The goal of any for-profit business is to grow and be successful. Business owners that shy away from growth, do not stay in business for very long. However, some effective business growth planning strategies are better than others when it comes to successfully growing your business. Here are three of the key ones.
Goal Setting:
Are these goals reasonable, and obtainable? If you set a goal to have one million dollars in profits by the first week, this is not reasonable. Set goals that are SMART and stick to them. If you want to make one thousand dollars in profit by your first month, what steps will you take to get there? You can take on more in-house. You can hold off on hiring any employees until you are sure you can support them. What will reach that goal of one thousand dollars. When you hit that goal, reach higher to two thousand dollars. Then three thousand. Be reasonable, but most importantly, continue to have bigger and better goals. Effective business growth planning takes time.
Don’t grow too big, too fast:
Growing too big too fast can lead to a number of difficulties down the road. The immediate need for more employees to handle the workload can lead to bad hires. The urgent need to outsource can lead to hiring bad vendors, or simply not getting the best deal. Anticipate your growth, look at your history, and plan accordingly.
Put the right person in the right job:
A bad hire can cost you thousands of dollars, if not more! This is money down the drain that could be used to grow your business. Employees are your most expensive and most valuable asset. They can help skyrocket your business or tank it. Avoid the latter.
Remember, running a business successfully does not need to be complicated. Keep it simple!
Check out ways I can help you make more money at www.portalcfo.com.
Manny Skevofilax is a consultant, speaker, and author who helps business owners maximize profits and overcome growth challenges to achieve financial freedom. An expert in strategic planning, financial statement analysis, and business operations, he’s been achieving extraordinary outcomes for his clients since 2003. Prior to starting his consultancy, he was a vice president with Comerica Bank, a U.S.-based commercial lending institution. His new book is Ultimate Profit Management: Maximizing Profitability as You Grow Your Business which was published by Taylor & Francis.
Learn more at portalcfo.com. Manny can be reached at 410-808-3441 or via email at manny@portalcfo.com.
