Entrepreneurs – Grow Your Small Business into a Large Business
Entrepreneurs – Grow Your Small Business into a Large Business
1. Revisit your business plan and update it to reflect recent changes.
2. Start thinking bigger – look at what you want to become in say three years and then work backwards to see what you have to do to meet these targets.
3. Add these to goals, activities etc to your business plan.
Finances
4. Fine tune your turnover to ensure that it is running at its maximum capability.
5. Ensure that you are financially stable and able to borrow enough to fund your expansion.
Operational Structure
6. Review your operational efficiency until it is at its optimum.
7. Review what you need to improve, change or increase in order to cope with an extra output.
8. Review your stock levels and ensure that they are at an optimum level.
9. Review your office, store, production line and stock room – will they be big enough to cope with your planned expansion?
Product Range
10. Look for any other niches you can sell in.
11. Ensure that you have a full product range that meets your market requirements.
12. Look at improving key sellers in your product range.
13. Ensure you have up sells available to increase your total sales figures.
14. Introduce additional products that will improve your appeal to your market.
Staff
15. Ensure that your staff are trained, motivated and informed.
16. Identify key staff that you wish develop as your business grows.
17. Develop a communications plan so that all your involved staff are aware of and involved in your business changes.
18. Be prepared to bring in professional help, consultancy and protection to help with your expansion.
Lastly and most importantly, ensure that your expansion is planned and controlled. Many a large company has become a much smaller company because they expanded far too quickly. If you don’t believe me then look up what happened to Sock Shop, Body Shop and Marks and Spencer’s, to name a few that lost money when they expanded too rapidly.
Entrepreneurs Grow Your Small Business into a Large Business - To learn more about this author, visit Lee Lister's Website.
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Business Plan and Strategy
1. Revisit your business plan and update it to reflect recent changes.
2. Start thinking bigger – look at what you want to become in say three years and then work backwards to see what you have to do to meet these targets.
3. Add these to goals, activities etc to your business plan.
Finances
4. Fine tune your turnover to ensure that it is running at its maximum capability.
5. Ensure that you are financially stable and able to borrow enough to fund your expansion.
Operational Structure
6. Review your operational efficiency until it is at its optimum.
7. Review what you need to improve, change or increase in order to cope with an extra output.
8. Review your stock levels and ensure that they are at an optimum level.
9. Review your office, store, production line and stock room – will they be big enough to cope with your planned expansion?
Product Range
10. Look for any other niches you can sell in.
11. Ensure that you have a full product range that meets your market requirements.
12. Look at improving key sellers in your product range.
13. Ensure you have up sells available to increase your total sales figures.
14. Introduce additional products that will improve your appeal to your market.
Staff
15. Ensure that your staff are trained, motivated and informed.
16. Identify key staff that you wish develop as your business grows.
17. Develop a communications plan so that all your involved staff are aware of and involved in your business changes.
18. Be prepared to bring in professional help, consultancy and protection to help with your expansion.
Lastly and most importantly, ensure that your expansion is planned and controlled. Many a large company has become a much smaller company because they expanded far too quickly. If you don’t believe me then look up what happened to Sock Shop, Body Shop and Marks and Spencer’s, to name a few that lost money when they expanded too rapidly.
Entrepreneurs Grow Your Small Business into a Large Business - To learn more about this author, visit Lee Lister's Website.
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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