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Growing your business

If your business has been up and running for a while, you may want to think about expanding. This is an exciting decision, but also an important one that should be carefully considered. For example, you will need to:

Most businesses grow successfully by analysing what they do well, and then doing more of it. This may sound a simple formula, but it's vital to do your homework and make robust plans.

Decisions, decisions - review your businesses performance

For example, how exactly will you grow your business? By selling more to the same people? Expanding your customer base? Expanding your service or product portfolio? Buying another business?

The pros and cons - deciding whether to grow

Potential benefits include bigger profits, a higher company profile, and economies of scale. However, you must also consider potential downsides such as increased complexity, cash flow problems, and the loss of personal control over some aspects of your business.

Getting it right - planning how to grow

Make sure you grow at the right time and in the right way. For example, avoid growing too early, or when you are concentrating on other matters such as product development.

Find out more

A comprehensive self help portal of practical advice and guidance as well as a bespoke business growth organiser tool kit is available online or for more information please contact us, as together with our partners we can provide you with support, advice and guidance to enable you to make the right decision for your business.