Do you feel that you have plateaued in your business? Can’t seem to reach that next level of growth? I know that feeling all too well, guys! I learned that solid growth in business does not happen by accident. It takes honest analysis, planning, and execution. We are indeed big dreamers; otherwise we would never have ventured into small business ownership, but solid growth takes planning, too. Realistic goal-setting allows an owner to judge performance over time and make changes when necessary to achieve intended goals.
Although a small business might have experienced a phenomenal growth curve in the past with excellent execution, it cannot automatically be assumed that the business can continue on the same trajectory. While resources may have been adequate or, even underutilized, at the onset of the business, those same resources might one day reach their full operating effectiveness. Suddenly, a small business might find that its growth cannot continue without an influx of additional resources…highly trained employees, physical location capabilities, enhanced technology, and financial capital…all needing a certain amount of planning.
Consideration must be given to all facets of the business when planning:
Budgets and cash requirements: Prepare short and medium-term master budgets including cash flow budgets
Human resources: Plan for the number of additional employees needed, salary and benefit projections, succession plans if key employees leave, skill-needs projections, and training plans
Fixed Assets: Consider additional, necessary fixtures and equipment including replacement of current fixed assets
Building: Decide if current location, whether owned or leased, has potential for expansion
Technology: Assess hardware and software needs to handle increased business, improve efficiency, and increase output
Marketing: Understand full market potential, target segmented markets, and explore all marketing opportunities
Capital structure: Plan for debt and/or equity financing as needed for growth
As a small business grows, it can quickly outpace its internal resources. It is critical to constantly assess strengths needed for expansion and how to improve upon inherent weaknesses that can limit growth.
Call us at 770-575-9737 to find out how we can help you boost revenue and profits, or just have more leisure time.