Managing growth in business can be challenging, but with strategy and discipline, you can position your business to respond when opportunity knocks.
PLANNING IS KEY.
Identifying new market opportunities and/or services will help you define a growth strategy for your business. As you target your goals, determine which resources are within reach, which goals require investment, the costs to your business and an appropriate timeline.
Identify expenses that are specifically allocated for growing revenues and develop the necessary plan(s) to reach those revenue goals over the short- and long-term.
WAIT FOR THE RIGHT OPPORTUNITIES.
As new opportunities arise, examine whether the opportunity fits into your long-term strategy for steady growth, and avoid the temptation for a short-term surge. Asking the right questions and paying attention to your market is key.
DRIVE WITH TECHNOLOGY.
Having the appropriate technology and software in place to measure and maintain growth can help you forecast, plan launches and prepare for the future.
As your business grows, be sure to check in with your customers through use of a survey or a simple “how are we doing?” to monitor your performance and direct attention to any areas in need of maintenance to build up your strengths.
KEEP THE CORE VALUES ALIVE.
Stay close to the core values and culture that have allowed your business to grow thus far, especially when hiring new talent.
FIND GREAT PEOPLE AND THEN DELEGATE.
Delegating is key to achieving your goals. Evaluate your budget and determine where it may be beneficial to hire talented individuals to help manage duties, then delegate the necessary tasks.
INVEST IN YOUR BRAND PROMISE.
Stay focused on your promise to your customers and what makes you different from your competitors. Implement a strategy to maintain consistency throughout the company from new employee training programs, to marketing materials and social media to ensure your brand’s promise is clear at every level.
IF NECESSARY, BRIDGE THE GAP.
If you need extra funding to bridge the gap during a growth phase, expansion capital may be an option. Before you seek financing, review and update your business plan and consult with an SBDC advisor to review the financing options available to you. The SBDC can also help you package your loan and shop it to network financial partners to assist you in securing the best rates and opportunities.
For help growing your business, contact the Economic Development Collaborative-Ventura County to schedule a no-charge appointment with a qualified business advisor. We’re here to help!