After startup owners have a taste of business success, they anticipate the next stage – Growth. Every business’ aim or focus is to grow, serve purpose and be profitable. Growth is necessary but rapid growth can be exhilarating. Growth decisions need to be taken with caution and with a manageable budget plan.
Growth comes with costs and extra responsibilities. To be well prepared is key.
Growth sounds exciting, it should when you think your business has met all the underlying factors that would not hinder your success and general business goals.
The opportunities are enormous. However, it has to be thoroughly planned, strategized and executed to explore all the great opportunities that comes with it.
It is crucial to know that, not all small scale businesses or startup owners desire to grow a local small business into a medium-sized or large company. The small size and constant income with loyal client is enough for daily survival for some startups. A few have this goal and as such works towards it. Business growth requires a good team, sizable infrastructure and managerial skills to optimize growth without losing it.
The advantage to beat competition, hire new talents, launch new products and services and open to global advancement etc are part of the big growth opportunities.
However, Growth doesn’t just happen. How prepared are you?
Is your team or management ready for extra responsibilities and need for expertise?
Is your current business financial projections looking great?
Would you need a new scalable Infrastructure and can handle the pressure of demands from customers? If your answers to these questions leave room for more questions, then you are not prepared for growth.
So is it critical to prepare for your business growth? And what do you need to be prepared?
Here are 5 ways you need to prepare your startup business right for the big growth;
1. Be Prepared
First, be prepared. The better prepared you are, the better your chances for business growth and success.
Jump starting growth, without adequate preparations can be disastrous; lack of proper preparations can negatively impact customers, operations, team, competition and the general business viability. To be prepared, you must have answered the questions explained above satisfactorily without doubts.
Successful business Planning is a regular business activity throughout its existence. Before you develop your growth plan, it’s important to review your current business performance and identify the likely strategies for growth. Your growth plan can only be as a result of your current performances. Once you have analyzed your current progress and identified the key growth areas, you are set to develop your growth plan around these key areas.
Your plan is now your road map to the next stages of your business.
Some tips to include in your plan;
d. Resource allocation
e. Target, Customers, Competition etc
3. Set growth goals.
Set growth goals that are measurable, attainable and specific. (Visit blog for tips on Goal setting).
The goal should be SMART.
R- Realistic and
T- Time bound
Include action maps; when, where and how to get there – to achieve the growth target.
Note that goals are not meant to be static. Refer and revise goals when necessary.
4. Plan for sustainable growth. ( Very Strategic )
What is growth without a sustainable plan? Planning a sustainable growth starts with a rational growth target. Can your operations sustains the growth goal with your current business situations; cost, management, infrastructure etc as explained above?
Do you need to secure new suppliers and develop Financial sustainability plan for your target growth?
Because your sustainability plan will validate your entire growth plan and business goals.
Without this plan, you may successfully achieve the growth rate but will not survive for long.
How to increase your profit margin, retaining new customers, meeting demands, and how to maintain financial stability are all key importance to note in your sustainable growth plan.
5. Revise growth plan as you progress.
Being prepared before you grow your business helps to ensure a swift growth and expansion with continual success. You will find the need to revisit and revise your growth plan regularly. This will keep you in check and on track.
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