Your business requires a great deal of time and effort if it is to remain operational and profitable. You have relied on your organizational skills, self-discipline, accountability to others and your advisory team to energize and sustain your venture, but your growing business strains your resources and support systems. You are looking at strategies that will ensure a sound financial future. Whether you are considering hiring additional employees, expanding a product line, or tapping a lucrative market niche, your future profitability depends on your ability to plan strategically.
Through strategic planning, you evaluate your business, its strengths and weaknesses, and its opportunities and threats. You involve the entire organization to assist you as you evaluate where you are, where you want to be, and how you can become the business you envision.
Your business philosophies, strategies and processes influence your ability to deliver services and products in an environment of continuous improvement. The growth strategy you choose depends on how large you want your small business to become.
You may be considering acquiring another business to enhance your market share or product line, positioning yourself to be purchased, franchising your existing business model, or maintaining your existing business and planning for moderate growth. Perhaps you are considering pursuing other personal goals or retirement, and you are thinking about succession plans. Or, you may be at the point within your industry, market, or product life cycle where your growth strategy is an exit strategy.
Whatever growth strategy you choose, we cannot overstate the importance of a sound business plan to implement the strategy. Most successful businesses start with a well developed business plan. As the owner of a growing business, your continued success depends on your ability to envision the future, plan adequately to meet market needs and have sufficient human resources, management systems and financial capital to meet and exceed your goals. Contact the SBDC for help with growth strategies.