Planning for Growth
You’ve spent countless hours turning your business dream into reality. Now it’s time to grow it. Before taking action, it’s helpful to create a business plan for growth, which is basically an outline of where your business is now and where you want it to be. This will prepare you for any upcoming challenges and risks associated with expanding your business, while helping you uncover opportunities. Be sure to consider the following:
Your goals. Write down your specific goals, the tangible actions you need to take to reach them, and the approximate time it will take.
Your revenue streams. How will you be making your business more profitable? Is it adding a new product or service? Targeting an additional customer base? Increasing business from current referral sources? You’ll also want to pin down your ideal customer and strategies for maximizing business from that client base.
Your challenges. Growth brings with it a new set of challenges. To anticipate your growth, you may need to hire additional employees. You’ll want to weigh the costs and risks of adding new staff. If you rely on suppliers, distributors and other partners, be sure they are equipped to accommodate your additional business without compromising quality.
Success stories of other business owners. Reach out for advice and guidance from other local business owners who have successfully grown their operation. Find what worked for them—and what didn’t.
Financing needs. Do you need a larger space? More equipment? Additional employees? Be sure to account for how you will fund your growth and manage cash flow. Speak with your banker about your plan for growth. They can be a great resource in helping you secure financing, navigate local market conditions, streamline financial operations and position your business for growth.