You have developed a stable business; now it is time to focus on growing the business. Choosing how to grow is important – many businesses fail by trying to grow faster than they have the resources to support, or by growing inefficiently. You will be developing new markets and broadening your product/service offering.
You have grown the business and you are known in the marketplace and the community. You have loyal customers and a significant high volume of repeat business. There are still challenges to meet and decisions to make.
You’ve been in business for a while, maybe several years and all the hard work is starting to pay off. Now is the time to think of the direction of the company and establish formal procedures and policies for your business.
Key activities at this stage may include:
- Plan the strategy for growing the business
- Mergers and Acquisitions for growth
- Create operational plans
- Automate payroll processing
- Merger and acquisitions