Assess your options for business growth

Top tips to prepare your business for growth

Guide

Planning your business growth strategy carefully brings many benefits and financial awards. Follow our top tips to help prepare your business for growth.

1. Establish your business' current performance

It is important to look at your current business performance to see if your business has a healthy foundation to launch a growth strategy. You can use KPIs to assess business performance, and consider key areas in your business including financial performance, profitability, facilities and people and skills.

2. Assess your options for growth

There are many ways in which to grow a business. Depending on your circumstances, you may consider:

3. Prepare a business plan for growth

Outline how you plan to grow your business and how your growth strategy will successfully deliver this. Your business growth plan should include:

  • marketing aims and objectives
  • operational information
  • financial information - see financing for business growth
  • business targets and completion dates

4. Use targets to implement your business growth plan

SMART objectives - specific, measurable, achievable, realistic, timely - can help you achieve the goals of your growth plan. See how to set business performance targets.

5. Measure business growth

You should measure the return on your investment (ROI) in business growth. A popular way of doing this is by using the ROI formula. This will tell you what percentage of return you will get over a specified time. See how to measure your financial performance.