Is Your Business Prepared for Growth?
Is your business poised for expansion? Planning and preparing for growth is the first step in the process. The Oklahoma SBDC Network is here to assist you make decisions that facilitate growing your bottom-line while moving your business into the next phase. The following items demonstrate things to consider as you make plans to grow your business.
1. Plan to Grow
- Have you reviewed your business plan recently to address opportunities for growth?
2. Your Operational Plan
- Is additional working capital necessary for you to increase capacity?
- Do you need to increase efficiencies and effectiveness through better production processes, less waste, and increased quality?
- Do you have the capacity to meet current and future sales levels?
- Is additional space or a different facility needed to meet capacity needs?
3. Your Team
- Do you have the right people on your team?
- Do you have a recruitment plan for attracting future personnel?
- Do you have defined job descriptions, responsibilities, skill level, and experience needed for each position within your organization?
4. Increasing Your Market
- What is the market potential for growth?
- Do you have a marketing plan?
- What is your promotional strategy to reach your target market?
- Have you defined a marketing budget?
5. Your Financial Plan
- How much capital will you need for business expansion?
- How will you raise this capital?
- Do you have a business plan for investors/lenders to review?
- What are your anticipated sales, profits, and cash flow based on your expansion plan?
OKSBDC business advisors are knowledgeable and bring a wealth of experience to our clients. Take advantage of the opportunity to meet with one of our advisors to assist you with your business’s growth potential.