If you are one of the hundred businesses around the world that is about to grow from a small business to a medium-sized business, you will be learning about some very exciting but complex things. To grow into a medium-sized business, you require a large network, more funding, great sales, a bigger team and of course, your own headquarters. In other words, you need more of everything, and in some respect, some totally new things. Some of the things we are going to mention, you can do without to some extent. But you can also take some of the things we mention, as mandatory.Â
Your own finance team
Now that you are growing into a medium-sized business, you need to consider your very own finance team. Up until now, you have probably been working with a finance management and investment management service. Now, you need to bring everything in-house. You don’t have to make a large finance team, but they should be able to take care of the basics. This will be revenue management, making sure that too much of it is not wasted on expenditures. The finance team will also work with legal, so you can know how much a court case over patents is going to cost. A couple of financial advisors can also help to improve project funding, invest in technologies and manage your money when it comes to taxes.
Your own office
One of the most memorable moments any business has, is when construction workers hoist your new building sign up. When large banks like HSBC and Morgan Chase had their names hoisted up in large lit signs, they knew they had made it. If you want to create your own office, work with a company like TPM Builders who can assist in everything from design, planning, construction, project advice and building tendering. So you can design your own office, completely bespoke. If you want to create your very own look, style and design, you need to work with a design and construction team, as they can give you advice of what is actually possible in your ideas.Â
A larger network
The most amazing brands have to continuously network among other brands. Brands like Apple and Google have been so successful with other brands, because they continuously host events, invite management of other businesses and executives to parties and award ceremonies. So it’s a good idea to host events whereby you invite micro, small, medium and large businesses. Here they can all have their say, talk about the industry but also, where you can meet entrepreneurs and talented individuals who you could possibly work with, or even hire. You should also be going to more and more business conferences and events, so your brand and your voice can be heard and recognized within the industry.
It’s a great time to expand as the world begins to get back to normal. These are just some of the things you require when you expand into a medium-sized business, but there are a lot more. Can you think of any?