When it comes to small businesses, one of the largest challenges which any owner will have, is when to push for growth. The reason why this is so difficult is that if you ignore growth and trundle along as you are, you could be leaving great success on the table, or succumb to demand. On the flip side of that, pushing for growth too soon could see you with spiraling costs and low sales. After looking at the key 6 Small business statistics it would suggest that many owners still have not got this right, but the chances of small businesses growing effectively can be increased. The key to knowing when to grow, and doing so successfully comes to the planning, and here is why you need to look at planning for it as early as you possibly can.
When you plan for growth from a very early stage, you have a blueprint with which you can tweak and change as the market moves on. There is nothing to say that your plan will be set in stone, on the contrary in fact and planning early can ensure that you only ever need to change details of your plan, rather than having to do it over.
When the demand starts rising but you don’t know if it will continue or not, deciding on growth can be a challenging decision to make. When you make a plan for growth from the outset however, you will be doing so in a purely hypothetical manner, which means that you won’t be making emotive decisions and you can view the landscape completely. Many will push for growth too soon or too late because they are caught up in the day-to-day running of the businesses, having a plan from the beginning makes the decision making process far easier.
What usually happens with successful businesses when they grow, is that the demand forces them to seek growth. The consequence of this leads to rushed, and often poor, decisions, and a completely lack of strategy. When you map out your plan for growth from the very outset however, you can tailor make your actions in the first few years of business, in order to prepare the company for the future growth. For example you may have found some office space a year ahead of time, which you know will be perfect when the time comes, those without a plan would rush into offices as quickly as possible, which may not be the office space that they really wanted.
It is one thing to say that you have a company and you want it to grow, but putting an actual plan in place to make it happen is something which will serve as a driving factor for you and your employees. Mapping the plan from the beginning will be a great motivator, and a great measuring tool to see how far you have come.
If you don’t yet have a plan for growth, now is the time to do so.