I am sure most of us have growth as one of the top priority, if not the highest. No, I do not mean the waistline (although mine has a mind of its own) but your business. Simply put, most of us equate business development / growth as increasing profit and wealth.
Well, if you are going to do it yourself (as most entrepreneurs would), these are some simple steps that you could follow:
1. Where are you now? You need to know, precisely, what is your present business model, how much business is it generating and its corresponding size. Brainstorming together with your employees would be a great idea. Do you have strong strategy but weak operations? Or weak strategy but strong operations? What is lacking?
2. Where do you want to go? You need to be clear as to what you want to GROW. Remember, it is sustainable profits that you would want to grow, not simply size. The target should be 'Realistic" but multiplied by two, at least. Set high standards. Do not be afraid that you might fail.
3. How are you going to achieve it? Organic growth VS in-organic growth? Product development? Market development? Diversification? Market penetration?
4. How much it is going to cost? You need to be very clear as to how much is this going to hit your pocket. Find out any hidden cost.
5. How are you going to fund the cost? Own money? Borrowing? New investors? Equity? Hybrid? Convertibles? What is the art of getting funded?
6. Is it going to be worth it? Is the benefit going to outweigh the cost?
Lastly, keep it simple and doable. Do not make your growth plan complicated. Take action.
Related reads:
1. Growing successfully for small businesses
2. Growing to business failure
3. The Art of Getting Funded
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