How businesses can plan for the future
Our top growth insights to help you expand your business with ease
67% of entrepreneurs plan to expand their business this year, according to the Spring 2019 Bank of America Business Advantage Small Business Owner Report.
Swift success and rapid growth can be big challenges for many businesses. Often, business owners find themselves struggling to keep up with demand as they begin to expand, leading to unhappy customers and overworked employees.
The key to sustained business success lies in being prepared. By identifying the right opportunities and preparing for your growth, you’ll be able to scale with ease.
Keep reading as we share our top insights on how your business can successfully plan for the future.
Revisit your USP
What sets you apart from the competition? What you identified as your USP (Unique Selling Proposition) when you first began may have evolved now that your business is growing.
Price, features, or outstanding customer support? Identify why your customers come to you for a product or service, then use this to explain to other consumers why they should choose you.
Update your business plan
If your business is growing, there’s a chance you will need to find new sources of funding. Prospective investors won’t be impressed by a business plan that’s outdated, so make sure you revisit yours regularly.
Your business plan should evolve as your company does. Adjusting your strategies and solidifying your long-term goals as you grow will help you make smarter decisions moving forward.
Strengthen your team
As you expand, there’s no better investment than people. In fact, 24% of small business owners plan to hire new team members in 2019. Invest in talent: people who share your passion for your products and your vision for the future.
Set up supporting processes
Take the opportunity now to identify new processes and technology that can simplify your business and save your team time. It may be a new procedure for packaging orders, a new CRM system, or updated financial software.
By planning for the future now, you’ll have time to implement these new processes and train your employees on them before you become overwhelmed with other tasks.
Follow these tips from our experienced business brokers and you’ll give your business a solid plan for the future. Here’s to your continued success!
Have questions about buying or selling a business? The team at Florida Connexion Business Brokers can help you secure the right business that fits your objectives or sell your business for the most money, in the shortest time. We’re experienced in working with both domestic and international entrepreneurs.
Contact us today to learn more.