Assess your options for business growth
Most businesses aspire to grow. However, there are many ways to grow a business so choosing the right strategy is key. To succeed, it's important to set defined goals and find new, practical ways to increase profits and reach new customers.
You may want to assess your current business performance before you invest time and money in growth. This may help pre-empt challenges later down the line and help you determine, for example, if expansion is too risky or if you may need to raise additional capital to scale up operations and finance your growth.
This guide highlights the importance of business growth and examines the different business growth strategies available. It weighs up the pros and cons of tactics such as market penetration and development, diversification and business partnerships.
It also covers key considerations around growth financing and planning, and offers five top tips to prepare your business for growth.