6 Steps in Growing Your Business
If you’re reading this, you’re interested in learning about how to grow your business. Lucky for you, that’s our specialty here at Adam Kae & Associates! Whether you’re a business or nonprofit organization, big or small, or local or remote, we can help you guide your business toward financial success. We love putting things into easy step-by-step processes for you, so we’ve come up with 6 steps in growing your business!
1. Update Your Business Plan
Your business plan is your roadmap to success. It helps you stay true to your company’s vision and plan for the future. It may have been a while since you last took a peek at your business plan, and that’s not a problem! Wipe off the cobwebs and take a look. Update where necessary with your most recent information. Sometimes great opportunities appear that you never would have guessed, and this can alter or renew your business vision. In Rosen’s article “Expanding Your Business” (1986), he urges business owners to think about how your business is currently structured if what changes (if any) may need to happen when you expand. If you own one location currently, you may be wearing the majority of the hats, and this may need to change once you expand! Also be sure to check with your stakeholders. If you have a board, they should be aware of your growth plan, and they may be able to help give you additional guidance. If you’ve never made a business plan, now is a great time to start! Check out THIS post to learn how to make a comprehensive business plan for success.
2. Choose How to Fund Your Growth
Now that you’ve reviewed your business plan and initiated a plan for growth, you can think about how to raise the capital to support that growth. There are myriad of ways you could raise capital, and they depend on multiple factors such as if you have well-prepared financial statements (which we’re happy to help you prepare!), how much capital you need, and if you’re willing to consider certain measures like selling partial ownership of your company. Some options for raising capital include bank loans, investors, crowdfunding, and selling ownership. Depending on which route you choose, you may need different levels of financial detail. Adam Kae & Associates can help you gather the right paperwork to present your company it the best light!
3. Look at your potential new market
You’ve been successful with your current customers in your current location. However, this can all change when you enter a new market. By new market, we mean a new location with new people who are different from the customers you currently serve. While there may not be significant changes, it’s still important to note who your new clients are and how you can best serve them. If you’re struggling with segmenting your market, Adam Kae & Associates has vetted professionals we can refer you to! As well as choosing who to target, there are additional marketing decisions you might need to make. Are you changing your strategy once you have multiple locations open in multiple places? Does a new location change how and who you target?
4. Zoning and Permit Qualifications
Depending on your industry, there may be additional paperwork to consider. Are you operating in an area with specific zoning requirements? If you’re moving counties or states, the rules may be different than what you’re currently working with. The Small Business Administration can help point you in the right direction!
5. Look into Subsidies that Exist for Minorities
To encourage small business owners, the United States government offers many subsidies and aids for business owners from minority groups. These include:
-Native American owned businesses
-LGBTQ+ owned businesses
For more information, visit SBA.gov
6. It’s Okay to Ask for a Little Help!
While leveling up your business, it may be helpful to get a consultant (like Adam Kae & Associates) to help you get ready for the financial parts of business growth. We can help you prepare financial statements, work with investors, and figure out the best strategy toward maximizing your growth!
Contact Adam Kae & Associates Today to Book Your Free Consultation and Level Up Your Business!
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LinkedIn: Adam Kae & Associates Disclaimer: This article contains information and opinions from Adam Kae & Associates, and the information and opinions should not necessarily be seen as the best possible solutions for your business. Please contact us at email@example.com to help you find the best solutions for your business.
Rosen, C. (1986). Expanding business. Society, 23(3), 50-55.