Page 63 - Country Homes & Interiors (August 2019)

my Country bu sIness

How to grow your

small business

and then having to wait 60 days to be
It wasn’t untIl Katy and CharlIe taKe stoCK of your busIness
started to scale up Sunbeam Jackie paid. To counteract this, you may need to ‘You should take some time out four
that they were forced to make some invest previous profits or look at getting times a year to work on the business,
important decisions, including whether some extra funding.’ rather than in it, so you can assess your
to manufacture the parasols abroad. strategy, check that you have the right
‘The parasols are expensive to make have aCCess to more money customer group and that your product is
so we needed to get the production cost ‘There are different forms of quick in the right places. Get someone in to
down,’ says Charlie. ‘We tried using money you can access. Market Invoice help with strategic thinking – Enterprise
plastic instead of stainless steel for the (marketinvoice.com) allows businesses Nation has a marketplace for coaches
hinges but it created an inferior product to sell their unpaid invoices to them and strategic advisors. You might decide
and was only 20 per cent cheaper. to provide working capital. It pays to employ someone to help you
We also looked at having the parasols your invoice immediately, minus a intermittently, or you may decide to
produced really cheaply in China, but small percentage, and then recoups recruit someone to the executive team.
decided on the more expensive option the money. Another option is Funding One of the best businesses I know has
of having them locally crafted – this Circle (fundingcircle.com), which loans three co-founders – one is responsible
defined our market.’ Emma Jones, finance to small businesses, transferring for business development, one for the
founder of Enterprise Nation, a network the money the very next day.’ product and one concentrates on the
of small businesses and advisers with finance. It’s the perfect combination
a community of more than 75,000 taKe on staff ‘As you’re scaling up of ingredients for success.’
people, says that you’ll know when the your business you’ll need employees
time is right to scale up because you’ll to do things like send out invoices and don’t forget soCIal medIa
have so many orders you won’t have post on social media for you, so that you ‘It’s very easy to let your social media
a choice. Here, she shares some of her can focus on developing great products presence slip when you’re busy, but
top tips for when that time comes… and building your customer reach. Aim remember that if you don’t post for
to recruit people who have different a while, people may assume you’ve
feature vIvIenne ayers PhotograPhs polly eltes
looK at the fInanCes ‘Finance is skills to you. For example, if you’re not gone bust, so keep up to date with
an important issue when businesses are business-minded, then hire someone that or outsource it to someone else.’
going through rapid growth – you can who understands leverage opportunities. for more information about enterprise
end up paying for a big order upfront Get a good accountant, too!’ nation, visit enterprisenation.com

The one lesson we’ve learnt...

❝ understanding how to grow

your business while simultaneously

simpliFying things is key ❞

Country Homes & InterIors 63