There are a number of ways to grow your business depending on the industry and sector you work in. There are, however, a few growth assessment areas common to all businesses critical to help you innovate, grow and prosper.
In order to assess your business growth potential, take a look at the checklist below.
Assessing your potential for growth?
Do you know what’s missing in terms of the building blocks that create a solid business foundation? Without a solid foundation potential growth could be stunted, inefficient or slow.
Mapping your opportunities?
Do you know which areas of your business should be given more attention or set at the top of the priority list? Without recognizing the best and the worst you might be missing out on key business growth opportunities.
Rating your skills?
Are you aware of your strengths and weaknesses? If so, you can build on your strengths and get help in areas where your skills are weaker. When your business is at its strongest and most efficient it will be that much easier to jump on any business growth opportunities that arise.
Creating an attractive business concept?
Is your business idea and target audience crystal clear? Do you know where you stand in the market in terms of competition and are your marketing messages saying the right thing? When all the elements of your business concept (market position, customer portfolio, revenue model, product portfolio, and business idea) come together cohesively the road map to business growth is that much easier – and faster!
Developing a strong organizational structure?
Are you lacking knowledge about legal issues and business processes or not sure where to look for strong business partnerships? Strong business organization is a must if you want to grow your business.
Developing profitable operations?
Are you able to access the funding your business needs to grow at the pace you want it to? Honing your IT, production and delivery systems is an important part of the business development process.
Developing sustainable customer relations?
Your customers are key to your business’s success or failure. Have you developed strategic, long-term goals and plans around sales and service, marketing, branding, and networking?
If you answered ‘no’ to any of the above, you need to get focus, make decisions and take action – fast.
CEDEC Small Business Support offers powerful frontline support to help your small business innovate, grow and prosper. For more information or to book a free 360° Screening of your small business visit: www.cedec.ca/sbs