Seven steps for business growth
Once your business is up and running, you need to identify and understand what works and what doesn’t. Owners need to take a step back and be strategic about how and when they should grow their business.
Opportunities for business growth can be exciting, but turning an idea into a practical reality takes careful research, planning and investment. Here is a short checklist owners can use:
Review your cash flow
Growing a business starts with reviewing your cash flow. Work out how much money comes in and goes out, and use this information to plan the year ahead. Identify how much money is needed to invest in the business’s growth and what it will be used for e.g. hiring employees or buying equipment.
Review your daily processes
Could your staff be more efficient in the way they do things? Check your business practices and policies and review day-to-day processes to identify what can be improved.
Prepare your team
Having a team of skilled and committed employees is key to business, particularly to those who plan on expanding. Consider how your team can be prepared for change and business growth.
Know your market competition
Businesses must be clear about their place in the market. Look at your market share and your main competition.
Update your website content
Before you start encouraging new audiences to visit your website or blog, check that your site’s content is up-to-date and that the website can be easily found online.
Update your communications plan
A well-thought-out communications plan identifies the key messages you want to get across to your customers.
Prepare for an economic crisis
No one likes a downturn, but since they do happen, it is important to make sure you’re ready. Review your cash flow and identify the liquid assets you have. Setting up an emergency fund may be a good idea for when times are lean.