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Business Growth Guide

Business Growth Guide with a computer and a bar chart.

Business Growth Guide

As an organization enters the growth stage of its life cycle, congratulations are in order for reaching this exciting milestone. Expanding a business brings new opportunities as well as unique challenges that require preparation and strategic planning. Reviewing the fundamentals covered in a business growth guide can help build a strong foundation for this next chapter. Additionally, partnering with experienced professionals can prove invaluable for navigating the specifics of scaling up operations. With the right information and support, a team will be well-equipped to steer the business toward sustainable growth during this promising new phase of the company’s journey.

 Audit

Before looking to future growth, business owners should audit their organization’s resources and capabilities, so they know exactly where they stand.

Conduct an analysis to identify your organization’s strengths, weaknesses, opportunities, and threats (SWOT).

Discover where your business has room for growth or improvement and formulate a new set of goals.

Prepare

While assessing your organization, do not lose sight of your current goals and responsibilities.

Your people are your organization’s most valuable asset. Be thoughtful in how you retain and attract the right employees to support your growth.

Maintain your federal and state registrations and Nebraska business licenses and permits to keep them current. As your organization grows and adds business activities, your licensing requirements may change.

As businesses grow, the role of Boards and Advisors becomes more important as they provide outside oversight and a diversity of opinions.

Plan

Writing a growth plan is very similar to writing a business plan, however, a business growth plan focuses specifically on expansion and how you’re going to achieve it; a well-crafted business plan is key to taking your business to the next level.

Create a five-year plan, which includes expansion opportunities, a marketing plan, and demographics of your market area.

Know your options, which may include franchising, expanding into new markets, opening a second location, licensing agreements, merging with or acquiring another business, certification, diversifying product lines, forming strategic alliances with other businesses, and expanding your web presence.

Ideally, you should already have exit strategies in your initial business plan before going into business. If not, including it in your growth plan is your second chance.

Marketing

Having a better understanding of your market will allow you to run your business more efficiently and a powerful network can provide you and your business with opportunities for growth.

Market research is all about customers. It is important to know their needs and wants, and create the ideal customer experience.

Networking for growth benefits both the business and the business owner.

Financing

Be strategic and borrow with purpose. Explore the various options for enabling your business growth. Thoroughly evaluate the need for financing, and know your choices, from bank loans to crowdfunding and venture capital.