Seeing an opportunity for business growth can be exciting. But turning your big ideas into a reality may take some careful research and planning – not to mention investment.
Growth is usually considered to be positive and desirable. It is often regarded as a measure of success and something that should be pursued. While this is true in many cases, business growth can present its own set of challenges.
To assist we have listed below some of the important areas that you’ll need to consider in order to grow your business successfully:
Update your business plan
When was the last time you reviewed your business plan? It should be updated and reworked to reflect your new goals for growth and change. Doing so is also an excellent opportunity to combine your new ideas and to create a fresh vision for your company.
Summarise your business plan to one page, and leave it somewhere easily accessible so you can review it on a regular basis. Most business plans go into a draw and are never seen again.
Growing may often mean more employees, but have you given much thought to the type of employees you need? You’ll have to consider the type of skill sets that your growing business will require now and in the near future. Consider salary levels as well as other associated costs of expanding your staff.
How will changes to your existing business structure affect your corporate governance requirements? Governance should be structured to address current business objectives. As they change, your corporate governance structure will also require adjustment.
Have you considered the potential tax implications of your business growth? These areas must be fully and thoroughly addressed so that your expansion takes place legally and in full compliance with current regulations.
Nobody knows your business better than you do, but even the most experienced business owner can’t be an expert in everything. Are you aware of all the resources that are available to you? From business consultancy to financing, through to IT and software tools, there is a wide range of support available to help facilitate your expansion.
Emergency management plan
It’s easy to push emergency planning to the back of your mind, but what you’re really doing is setting your business up to fail if something bad were to ever happen. A solid emergency management plan protects your business in the event of unexpected disruptions. It should be well structured and tailored to your changing business needs.
Financing & investment
Do you know where to obtain additional finance for growth? Business loans, overdrafts, savings, business angels, venture capitalists, share ownership or equity and government funding are all viable options.
Commission Flow offers a commission advance facility that has a range of benefits to help your agency expand.
Growing your business is an exciting time. However, it is important that you have considered the impact growth may have on your business so that you can make any necessary changes accurately and successfully.
Over to you
What areas do you think are the most important for business growth? Have you found a certain process or tool helped you grow your business?
Leave a comment below, or let us know what else you would like to see on our blog in the future.