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Future Steps When Your Start-up Begins to Grow

When setting up a start-up, your first aim will be to attract investors, clients and customers to get your business in a financially stable position. Once this has been achieved and you have a regular client base, solid cash flow and increasing revenues, it may be time to think about growing your business and taking it to the next level. There are many considerations to make about transitioning from a start-up to fully-fledged SME.

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Structural Changes

As your start-up has grown it is likely the number of staff will have as well. What may have started out as two close friends in a garage could now have a workforce well into double figures. In preparation for growing further, more recruitment will probably be about to take place.

In order to do this, you should first ensure that all roles in the business are clearly defined, which may involve organisational restructure. Establish managers for certain areas, with a process in place for how tasks will be delegated. This will link in with your recruitment, by highlighting any holes in the company which can be filled with the addition of new staff.

Sell Shares

Owning your own business can be a satisfying feeling and provide plenty of control. Yet when it becomes big enough it can be a sensible decision to float your company on the stock market, allowing investors to buy and trade shares in your business.

This can help generate extra funds for your business that can go back into the business to help it expand even further. A public listing can be the most expensive option but also the best for raising large amounts of capital. Reverse-mergers are cheaper though often attract a worse reputation from investors and analysts.

Increase Product Offering

As your business grows so should its product or service offering. You will need to attract new customers as well as retain existing clients to make it worth your while to expand the business. The extra costs you will be spending on new staff members and overheads from your previous profits will be best reinvested in an increased product range.

Through analysing existing customer data you should be able to highlight areas that have performed strongly, while using third party information and market research to highlight potential gaps in your industry. Go about this in the right way and soon your SME could be turning into a bigger business.

Adapt Marketing Strategies

The initial marketing aims of your start-up will be to attract investors, then customers and clients. When your business begins to grow you will need to increase and adapt your marketing plan to match the changes that are taking place in your company.

This could be through targeting different channels, such as social media and online, to suit your new marketing aims. Or it could be by employing a marketing manager or using an agency to take care of that side of things.

All these steps can help transform your start-up from an innovative idea to a fully-fledged SME.

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