Business Growth Guide

Congratulations on reaching the growth stage of your organizational life cycle! This is an exciting time for your business and your team. As you set out on this journey, it’s important to be prepared for the different challenges you will face. We recommend reading this business growth guide to become familiar with the basics. It’s also a good idea to consult with a professional who can help you with the details and make sure you don’t miss anything. Good luck with this new stage of your business!

 

To find a business consultant in your area, check out The Resource Navigator®.

Step 1 - Audit

Step 1 - 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.

Step 2 - Prepare

Step 2 - 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.

Step 3 - Plan

Step 3 - 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 actually going into business. If not, including it in your growth plan is your second chance.

Step 4 - Marketing

Step 4 - 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.

Step 5 - Financing

Step 5 - 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 and factoring services, to crowdfunding and venture capital.

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