Congratulations on surviving the “startup” stage of the organizational life cycle, and reaching the next stage of intent and capacity to grow. Your “growth” stage will present different challenges, so prepare yourself by reading the following business growth guide.
Please note that these are basic steps you should consider and be aware of, but it is always best to consult a professional to help walk you through the steps and make sure you don’t miss anything. Search the SourceLink Nebraska Resource Navigator to find business consultants near you.
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
- How to Conduct a SWOT Analysis for Your Small Business (SCORE)
- 9 Alternatives to SWOT Analysis for Business Planning (SCORE)
Discover where your business has room for growth or improvement; then formulate a new set of goals
- Search the SourceLink Nebraska Resource Navigator for resources related to mentoring, market research, and more
- When Should You Expand a Business? (SCORE)
- SCORE mentors can help you solidify your idea
- Entrepreneur groups such as 1 Million Cups and Startup Grind allow you to pitch your idea and receive feedback from peers
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.
- TLNT, Talent Management and HR, blog discusses leadership, recruiting, performance management, etc.
- Heartland Workforce Solutions holds educational workshops for employers
- Search the SourceLink Nebraska Resource Navigator for HR and Workforce resources
- Nebraska Department of Labor – resources for employers
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.
- Nebraska Business Registration – Nebraska Department of Revenue
- Nebraska License and Inspection Portal
As businesses grow, the role of Boards and Advisors become more important as they provide outside oversight and a diversity of opinions.
- A Guide to Creating a Board of Directors (U.S. Chamber of Commerce)
- 3 Reasons You Need to Formalize an Advisory Board for Your Startup (Medium)
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
- How to Scale a Business (SCORE)
- Search the SourceLink Nebraska Resource Navigator for planning and marketing resources
- The consultants at the Nebraska Small Business Development Center can assist with updating/creating your plan and market research
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, expanding your web presence.
- The Truth About Franchising vs. Licensing in 3 Minutes (SCORE)
- Expand to New Locations (SBA)
- View upcoming classes and events on the SourceLink Nebraska Calendar of Events
- Contact the Nebraska Small Business Development Center for assistance with government contracting
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.
- Exit Your Business on Your Terms (SCORE)
- 7 Tax Strategies to Consider When Selling a Business (NBDC)
- The Nebraska Small Business Development Center can assist with Valuation & Succession Planning
Step 4 - Marketing
Step 4 - Marketing
Having a better understanding about your market will allow you to run your business more efficiently; having a powerful network can provide you and your business with opportunities for growth.
Market Research and Planning is all about customers: knowing their needs and wants, and creating the ideal customer experience.
- Find a SourceLink Nebraska Resource Partner that provides marketing and sales development services
- U.S. Small Business Administration, Business Guide, Marketing and sales
- Target Market Comparison Worksheet (SCORE)
Networking for Growth benefits both the business and the business owner.
- Search the SourceLink Nebraska Resource Navigator to find networking resources, including your local chamber of commerce
- Networking for Success (SCORE)
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.
- Business Capital Guide
- Funding for Existing Businesses (SBA)
- SourceLink Nebraska Resource Navigator – search for financing resources
- Nebraska Small Business Development Center – Financial Forecasting & Loan Packaging
- Nebraska Department of Economic Development – Resources to Expand Your Business
- U.S. Small Business Administration – Funding Programs
- Understanding the Differences Between Angel Investors and Venture Capitalists (SCORE)