Growing a business involves the whole company.
While growth can happen naturally incrementally, a step-up to the next level takes considerable resources and commitment. All hands must be on deck to make a significant difference.
When planning for growth make sure:
- your growth objectives and aspirations are part of your overall strategy and not an isolated project or quarantined to one area of the business
- all plans are communicated to ensure that staff are enthusiastic about the opportunity and take ownership of the process
- goals and targets set are realistic, or you will set yourself up for failure
- growth strategies and tactics are well researched and proper financial analysis is carried out to assess additional funding requirements, if necessary, and expected return on investment.
In most cases, growing your business will require investment, in time, money and resources. Do not underestimate what this may be and ensure that growing your business will not disrupt your everyday business operations.
Do not assume that your growth will be profitable or the investment made will be recouped right away. Determine what an acceptable rate of return is for your company and do not be discouraged if it is several years off. You may need to seek financial advice to help you with this process.
For testing ideas and doing a detailed analysis of different growth initiatives, a business case should be developed. Core elements of a business case should include:
overview of activity/initiative, including objectives, scope and key stakeholders
- needs analysis
- key assumptions
- cost/benefit analysis
- operational considerations
- due diligence assessment (if a third party is involved)
- risks indentified and mitigation strategies
- timelines and reporting
Your growth plans need to be part of your business strategy as well as factored into your annual business plan.