What You Should Expect In The Second Year Of Your Small Business

second year small business

So you got through the first year of running your very own business. Well done! You may think that means that you have got all the hard stuff over and done with. However, there will be even more hurdles to face in your second year. But you shouldn’t be too worried. After all, you got through one year so there should be nothing to stop you getting through the next. You just have to be prepared for all of the following.

Get Ready To Grow

Ready to take your company to the next step? First of all, you need to get it in a good position so that it can cope with growth and change. And the best way you can do this is to hire more staff. Growing your business in this way will ensure that you are able to handle any work or project requests that come your way. And you won’t have to turn down any work that comes your way because you don’t have the manpower to take it on. So your first task for your second year is getting ready to grow. Start the ball rolling with your recruitment drive right now.

Boost Your Sales

During your first year of trading, you will have been trying to build up a large customer base. But now you are entering your second year, it is time to start to increase this base and give your sales a boost. One way to do this is to look into sales enablement. This covers all the tools and technologies that you use to increase your sales. A better sales enablement in a company means that the sales team are better equipped at hitting higher targets on a regular basis.

Gain More Investment

So you know that your company has a good business plan. And you know that there is a demand for your product or service. Therefore, you are in a good position to try and get some more investments. After all, you may be quickly coming to the end of your initial start-up investments. The first place you should go for an extra injection of capital is to the original investors who funded your business at the very beginning. If they are not willing to put more cash into your company, you should attend networking events. There are many that are aimed at introducing investors to business owners.

Increase Product And Service Range

Your second year is a good time to start thinking about adding more products and services to your range. This shows your customers and clients that you can easily adapt, and that you have plenty more things to offer them. It can also bring new customers to your business. The new services and products don’t have to be too different to what you are already offering. For instance, if you are a translation company, you may also like to offer a new proofreading and editing service.

The second year of your company is a very exciting time indeed. You can now watch your business enjoy some major success!

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