Growing your business in today’s market will start with a fine-tuned business plan. Business plans and strategies can and will change along the way, however a strong business plan is the template for your business success. A business plan is a wonderful tool whether you are looking to start or grow your business. Picture this as the road map for your business. As important as it is to know how to grow your business, it is just as important to know when. Whether you started off with the intentions of growing, or the demand for your product or service has increased dramatically, certain questions must be answered before this important business decision is made. Can you afford the growth? With growth, comes the need for more product, more employees, more insurance, etc.. The company’s financials will make up a big part in this decision. Do you plan on financing the growth, or using cash from the company’s funds? The answers to these questions will depend on your personal goals and business plan. We bring it up at this time to simply note that it must be addressed. Where you are versus where you want to be needs to be addressed on a quarterly basis at the minimum. In their five minute “Strategies for Growth-Preparing for Growth” video, the Small Business Administration talked to Carey Wilson of the Maryland Small Business Development Center who offers five valuable tips for growth.
In this video, he explains that “Strategy is really bout answering the fundamental questions of why you’re in business: What’s our business? Who’s our customer? Why are we special? Why are we better than our competition?