline, drive and, most importantly, a consistent injection of enthusiasm.
We believe that one of the simplest equation for success is: ‘Ability x Effort x Attitude’. If one of the variables is 0 then, arguably, success is more challenging. Everyone can be taught ability – whether on the job or via external training – but it’s the effort and attitude that become key factors is driving and ‘boosting’ a business to new heights that’s important.
That being said, even when following this equation, giving your business a boost can call for external help and support; whether that be in the form of funding, marketing, talent acquisition or general infrastructure-based efficiencies. We pride ourselves on offering UK small businesses that extra ‘lift’ and support to reach that next stage of growth. We are on a mission to ‘boost’ more small UK businesses and have already provided funding to over 7,500 of them! To celebrate, this summer we’re giving away a £10,000 financial injection to a deserving UK small business to help them achieve their ambitions. To enter visit here.
However, although financial ‘boosts’ are important, there are many other areas required in helping a small business grow. So, we’ve put together some pointers on areas worth considering when a ‘boost’ is required:
Talent is not only the skillset one requires to carry out day-to-day activity at a business, but it also drives the vision of a company forward. Naturally , it’s important to gain a correct balance in your team between ability and motivation, but this can often be a challenge. That’s why it’s always worth regularly taking stock of your team, evaluating progress and ultimately forward planning and checking the team still has the skillset, enthusiasm and attitude to carry your business forward to the next stage of growth. Talent boosts may be required, either as part of team expansion or simply re-assessing need.
In addition to taking stock of your social media presence, wider marketing and PR support can add huge value – and indeed be the catalyst – to further brand growth and awareness. Your business’ online presence is integral to creating a good first impression, so it is always worth considering investment into external support to aid with brand strategy, no matter your business size or stage.
Financial support is, more often than not, regularly required as a business moves forward. Especially when first launching a company or when looking to scale. So, it’s worth considering what form this financial ‘boost’ could take, whether it’s alternative finance, a loan, a gift from a friend or family member or even exploring crowdfunding platforms or angel investors. Each have their own plus points and areas to consider. It’s all about tailoring the right option to your business and thinking carefully about repayment terms also. The Business Cash Advance for example, links repayments directly to cash flow so businesses only pay when customers pay them.
Engaging with other local businesses and forming partnerships can be an excellent way to boost growth: maximising your potential and reaching the audiences of multiple brands. This could mean featuring your products / services in other stores as a pop-up or featured brand; offering discounts to customers who frequent both your business and another; or putting on events in collaboration with relevant businesses. In terms of marketing, think about where else your potential customers could be and reach out to those businesses. It can work for the both of you; for instance, if you own a pub or restaurant, you could leave flyers in a nearby hotel and vice versa.
Rob Straathof is CEO at Liberis, the leading alternative finance provider, offering a better way to finance UK small businesses.