If you’re planning on growing your business in the next year, it’s highly advisable to update your business plan to reflect your growing vision. Believe it or not, growing a business takes more thought than just making more sales. You could end up in a bad situation where you’re making more sales than your business can support. It can cause a serious problem with trust from the consumer, and can actually totally ruin your entire business. Better to be ready for future growth.
Here are 8 things you’ll want to consider integrating into your growth business plan. Most people neglect to consider these things in the startup stage, especially if they started with the “fly by the seat of your pants” method.
* Create Standard Operating Procedures – Every single business from a fast food restaurant to a service provider can improve their business by creating standard operating procedures. When you have procedures in place that are repeatable, you’ll experience smoother growing pains and even encourage growth.
* Save Money for Higher Expenses – When your business grows, expenses go up. Whether it’s marketing and advertising, materials, costs for contractors and so forth, you’ll spend a little more on expenses. But, if you’re ready for the higher costs (which can sometimes kick in prior to experiencing the revenue), it’ll go smoother.
* Set Up the Right Software – There are numerous types of cloud-based software that you’re going to need in your business. Whether it’s shopping cart software or a website, you need to ensure that what you’ve chosen is scalable. You don’t want to pay for more than you use, and you want to make sure it scales easily.
* Use Automation Carefully – Today you can automate so much, from social media to even accounting. But, it’s important to choose which things should be automated and which should not. Generally anything to do with engagement should not be automated, and anything that keeps you from having to do data entry should be.
* Put an Accounting System in Place – If you’re currently doing your accounting by hand and you want to grow, it’s going to be best to create an accounting system that is automated and done by a professional. You can do this with many programs, from Go Daddy Bookkeeping to QuickBooks to Quicken.
* Identify Holes in Skills – Sometimes when you want to expand there is a problem when it comes to skills. For example, if you have a service-based business such as a website building business, you’re going to have to hire people like yourself in order to scale up.
* Improve Social Media Accounts – As you seek growth, focus more on your social media accounts. Upgrade them, ensure there is a branding match across networks, and then hire someone to keep your accounts up to date and create a social media marketing strategy.
* Make Contact with Appropriate Contractors – You’re going to have to hire contractors or employees as you ramp up your business and plan for future growth. It depends on the type of business you have, but if you make contact now and get to know people now, you’ll be ready.
If you’re not ready for growth, you can actually end up losing your business. The reason is that you could end up making promises you can’t keep, or having to turn away people due to lack of supply. This can be really hard to take. But, if you prepare in advance you’ll be ready for future business growth.
If you want to build growth into your business in 2017, you won’t want to miss the free webinar on business planning on December 16th.