Rob Biederman, CEO of Hourly Nerd, said it beautifully, “If only half of startups survive more than five years and only one-third make it to 10, what’s the one thing you could do to ensure your company is sustainable? The answer is to create a growth strategy for your business, of course.”
And he is right.
But take that a step further: you’ve successfully progressed your business through startup phase. In fact, you’re possibly way beyond startup phase. Your client relationships are strong, a regular revenue stream has been established and your business is profitable. The market and media have started to take note of your performance and you are being recognised for all the right reasons. So how do you know when it’s time to straighten-up and plan for your Next Big Step?
Here are 3 wins to help you plan for strategic growth
Grow your plan to plan for growth
Planning is key to any business throughout its existence. Every successful business regularly reviews its business plan to ensure it continues to meet its needs. Remember that most potential investors will want to see a business plan before they consider funding your business. And if your strategy involves expansion, then your plan needs to evolve along with your strategy as you move closer towards your next big move. Ongoing planning means that you keep track of how your business is growing, how you’re tracking alongside your objectives and how effectively you’re allocating resource.
Invest in the Right Talent
Before you think about the need to exponentially increase your existing workforce, we want you to consider something slightly different. Try to draw a division between the talent that works in your business, and the talent that works on your business. It’s that latter talent group that we want to talk about. If you’re thinking about growth, you may be thinking that you need funding to be able to grow your resources, product, market share – and all that is entirely valid. However, when it comes to getting your business funding-ready, do you have the right talent to help you secure that capital first-time? Potentially not. Arming yourself with the right business support means that you are able to focus on your market, your clients and your competitors, while knowing that your critical growth path, and all the work involved in getting your business ready, is taken care of too!
After the successful launch of the cfpc Accelerator, a new Joint Venture that enables high-growth businesses to become funding-ready, you have even more reason to entrust your business growth into our hands to help get you to where you want to be. Speak to us today about making that happen.