Happy New Year! Out with the old and in with the new. What will you do in your business that is brand new? Shake it up? Find new customers? Write that strategic plan that you’ve been putting off?
The new year is a great time to step back and work on your business. In a recent article, the Harvard Business Review suggested that it doesn’t matter the industry or the geographic region – the businesses that are growing are the ones where the CEO has a growth plan. So, quite simply, if you plan to grow your business, you need a plan.
Here are some tips to get you thinking about growth:
- Determine your business strengths and weaknesses and then match them to opportunities and threats. Growth has its risks, so this first step will help to determine your strategy.
- Learn about the various options for growth. Do you plan to increase your market share? Diversify and/or create new revenue streams? Develop strategic alliances, partnerships or joint ventures? Is there an opportunity for a merger or acquisition?
- Assess which options fit your business needs both from a logical and a practical standpoint.
- Ask: are you ready for growth? Identify the resources you may need and then outline what resources your business needs to grow.
- Assess the return on your growth investment. Detail the costs of your growth strategy and compare them against your anticipated profits.
- Finance your growth. Check around to explore your various financing options. Women’s Enterprise Centre has a loans program that may suit your needs. You may qualify for our loans program even if you don’t qualify with traditional lenders.
Regardless of your analysis or strategy to grow your business, it’s 2015. Plan to do something different – no matter how small – and you will see results.
For more info on our loans program or assistance from our Business Advisors to develop your plan, contact Women’s Enterprise Centre 1.800.643.7014.