Growing Business 101: Structure, Manage, Succeed
Every business owner wants the secrets for a growing business. This article will lead you through the stages every business goes through. We’ll talk about the big steps and outside factors that are critical for your success and give you some tools and strategies that will help support the goals of your growing business.
Ready to start? Let’s begin.
A Growing Business is Still Personal
The first place you need to look when growing your business is inside yourself. Up to this point, you could do it all on your own, and your startup business was the result of your unique individual skills and knowledge. But growing business, whether it’s to stay competitive or to build on success, requires an expanded and flexible skillset. Your growing business will require something different at each stage of development. Your personal goals and situation will determine the direction your growing business moves in, and you must align the two to succeed.
So, grab a pen and paper, and ask yourself some questions:
- What are my personal goals in the next five years?
- What are my professional goals in the next five years?
- How will my growing business affect me? How will it affect my family?
- What are my abilities in marketing, production, invention, and distribution?
- How am I with people, management, and delegating responsibilities?
- Am I good at strategy, and big-picture thinking?
- Do I want the rewards of success or the work of a growing business, or do I want both?
- How will I balance my personal and professional goals as my business grows?
Once you have a strong handle on where you are and what you want, you’re ready to move to the next stage, determining how to grow your business. It’s complicated and important, which can make this step both stressful and confusing. Again, it can be helpful to answer some questions for yourself like:
- What direction do I want my business to grow in?
- What are the best ways to quickly grow my business?
- How can I expand my business and still manage it?
- What systems do I have in place to support a growing business?
- What financial resources do I have to put toward my business goals?