As a small-business owner, growth may be the basis of many of your conversations. After all, a large part of being an entrepreneur can be the desire to find new ways to expand. But along with coming up with the next big idea, you may want to consider these questions to help fine-tune your strategy for small-business growth.
Do you have the right small-business growth plan?
How quickly do you want your company to grow? Consider how you should approach small-business growth. Should you look for slow and steady growth ... or take the bull by the horns? Be sure to consider the pros and cons of cautious growth or explosive growth.
How much will it cost to grow?
This question goes hand-in-hand with your small-business growth strategy. How are revenues? Are some products or services more in demand than others? Are you able to invest personal capital into your company? What are the funding options for your small business? Try to examine all cost and revenues carefully at every part of your growth plan.
Do you have the right people?
Do you have enough employees for growth? Do you trust your employees to take on more responsibilities? Consider your current staff and determine whether you need a plan to hire staff to help facilitate growth. As you expand your company, your attention may be dominated by high-level duties. Hire trustworthy employees to help manage growth.
Will the market support your small-business growth?
How will changes in economic climate affect your company? How will your small business cope with the changes? Understand what it would mean for your company if there are changes in interest rates, inflation and industry earnings. Uncertain economic conditions can present big challenges for small-business owners looking to grow their company. Try to do careful market research, as economic conditions can change daily.