Most businesses aspire to grow. However, there are many ways to grow a business so choosing the right strategy is key. To succeed, it's important to set defined goals and find new, practical ways to increase profits and reach new customers.
You may want to assess your current business performance before you invest time and money in growth. This may help pre-empt challenges later down the line and help you determine, for example, if expansion is too risky or if you may need to raise additional capital to scale up operations and finance your growth.
This guide highlights the importance of business growth and examines the different business growth strategies available. It weighs up the pros and cons of tactics such as market penetration and development, diversification and business partnerships.
It also covers key considerations around growth financing and planning, and offers five top tips to help you prepare your business for growth.
Know your legal responsibilities
- Do you need a licence?
- Get the right business insurance
- Comply with the law when providing goods and services
- Know your customers' rights
- Distance and online selling rules
- Understand pricing legislation
- Buying goods from outside NI
- Selling goods outside NI
- GDPR compliance checklist
- Pay your business rates
- Understand staff contracts and your responsibilities
- Taking on contractors and subcontractors
- What you need to do about health and safety
- Know your legal obligations on pensions
Understand tax and VAT
Sell and market your products or services