Grow your business successfully

Planning is essential for business growth. It helps you create a clear strategy and make better decisions. Regularly review your business performance to:

• track progress
• identify growth opportunities
• choose the best strategy for growth

Create and review your business plan

Growth requires active planning. This means you should:

1. Prepare a business plan that sets out your direction and key actions.
2. Review it regularly and adjust, if necessary, to keep your business on track.

For example, you may need to:

• change suppliers as your business grows
• renegotiate contracts for higher volume
• train staff and develop new skills
• invest in technology to support your growth

Develop your growth strategy

As your business grows, your strategy should evolve. For example, you may shift focus from attracting new customers to building long-term, profitable relationships with existing ones. However, relying on existing customers alone can be risky, so you should consider diversifying your products or customer base.

Following the same business model, but bigger, is not the only route to growth. Other strategic growth options might provide better business growth opportunities, such as outsourcing and franchising your business.

Manage growth risks

Growth brings risks as well as opportunities, so plan carefully before making major changes. You should:

• ensure new ideas align with your business goals
• review risks regularly and create contingency plans

Be prepared to make difficult decisions, if necessary. For example, leaving suppliers you have become friends with. A clear strategy will help you stay competitive.

If you want to grow your business, you can access support and training. For example, the Help to Grow: Management Scheme offers government-subsidised training, one-to-one mentoring, and support to develop a tailored growth plan.