Thursday, May 8, 2014

Is Your Business Ready to Grow?


It is the goal of any business to grow that is a fact. But the big question is when is the business ready to grow? Many small businesses try to grow before they are ready and end up in cash flow problems. Others keep waiting and never work on growing to maximize their potential. Knowing that key moment in time is vital to the success of a business growing successfully.

For a business owner to know when it is right for growth, the mission, vision and values of the business must be in line with each other and with each part of the business from sales to production. If the owner’s eye is not on analyzing the current situation to make the smartest decisions for the future, then growth will be a struggle for the business.

One of the first steps an owner has to do in preparing to grow is to define what success means to him. Kauffman, the world’s leading foundation for entrepreneurism, says, “you need to define success in three ways: personal, professional and financial.” Only the business owner/partners can say what the goals for success are when you talk about those definitions.

The second step, according to Kauffman, is to evaluate your business. Here owners need to take an internal assessment of their business where they look at operations, sales, employees, and trends. Also seeing what is happening in the industry and in the local area to make sure the growth plans are capable.

The final step is to finalize your goals for growth and start to work on them. While these goals are focused on the future, they affect decisions made daily because the daily operation is what allows the future to happen. The goals should be SMART (specific, measurable, achievable, relevant and timely). Departmental, sales, production and other areas of the business needs to have the goals set for the future so the business owner can see the movement towards them and the future growth.

The local Small Business Technology Development Center of Cape Girardeau County serves the Southeast Missouri area. If there is a question on small business, feel free to call Richard Proffer at 573-243-3591 or email him at

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