If you want your business to grow, ongoing success depends on controlling finance, staff, time, physical assets and information flows.
Ten key points for business growth
- Beware the impact of uncontrolled growth.
- Plan thoroughly.
- Build on your competitive strengths.
- Consolidate after each growth phase.
- Control your cash position.
- Recruit additional employees and delegate where needed.
- Upgrade your accounting system.
- Reassess your core business continually.
- Think strategically.
- Deal with a banker you can relate to.
Tips for success
Business planning
Developing a good business plan is crucial to keep track of the planned growth for your business. You should always be ready to take action if your targets are not being met.
Build on your strengths by planning growth in areas where you and your business are competent. After each phase of expansion, such as a new product or new outlet, update your plan and consolidate before you move to the next phase.
Cash flow
Managing your cash flow is critical when your business is expanding. Constantly look for ways to improve cash flow and carefully examine the timing and circumstances of your incomings and outgoings, not simply the level of cash.
Think in terms of the cash implications of any business decision you make. Don't get caught out by thinking that because your business is getting bigger you can start taking more for yourself straight away.
Staff
Identify what is critical to the success of your business. Reward and empower your employees and develop a relationship of mutual trust. For flexibility, consider whether recruitment of additional employees should be on a part-time, casual or permanent basis.
Remember to record and monitor progress of staff performance to see how your staff are working to achieve the targets of your business plan.
Customers
Customer service is vitally important and you should ensure your customers continue to receive quality service during a period of growth.
Monitor your market and identify where you can build customer relationships. Identify your key customers and markets and reward them with a high standard of service.
Remember to apply the 80/20 principle - 80% of your business probably comes from 20% of your customers, so ensure they get quality service.
Looking after yourself
It's important to find a good banker who consults with you and gives timely responses.
Your business plan should set out objectives for your personal life, as well as objectives for your business. Refer to these objectives regularly and stick to them. Maintaining your focus will help maintain your personal well-being during the busy growth period of your business.
Find out about two key support networks that can help your business to grow, by providing guidance, information and programs.
More information
On this website
Business innovation support
[top of page]