Plan for growth
Plan for growth
Your business is established and making a profit. Now you’re thinking about how you can make it grow.
Watch the video below from the Business Support Helpline.
Many businesses think of growth in terms of increased sales, but it’s also important to focus on how to maintain or improve your profitability.
Things you can do to help grow your business include:
- increasing sales - both to existing customers and new customers
- improving your products and services by researching and testing changes with your customers
- developing new products and services - and selling them to new or existing markets
- taking on staff or training your current staff - including working with apprentices and mentors.
- looking for additional sources of funding - such as bringing in new investors
- selling your products or services online - and reach new markets at home and overseas
- work with a business mentor, who can help you think about how to do all of these things
There is extra support available for Scale Up businesses. A scale up business is an organisation that has grown 20% each year, for three years consecutively (either in turnover or employee numbers) and which had 10 or more employees at the start of the observation period. Find out more about the Scale Up initiative here.
As your business grows
You must register for VAT if your VAT taxable turnover reaches more than £82,000. Click here for more information on registering for VAT
You may also find that a different legal structure is more suitable as your business grows. Click here for help regarding business structure.
As soon as you start employing staff you will need to get Employers' Liability insurance. Click here for more details.
Watch the video below regarding Important things to consider before growing your business.
Growth Hub Providers - Expertise to help your business grow.