Are you ready to expand your business? Planning and preparing is the first step in the process. The Florida SBDC Network can help you make decisions that help grow your bottom-line while moving your business forward. Review the following as you make plans to grow your business:
1. Plan to Grow
- Have you revisited your business plan to address opportunities for growth?
2. Your Operational Plan
- Do you need additional working capital 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?
- Do you need more space and a bigger facilities to meet capacity needs?
3. Your Team
- Do you have the right people on your team?
- Do you have a plan for attracting future personnel?
- Do you have defined duties, responsibilities, skill and experience needed for each position?
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?