In
just 60 seconds, we’ll show you how to develop a strategy for managing the
long-term growth of your business.
0:60
Revisit Your Business Plan
Your business plan doesn’t go up on the
shelf just because your start-up phase is over. Refer to it often to make estimates
accurately reflect today’s realities. Even subtle changes in the marketplace
may require you to alter existing contingencies and develop new ones.
0:44
Watch Those Numbers
Your financial statements provide insights into the
health of your business. Project cash flow ahead several months based on reasonable
expectations for sales and income, demand for your product and services, regular
payments (e.g. loan payments and rent) and other factors. By comparing actual
cash flow to projections, you can spot changes that will help improve performance.
0:34
Develop Relationships
Though your business may be gaining a reputation
for solid work, it may be premature to bring on additional resources. Stretch
your capabilities by building partnerships with other businesses in your field
and with specialty consultants. They will also call on you when they need help—perhaps
at a time when you could use the work.
0:25
Delegate Time-consuming Tasks
A growing business is sure to demand more
of your time. That’s why it’s important to identify employees who can
take on those routine and managerial responsibilities. They’ll relish the
opportunity to grow personally and professionally and you’ll be free to focus
on the road ahead.
0:13
Watch the Big Picture
What issues or trends affect your business? They
may be as far-reaching as a change in the nation’s foreign policy, or as
seemingly minor as a new stoplight near your store. Stay current with your community,
study your sales records and communicate with customers, suppliers and colleagues.
This awareness will make you less susceptible to surprises and better prepared
to capitalize on and even anticipate changes.
0:03
Keep Learning
You’re sure to gain knowledge and instincts as your
business experience grows. But even veteran entrepreneurs can benefit from the
perspectives of others. That’s what makes services like SCORE so valuable.
Experienced volunteer counselors will serve as sounding boards for new ideas,
and provide advice on issues both routine and unexpected. It’s all free and
available in person at a SCORE office, or via email at www.score.org.
Credit:
SCORE Association "Counselors to America's Small Business"
SCORE
is a nonprofit association dedicated to entrepreneur education and the formation,
growth and success of small businesses nationwide. Through a partnership with
the U.S. Small Business Administration, SCORE's volunteer business counselors
have been helping small businesses succeed and grow since 1964. SCORE's 10,500
volunteers provide free counseling and low-cost educational training workshops
to aspiring entrepreneurs and small business owners from 389 office locations
across the country. All of SCORE's business counseling services are available
to U.S. citizens or resident aliens.
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