Most business people want to grow their business but a question often comes up: am I ready to grow or can I afford to grow? Those are big questions for small business owners because of the time, commitment and financial resources it takes to successfully grow a business.
The first step towards growth is to take inventory on your business. I am not talking about physical inventory where you count your product, but a more mental and financial inventory to see if you have lined up the right resources to grow.
For this inventory, the business owner will need to invest time in analyzing the current situation and work on redefining the business’s goals. This analysis will allow the owner to make smarter decisions, be more accurate in the financial projections and move faster into growth when it happens.
Many business owners face the Red Queen paradox where they feel the constant strain of working and working and not getting anywhere but where they started. This feeling is typical of entrepreneurs who have not done a good job of planning their business’s future. Simply doing more of the same thing is usually not the answer for growing the business.
The first step in planning for a business’s growth is taking that inventory and defining where you want to be in the future with the business. As the owner you must plan out what needs to happen with the business either in sales, employees, financials or marketing to reach the desired goal. The third step is to start putting into action processes to reach the goal in the stated time. Finally, goals need to be set so progress can be measured and the owner knows the right path has been chosen for success or where to make corrections to the plan.
If business growth is part of your plans, feel free to contact me at the local MU Extension office at 573-243-3581 or email at firstname.lastname@example.org. I am available to answer questions on small business and help you work towards success!