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).
- 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 and 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 discusses leadership, recruiting, performance management, etc.
- Better Business Workshop offers educational workshops for employers. (Heartland Workforce Solutions)
- Nebraska Department of Labor – Find resources for employers.
- Search the SourceLink Nebraska Resource Navigator for HR and workforce resources.
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 becomes 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, and 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 APEX Accelerator 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 and succession planning.
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.
- Find a SourceLink Nebraska Resource Partner that provides marketing and sales development services.
- Business Guide, Marketing and Sales (SBA)
- 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.
- 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.
- Financial Forecasting & Loan Packaging – (Nebraska SBDC)
- Business Incentives – (Nebraska Department of Economic Development)
- Funding Programs – (SBA)
- Understanding the Differences Between Angel Investors and Venture Capitalists (SCORE)