How to grow your business
As a small business owner when you are planning for growth you have to make sure that the objectives and aspirations are part and parcel of your overall goals as a business. The growth plans should be clearly communicated to all employees to make sure that they do take up the ownership of the growth process.
How to grow your business
As a small business owner you should have proper planning in many areas especially in the are of growth. Most people think that a small business is least likely to grow in size, but they are wrong if anything it is easier for a small business experience growth than a large business. The following tips will help you to plan for growth for your small business.
Growth must involve all the areas of the small business, growth should not only be seen in some areas but the entire business. Growth comes with its demands, such as resources, commitment and perhaps more space.
As a small business owner when you are planning for growth you have to make sure that the objectives and aspirations are part and parcel of your overall goals as a business. The growth plans should be clearly communicated to all employees to make sure that they do take up the ownership of the growth process. The goals and targets set for this to happen should be realistic,measurable, achievable and time bound.
You have to come up with viable growth strategies and methods that are applicable with a proper financial implication attached. This will help you to gauge and see if you are able to meet the financial demands that come with growth.
This is also the time to see what the estimated returns will be as a result of the growth. In most cases you will have to make some investment, more resources and time.
The growth has to done in such a way that it will not interrupt the day to day business operations. You may have to carry out the growth process in small phases until you have reached your target.
Never assume that the business growth will come with profits immediately it may take a while before you realize any profits after the growth.
You will need the following to help with analysis of the various growth initiatives that you can develop.
1. Write down an overview of the current performance of your business and highlight the areas that need to be improved before you start your expansion program.
2. Write down the overall objective of the growth and how it is linked to the current business operations.
3. You should do a cost benefit analysis before the expansion starts
4. Write down the operational considerations needed for this process and see how they will affect the day to day operations of the existing business.
5. Who will be the team players in this growth process, you will need a team of people who are committed and focused on achieving the desired goals for growth.
6. It is important that you also factor in the risks involved and any strategic plans that are involved in the expansion.
The growth plans should be time bound and they should also be incorporated with your business strategy and included in your annual business plans