2016-03-03 17:38:16 Business Planning English If you're looking to grow your small business, then you need to prepare for growth. Follow these 8 rules to stay on top of your growing... https://quickbooks.intuit.com/r/us_qrc/uploads/2016/03/2016_3_2-small-AM-8-Things-Your-Small-Business-Should-Do-Now-to-Prepare-for-Future-Growth.jpg https://quickbooks.intuit.com/r/business-planning/8-things-small-business-now-prepare-future-growth/ 8 Things Your Small Business Should Do Now to Prepare for Future Growth

8 Things Your Small Business Should Do Now to Prepare for Future Growth

3 min read

Launching a startup is as easy as coming up with a great idea and working hard to make it a reality.

In other words, it’s not that easy.

Sustaining beyond the earliest months is even more harrowing. But, as surprising as it may sound, grow is even more daunting. Why? Because few business owners are prepared to meet the unexpected challenges of success.

Know What Growth Means

Mental preparation is an important first step. Self-help gurus like to talk about how you can’t achieve anything you don’t imagine or set goals for in advance. While it can be easy to imagine a time when a business will take off, a business owner should be fully aware of what that means.

Part of mental preparation is imagining how much you want to grow, and what it will take to get there. That vision might not be as enjoyable an experience as you might envision. Achieving growth comes with certain sacrifices, including often giving up control to a board of directors or shareholders. Deciding exactly how much growth is too much is the first step toward setting long-term goals.

Learn Your Industry

Market research should begin as soon as possible. A business owner should be fully aware of competitors in the same space, as well as the consumer market for its products or services. This background will be very important once that entrepreneur’s business begins taking off.

Line Up Funding

Before seeking even the first round of funding, business owners should know exactly how much money they need to accomplish their goals. It can also be beneficial to consider the pros and cons of seeking investor funding versus taking out bank loans, since the money will obligate the business owner for an indefinite period of time.

Set Up Supporting Software

Entrepreneurs will need tools to help handle everything from accounting to customer database management. In the early days of growing a business, entrepreneurs should take the opportunity to try out various solutions and determine the best ones for their unique needs. Once the business grows, they’ll be able to introduce the software to new team members, whether it’s financial software or something else that can simplify your business.

Create a Strong Mission Statement

With a one-person operation, a business owner doesn’t have as strong a need for a mission statement. However, once new people are on board, that business owner will need to be able to explain that mission to new employees. A well-thought-out mission statement can make a big difference.

Design Your Culture

Company culture is important to attracting and retaining the right workers. Entrepreneurs should think about the type of workplace they’d like to have, whether this means a structured environment with strict rules, a casual environment with few rules, or something in between. This culture can often serve as a reflection of the business owner’s personality, so the early stages of this process may involve business owners asking what type of work environment they would prefer.

Create and Provide an Employee Handbook

Once employees are already in place, it can be difficult to enforce policies. Instead, those policies should be set from the beginning using an employee handbook. Each new employee should be handed this handbook as a guideline on issues such as dress code, annual and sick leave policies and cyber-security guidelines.

Update Your Strategies

If you wrote a business plan at the beginning, that blueprint should be reviewed on a regular basis to address any changes.

This is especially important once growth hits since investors and clients could see an outdated business strategies as a bad sign. For new businesses, it’s essential to put a roapmap in place as soon as possible.

This not only helps satisfy investor and client requests, but it helps you solidify long-term goals. By preparing early for growth, businesses can position themselves to achieve their goals while still remaining true to the founder’s values.

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Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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