Planning for Growth in Your Business

When you first start out in business, your main priority is to merely survive, and break even where you can. It can take quite a while before you begin to see a profit, so you will probably be focusing your energies on getting through the month or the quarter, rather than thinking about your long-term future.  While this plan is perfectly reasonable and understandable, it should come with a word of caution. Success sometimes happens when we are least expecting it, and if you are still thinking small, you will be ill-prepared to deal with any changes that will potentially affect your business.

You need always to be ready to think big and anticipate growth in your business, whatever stage you are at. Thinking on a small scale not only leaves you vulnerable to being unprepared, but it may also hold your business back and stop it from growing in the way that it should.

If you are reading this and nodding, realizing that you aren't thinking big, it is time to have a look at, and if necessary, re-evaluate your business plan. If it is stopping you from thinking about your long term future and is purely based around getting through the immediate weeks and months, it is time to expand your thinking.  You may want to do things like:

  • Ramp up your marketing techniques: are you doing everything possible to reach your target audience, who are the people who will ultimately turn your business into a success?

  • Invest in your future - Stop looking at the money you need to manage your day to day operations, and start to figure out how you can begin to save or find money for any future changes. Can you start saving a proportion of your incomings, or can you begin to research business loans and grants that may be available to you?

  • - Take a look at your premises and equipment - Look around you at the space you are working in and the equipment that you are using. It may be fine for now, but what about this time next year, or in two years? Can you begin to invest in better quality things that will still be going in a few years? If, for example, you produce decals, you can use to find the best one. Sometimes, spending time and money on researching and buying the best is worth it.

  • Extend your goals: When you first started, you should have created a list of goals. Go back to them and take another look. Can you start thinking about where you want your business to be in ten or fifteen years?

In today's economy, businesses are closing down all the time, and you certainly don’t want to be one of them. Think big at every step, so that you are always ready to take on whatever challenges inevitably lie ahead of you, and you can run, jump and skip past your competitors who are still thinking short term.