Planning is the key to any business. It’s sensible to review your performance on a regular basis and identify the most likely strategies so you can grow your business. Here are some of our tips on planning for business growth:
Study the past successes of your company and use this to create new ideas for future achievements. Also study your competition, the trends of your target market, and economic trends to forecast your growth plan. Looking over the business plans of various other companies that have seen great recent success, both in your industry and in other industries, you can use their ideas as motivations to create your own strategy.
By regularly assessing your performance against the plan that you began with, you are more likely to reach your goals. By doing this you can highlight where and why you have gone astray. By choosing to reassess every three to six months, this will show direction and commitment to employees, customers and suppliers as well as keeping you focused.
When you are reviewing your business plan, it's important to be clear on how you will allocate your resources to make your strategy work. The business plan for growth should allocate sufficient resources to achieve it's goals.
You should assess your companies efficiency in terms of employees abilities and adaptability, as well as your own. This will help you to realise what you can or cannot do without your current staff, and if you need to hire new staff, or hire your existing staff in with new skills or training.
Another good way to plan for business growth, is to collaborate with a business owner that has successfully expanded their business, as you are trying to do. Gaining advice from someone who has been in your position is invaluable.
Is your business growing? The Women's Organisation would like to offer support and advice to those who's business is growing and accelerating...
Women business owners in Greater Manchester can benefit from FREE support to take their business to the next level with The Women's Organisation. The Women's Organisation who have been working in Merseyside since 1996 offering enterprise support to women, have their own Venture Accelerator business growth programme in Greater Manchester.
Through Venture Accelerator women can be linked with a specialist business growth advisor who will offer tailored support to take their business to the next level.
The Venture Accelerator Programme runs to June 2015 and is part funded by the European Regional Development Fund. If you are a women-led business in the Greater Manchester area and you would like free advice to build your staff team or grow your turnover, contact programme manager MikeMarsden@thewo.org.uk to find out more about the help The Women's Organisation can offer, and follow @TheWomenOrgManc on twitter.