Growth is an issue business owners ignore which often lead to their peril. In fact, it might just be one of the most important issues facing them as entrepreneurs. The planning process and a growth oriented plan of action is where it’s at for small businesses.
A growth strategy planning approach forces you to focus on customer based strategy, high priority objectives and measurement of the things that actually impact your ability to reach your growth goals.
At the Multicultural Innovation Center, we like to connect you with the people and resources to help you grow your business. We offer many different training workshops that cover all areas of entrepreneurship. We have also partnered with various groups such as the Center for Women & Enterprise (CWE), the Rhode Island Small Business Development Center (RISBDC) and the local Rhode Island Small Business Administration (SBA).
The future is always unpredictable, but if you study your target market, your competition and the past growth of your company, you can plan for future expansion. Growing your business requires a targeted marketing effort.
It’s important that you outline how you will effectively market your business to encourage growth and how your marketing efforts will evolve as you hit milestones. You need to figure out what special benefits only you can provide your customers.
Getting help from other business owners who have had success in growing a business can be the ultimate tool in writing your growth plan. Don’t be afraid to ask for advice because that’s what the MIC network is here for, to help when you don’t have all the answers.
Creating a useful plan takes time, but the effort can pay off substantially by keeping your growth efforts on track. With some homework, you can determine if your expansion opportunities lie in creating new products, adding more services, targeting a new market, opening new locations or going global, among others.
Your plan should include an assessment of your employees and a look at staffing requirements to meet your objectives. Since your employees have direct contact with your customers, you’ll need to hire people who are motivated and inspired by your company’s value proposition. By assessing your own skills and those of your employees, you can determine how much growth can be accomplished with your present team. In addition, you'll know when to start hiring additional people and what skill sets to look for in those new hires.
Developing a growth strategy isn’t a one-size-fits-all process. Your company’s data should lend itself to all your strategic decisions. That way, you’ll better understand your business and your customers’ preferences, which will naturally lead to growth. When you tailor your growth strategy to your business and customers, you’ll keep your customers happy and fulfill their wants and needs, which will keep them coming back.
Our business training courses focus on developing core communication, relationship and customer service skills between the client and their customers. Through proper training, it is proven that they can help improve personal effectiveness and maximize team performance which is crucial to excellent customer interactions and overall business growth.
Once you’re thought about the following questions below, start a business membership now to see your opportunities grow!
- Why do your customers want to buy from you rather than your competitors?
- What are your highest priority objectives for growth?
- How are your ideal customers?
-What are your current revenue streams and how can you create more?
-What are some untapped opportunities do you need to develop?
-What performance metrics impact your growth most?
MIC is constantly working to improve our services. If you have any questions or concerns about your experience, please let us know. We're available at (401) 757-0055 or firstname.lastname@example.org