Business growth depends on embracing change

By November 4, 2018 Blog, Business help No Comments
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Entrepreneurs invest an enormous amount of time, effort, and resources in building their startups into stable, profitable enterprises. Considering these major sacrifices, it’s no surprise that many business owners become very cautious about making major changes once they do achieve that stability and profitability. Unfortunately, those instincts can get in the way of their business’ continued growth and longer term success.

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Making a business grow, and ensuring that it remains competitive over time, requires constant innovation and progress. To do that, business owners need to learn to pursue innovation, while letting go of clients, procedures, and roles that no longer serve the interests of their business.

Driving innovation in your industry

The ideas and products that built your startup’s initial success will only carry it so far. The more competitive an industry is, the more rapidly a business’ current way of doing things will become obsolete. In order to grow, your business needs to not only adapt to this, but rather to lead that change through innovation.

Investing in change

Simply keeping up with a changing industry requires businesses to track developing trends, purchase new equipment and software, and to train their employees regularly. Leading that change, though, also means investing in the development of new ideas, and taking the risks associated with experimenting with those new ideas.

To manage the risk of a setback directly, businesses need cash flow management tools like invoice financing and supply chain finance. These allow them to distribute the financial impacts of a setback over a longer time period, giving them the freedom to act. Moreover, businesses need to ensure that they can invest in themselves. That means streamlining their operations as much as possible as they grow, and getting rid of inefficiencies as they develop.

Out with the old

As the needs of a business change, the way it operates needs to adapt if it means to maximise its profit, growth, and overall effectiveness. Most often, this means letting go of familiar and safe aspects of your operation to make room for bold, strategic, and growth-focused decisions.

Let old clients go

Early on, startups often rely on just a few important clients to keep them afloat. Over time, they develop a close relationship, and a sense of loyalty to each other. Those first clients often represent a strange anachronism within these businesses, tying up the most experienced employees, enjoying special privileges, and paying disproportionately low prices. Unfortunately, this can get in the way of your business’ success. As businesses grow they need to switch gears, raising prices, optimising services, and switching to larger, more profitable clients that offer more growth potential.

Don’t promote based on familiarity

The first manager a business ever hires might be an excellent team leader, working directly with the business owner as their second-in-command. This doesn’t mean, however, that this person would also be effective in a high level executive position when the business grows. As your startup becomes a more mature business and larger hierarchies are implemented, current employees need to be placed in positions where they’ll be most effective, while new talent needs to be brought in to meet the new demands of your business. For business owners, that often means surrounding yourself with new faces, while keeping more familiar employees in the roles where they’re most effective.

Get out of the way of progress

The job of a business’ leaders changes as it matures and becomes more complex. While an entrepreneur is often directly involved in every aspect of their business, chief executives of established firms need to have a much limited scope if they hope to be effective administrators. Great entrepreneurs, who tend to view their business very possessively, often don’t make great CEOs. Because of this, business owners need to be mindful of the difference between founding a business, and running a larger enterprise. If they want to continue to run their business in the long term, they need to acquire the specific skills that being an effective CEO requires. That often means getting formal training, delegating some core responsibilities to more experienced professionals, and being willing to listen and implement the advice of investors and seasoned employees.

Growing a business isn’t just a matter of acquiring more clients and producing more. Instead, it’s a transformative process that requires every aspect of your business to evolve. By embracing this, and deliberately leading that change, you can turn your startup into an industry-leading enterprise.

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    Fifo Capital understands time is critical when it comes to managing your cash flow – so our process is aimed to be as simple as possible.
    A Fifo Capital facility approval typically takes around 24 hours to set-up and depending on the required information supplied by customers, transfer of funds can take place in as little as four hours.

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    1. Fifo Capital will tell the proposed client if the application is successful to receive funding. We can accept or reject the application at our sole and absolute discretion. If we accept the application the cash flow finance services will be provided solely in accordance with the documents we agree with the proposed client.
    2. Fifo Capital reserves the right to reject previously approved applications without notice and/or consultation.
    3. Fifo Capital’s application consists of a number of forms, however, not limited to fully completed and signed; Application, Receivables Finance Facility Terms and Conditions, Guarantee, Offer to Sell, and Privacy Consent forms
    4. To be eligible for a four hour funds transfer in relation to an approved application, the proposed customer must request or apply to Fifo Capital in writing before 12noon on the same business day. Such a request doesn’t guarantee the transfer will take place or funds cleared in the customer’s bank account within the four hour period.
    5. Should a four hour funding transfer request be approved, such a transfer can only be facilitated on a business day. A transfer request is not available on public or bank holidays, or weekends.
    6. Four hour funding transfers may incur a fee as detailed within the application.
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