Every business grows and expands in different ways. Some businesses grow naturally just by working hard to service their current customer base and maintain their business reputation; others need to encourage growth through various marketing activities and some businesses find they grow slowly due to resource constraints.
No matter how your business grows, proper planning and strategy development are important in directing growth. The Business Growth Centre offers these tips for properly managing your business’ growth phase:
Set Goals for Growth
Review the goals identified in your initial business plan and refine to suit the nature of growth you are looking to undertake. Ensure that all objectives and aspirations identified, both long and short-term, form part of your overall strategy for the business.
Involve Your Staff
Encouraging your staff to be involved in the growth phase of the business is beneficial to both the business and your employee’s development. It is also important to communicate the goals identified so all staff understand where the business is headed and what needs to be achieved.
It is important to research all growth strategies and execute proper financial analysis to assess any additional funding requirements and the return on investment.
Review Growth Targets
Regularly reviewing how your business is performing can be key to understanding if your growth strategies are working. It is important to compare actual results with your goals, plans and budgets. If your plan for growth is not working, or you are experiencing financial or operational problems; we recommend seeking external advice.
Building good reporting systems into your business can help you quickly and easily compare business projections with business performance. It can also keep you informed and enable you to make prompt decisions when necessary.
If you would like to take your business to the next level, the Business Growth Centre can help you prepare for and start growing your business. Via one-on-one coaching sessions, the Business Growth Centre can help you:
- Analyse your business
- Solidify foundations in preparation for growth
- Improve internal processes
- Identify any risks involved with growth
- Analyse the impact of growth
- Discover opportunities for growth
Get started on growing your business and contact the Business Growth Centre on 4942 3133 or email our staff to discuss your plans.
For additional information, view the Growing Your Business Checklist