If you’ve been an owner of a small business for a while, and are ready to take that next step, it can be complicated and worrisome to figure out what you need to do to grow. Growing during a pandemic is a smidgen more complex, of course. But, your business is important, both to you and your community. How can you get ready to expand your business, and know you’re prepared to make that leap?
Adjust Your Business Plan
Your business plan determines which directions you will focus on to take action with your company, and this doesn’t just need adjusting periodically. While a formal large adjustment might not happen as often, your adjustments have to happen monthly, even daily as you are trying to learn which directions to go. Your business plan is like a hypothesis of what you think your business will prosper doing. Adjustments to that educated guess happen frequently in order to figure what things you need, and which directions you need to pivot.
Seek Out Financing
If you need financing for your business to be able to grow, don’t be afraid to seek out that funding. According to Franchise Gator, an SBA loan is backed by the government and comes with favorable loan terms. To get them, you want to be able to carefully repair your credit score, to be able to enjoy the best terms possible. Check your credit score and pay off as many outstanding debts as possible.
What Doesn’t Work
In order to expand, you need to be able to look objectively at your business and figure out what doesn’t work. You want everything to work together the best ways possible, and this means being able to recognize when something doesn’t. Maybe your product line needs tweaking? Maybe your team is having difficulties communicating? As BPlans points out, being able to step back enough to really see what isn’t working and what is makes it better possible for you to repair those issues and leap to the next level.
That next big step forward is right there, and almost within your reach. If you have put together your credit to improve your score, and are in the process of seeking financing in order to take those next big steps, congratulations! You’re almost ready! Make sure to take a good look at what things are working and aren’t. Then, you’re ready to make that jump forward into expansion, and your pleasant new future!
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