Is Your Business Prepared for Growth?
Is your business poised for expansion? Planning and preparing for growth is the first step in the process. The SRSU-RGC SBDC is here to assist you make decisions that facilitate growing your bottom-line while moving your business into the next phase. The following items demonstrate things to consider as you make plans to grow your business.
1. Plan to Grow
- Have you reviewed your business plan recently to address opportunities for growth?
2. Your Operational Plan
- Is additional working capital necessary for you to increase capacity?
- Do you need to increase efficiencies and effectiveness through better production processes, less waste, and increased quality?
- Do you have the capacity to meet current and future sales levels?
- Is additional space or a different facility needed to meet capacity needs?
3. Your Team
- Do you have the right people on your team?
- Do you have a recruitment plan for attracting future personnel?
- Do you have defined job descriptions, responsibilities, skill level, and experience needed for each position within your organization?
4. Increasing Your Market
- What is the market potential for growth?
- Do you have a marketing plan?
- What is your promotional strategy to reach your target market?
- Have you defined a marketing budget?
5. Your Financial Plan
- How much capital will you need for business expansion?
- How will you raise this capital?
- Do you have a business plan for investors/lenders to review?
- What are your anticipated sales, profits, and cash flow based on your expansion plan?
SRSU-RGC SBDC business advisors are knowledgeable and bring a wealth of experience to our clients. Take advantage of the opportunity to meet with one of our advisors to assist you with your business’s growth potential.
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