six things to do before growing your business

Six things to do before growing your business

If you are ready to grow your business, tick off this items off your to-do list before diving in: 

Do your research

Assessing risk, evaluating the market, and understanding your competitive edge as a business will help you determine if you’re really ready to grow. It’s also worth looking at your sales forecasts and budget. Work through the numbers with your accountant before your business moves to the next phase.

Get professional and peer advice

Consult as many professionals as you can – accountants, advisors, lawyers – to help build on and validate your research. You might need to pay for their expert advice, but the money you spend will be worth it.

Talk to other small business owners who’ve been through the same experience. Find out how they overcame obstacles and succeeded in growing their business.

Set goals

Before starting on the path to growth, ask yourself these questions: What am I trying to achieve? What do I hope to gain from growing my business? Where do I want my business to be in one, two, or even five years?

Having clearly defined goals from the start will help your business stay on track as it grows. Set SMART goals – specific, measurable, achievable, relevant, and time-based.

Create a business growth plan

Growing your business is an exciting time, but it has the potential to go wrong. That’s why you need a realistic plan with clear strategies for growth and specific ways to achieve your goals.

You’ll need to keep track of your progress and take note of any warning signs indicating your plan isn’t working. Have a backup plan in case things don’t go as expected.

Factor in time, energy, and cost

It takes a lot of time, effort, and emotional energy to grow a business, so be prepared for that. You’ll also need enough funds to cover the costs of growth and make sure your business stays afloat.

support and guidance

What if my business isn’t ready for growth?

You don’t have to give up just because your business isn’t ready for growth now. It might not be the right time to grow your business, or you might be in the very early stages of growth.

Find an advisor or mentor you can work with and network with fellow business owners to get their advice and support. Look into accelerators, boot camps, incubators, or business courses to give you the push you need to grow your business.

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