The best businesses are always looking for ways to improve, whether that’s offering better products or adopting more efficient processes. Prioritizing the growth of your business is one of the best ways to increase the chances that your company will not only last but also contribute to a stable financial future for your company.
Growing your business is an exciting task. It means customers are receiving your business well and you’re bringing in a profit. But, growing your business can be intimidating. That’s why you need a plan. When you know what to do and what to avoid, you can avoid stumbling.
If you’re struggling to grow your business, there is light at the end of the tunnel. The GRID can help you with your specific growth questions and use our network of resources to connect you to the right resources at the right time.
Effective market analysis can help in getting valuable insights into shifts in the economy, competitors, ongoing market trends, demographics, and the traits of customers’ expenditure. Market analysis is one of the vital components to help business with all the essential information and making wise business decisions.
Here are some ways to look inward at your company and outward at your market to see where and how to best grow your business:
- 5 Keys to Conducting a Market Opportunity Analysis (MarketResearch.com)
- Your First Step Toward Business Growth: SWOT Analysis (SCORE)
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. Planing is key to taking your business to the next level. Growth plans are customizable to each business and don’t need to follow a set template. However, all business growth plans should be heavily focused on revenue.
Here are some resources for creating and customizing your company’s growth plans:
A marketing strategy will help you to recognize your target audience and how to reach them, as well as identifying any obstacles or opportunities that might affect your business along the way. Marketing well can drive business growth, but if you don’t have a strategy in place, now is the time to develop one.
Thoroughly evaluating the need for financing, and knowing your choices of lending is important to funding your businesses growth.
- How to Finance the Scale-Up of Your Company (Harvard Business Review)
- The Difference Between Debt and Equity Financing (Business News Daily)
- Funding programs (Small Business Administration)
- Finance Your Business (Wisconsin Small Business Development Center)
- Funding resources (Wisconsin Small Business Development Center)
- Financing Strategies for Every Stage of Your Business (U.S. Chamber of Commerce)
- Local finance resources