Test if you are ready to grow

Whether you develop new products, move into new markets or create innovative business models, strategic growth can lead to substantial financial and personal rewards.

But you need to be ready for any challenges you might face. Consider your strategy, position and capabilities when you are weighing up whether you’re ready to grow your business.

Successful business owners continuously improve and expand their products and services.

Business owners and sole traders who strategically grow:

• increase their profits and sales
• stay relevant
• perform better than their competitors
• have a better chance of surviving in the long run.

There are several government-supported programmes and funding opportunities to help you grow your business.

Tips on government grants for established businesses

Hone in on what you are trying to achieve and why.

Set goals that are:

• Specific: Define exactly what you want to accomplish.
• Measurable: Make sure you can track progress and measure outcomes.
• Achievable: You must have a reasonable chance of success.
• Relevant: Set objectives appropriate to your overall business strategy.
• Time-limited: Work towards a deadline to keep on track and focused.

The next step is to identify the strategies and tactics you can use to achieve your goals.

When you take your business to places it’s never been before, challenges will crop up.

Common realities of a growth spurt include:

• Increased costs and overheads — your cash flow and work/life balance will most likely take a hit.
• A significant change in your current systems and structures — or a need to throw them out completely.
• Competing priorities.
• A shift in your company culture.
• Lacking the talent or internal capacity to meet growing demands.

Liken growth to going up a steep hill in a manual car. The hard work you put in upfront will have few immediate results. But if you keep on course, you’ll build up momentum and speed over time.