27 Apr Guest Blog: Creating a flexible growth plan for your business
Is your business at the point where you are ready to grow it to the next level? You know it can be sustainable – but you aren’t sure which path to take.
Well we will walk you through the several different opportunities you can choose to help grow your business.
It is important to decide how you are going to grow your business. Once you have made this decision you can then put the steps in place to grow.
We have put together five steps to take:
- How do you want to grow your business
This is the key to deciding how your business should grow. For example:
- Should you take on more employees to expand your services
- Should you offer more products or services
- Take on a partner for diversity
- Should you pivot your business into another area
- Goal setting
Create a list of goals as to how you are going to reach your growth benchmark. This could be:
- Research and development
- Hiring a specialist
- Update your marketing strategy
- Change your prices
- Goals should be ‘SMART’ – Specific, Measurable, Achievable, Relevant and Timely.
- Give yourself a timeframe
What is your timeline? How long should it take to reach your growth goals? If you desire to reach your growth goals in two years, work backward and break down each goal into easy to deliver timeframes. This will prevent your goals from being too big and out of reach. You are setting yourself up for success with achievable goals.
- Have you got all of the resources you need?
What resources do you need to achieve your growth goals? Do you need a specific employee, different software, from project management platforms to inventory and invoicing programs, or perhaps its a new website. Do you need more tools, a bigger factory or more time to deliver your growth plan?
- Make it happen
It’s time to execute your plan! Don’t put it off or be afraid to take on your plan and create a business that is going to serve you and your family. Work through your processes and your timeline to make sure you are reaching each milestone that is driving you towards the business that you have envisioned.
The more planning you put in place the more prepared you will be, which in turn will elevate your business and become successful in reaching your goals.
At Tradies Accounting Toolshed we can guide and support you in taking the leap to grow your business to the next level.