SimonStapleton.com

Grow Your Business Without Growing The Risk

Estimated reading time: 2 mins

Big businesses are always risky ventures because it means largest costs and greater losses. As such, building up a small business and expanding it can be dangerous for the future prospects of your company. Ideally, you want to grow your business while keeping the level of risk under control. But how can you do this?

Well, the best idea would be to cut costs low in your company while still expanding your business in the way you want. There are various options to consider here.

Cutting Growth Costs

If you’re growing your company, you’re probably going to need to hire a larger staff. If you need help finding more staff check out a recruitment agency like https://www.roberthalf.co.uk/. This might mean that you need to think about doubling your number of employees. As you can imagine, this can make your costs go through the roof, but there is a way to avoid it. Rather than hiring help inhouse, you can instead think about getting a great outsourcing service. The secret behind outsourcing is that you get the same level of service without the typical costs involved. In fact, you might find that the employees that you hire in another company or as freelancers are actually more effective than a full-time staff. This isn’t always true, and it does depend on the company you choose.

What about property? If you’re expanding your business, you might need to invest in more property. Again, that can be expensive, but not when you buy temporary buildings, supplied by companies like Aganto. According to https://aganto.co.uk/, the kind of buildings available now are both lower cost and lower risk. If your expansion is not successful enough, they can easily be dismantled, and the cost can be completely minimized.

Ensuring You Have Support

If you want to expand your company, you’re going to need to make sure you can access a large amount of capital. You will need this to invest in areas of your company such as technology and again, property. You probably won’t have the money in your accounts to fun these types of investments. The best option would be to get investors interested in your company. Attracting new investors for a business is all about building leads. One of the ways you can do this is by attending a trade show or business exhibition. There you will have the opportunity to dazzle and delight potential investors with your views and ideas for the future of your company.

Remember, the key here is to show that you’re thinking about the long term, rather than the next couple of years.

Diversify

The last step to reducing the risk in expanding your business is diversification. When you diversify your company, you will put it in the position where if one area of the company fails, another could succeed, keeping you in the green. An example of this would be in manufacturing. You might be creating your own original product and selling it on the market. At the same time, a section of your company could be working as an outsourcing service, providing a key part of an item for another company during the production process. You can learn more about outsourcing manufacturing on Chron (http://smallbusiness.chron.com/.)

If you take this advice, you will be able to grow your business without taking on the typical risk.

Share this...
Share on Facebook0Share on Google+0Tweet about this on TwitterShare on LinkedIn0Pin on Pinterest0Share on Reddit0Share on StumbleUpon0Digg thisEmail this to someone
 

About the author /


Simon is a creative and passionate business leader dedicated to having fun in the pursuit of high performance and personal development. He is co-founder of Applied Change, a Business Change consultancy based in the UK. Simon is also an Ambassador for Gloucestershire business. Simon is an Associate Member of the Chartered Institute of Professional Development.

Post your comments

Your email address will not be published. Required fields are marked *

Affiliate Promotion

simonstapleton.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com. Amazon, the Amazon logo, AmazonSupply, and the AmazonSupply logo are trademarks of Amazon.com, Inc. or its affiliates.

Polls

When answering Employee surveys, do you always answer completely honestly?

View Results

Loading ... Loading ...
SimonStapleton.com located at Watledge , Stroud, UK . Reviewed by 18,205 readers rated: 1 / 10
My latest book: ACE Your Performance Appraisal$4.99 on
How Am I Doing?

Did this discussion solve your problem?

Then please rate this post or leave a comment.