Small Business Growth and Development: Part 1

Cover of "Grow Your Business" Last time we discussed preparing for growth, this week let’s focus on how to start planning.  Like all other aspects of business, you need a strategy for business growth.  Think about these factors when deciding how best to grow your business:

· Strengths and weaknesses of the business
· Customer needs
· Financial resources
· The corporate mission
· Competition
· Life cycle of existing products/services
· Profitability of potential products
· Research/development time and cost for new product
· The current business environment
· Sales/service ability

If an entrepreneur makes errors when evaluating these factors, the effects could be extremely costly.  Growth cannot be uncontrolled or too rapid.  Planning for a business in growth should be planned carefully as you did for its start-up.

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