Whatever be the type and size of your business, your strategic plans will play a pivotal role in the growth and success of your organization in the coming year. What to expect in the coming year depends on how you design and visualize the growth of your business towards the end of the current year. Are you expecting to grow next year? If so, what’re your plans for the growth? Make a checklist of the changes you want to bring about in your business next year and also the checklist of your achievements and failures this year. Make a comparative study and analyze before you make growth plans for the coming year. Here we have put together five strategies that are imperative to the growth of small and medium businesses.
- Put together a growth strategy in place – Whether you are a new entrepreneur or an established one, it is important for you to understand the components that are important for the growth of your business. You have a Herculean task of making decisions such as – do you need to grow in a current market or move into a new market? Do you want to diversify your services or products or re-brand the existing ones and reintroduce it to the current market? Once you have made up your mind, assess your business model. Here, you have to chalk out plans to understand the market and sell yourself effectively. Keep an eye on the cost associated with your growth plan. It is advisable to get the help of an expert.
- Recruit the right kind of people – It is a fact that when your business grows there would be additional responsibility. Therefore, you have to decide who the right people are for the right jobs, who will help in easing the growth process and who will be willing to be part of the growth process. It is imperative to have a people strategy in place because it is necessary to manage your growing workforce.
- Do you have a marketing strategy that works for your business? – Having a marketing strategy will help you to focus and concentrate on the availability of your resources. It will also help you solve any problems pertaining to your product/services in a most effective manner.
- Social media is here to stay; tap the advantages to suit your business needs- Social media channels are considered to be a catalyst for growth. If you’re one of the business owners who have not yet realized the rising value in using social media, it is still not too late. Put this in your priority list for the coming year. Remember the coming year is all about mobile and online shopping. Update your website to suit smartphones and tablets because people like to shop on the go and have understood the ease of shopping online.
- Have a strategy for execution – Planning your strategies alone is not enough. You have to ensure that everything is implemented on time. It is important to set short-term and long-term goals, execute your plan to accomplish those goals. Incorporate a culture of accountability to ensure that you are on the right track. Make sure to change your plans midway if they are not suiting the economic conditions.
State Small Business Credit Initiative (SSBCI) is a program that was initiated in 2010 to strengthen state programs that support lending to small businesses and small manufacturers. If you are a new entrepreneur or an established one in need of finance or loans, you can check out the Small Business Credit Initiative programs for the year 2013 in your state
What are your expectations for the coming year? Have you put your strategies in place? Share your thoughts and ideas with us.