Formulate a strategy for growth

Apr 14 2009 by Jill Lee, The Journal

IN this current economic climate, many businesses are forced to focus their attention on survival and concentrating on the day-to-day running of their company, without stepping back to look at the bigger picture.

While survival should always be the main focus, it is important that businesses consider ways in which they can grow their company, exploiting the opportunities that exist even in the downturn.

While some companies can grow naturally, without ever consciously pushing business development, most will find it necessary to formulate a growth strategy. You should look at the opportunities that exist in the marketplace and match them to the complementary skills that your business has.

Deciding to actively grow your business can seem like a daunting step, particularly in today’s economic climate.

However, Business Link offers advice and support to any business seeking to grow. There is a useful guide on business growth at www.businesslink.gov.uk/northeast

The step-by-step guide enables businesses to assess their current position in the market, ways in which they can grow, and how to ensure the successful future of their business.

For any business looking to grow, the current performance of the company must be assessed in order to determine whether these plans are feasible. Measuring current performance is a vital part of planning for growth and must be done in conjunction with a number of other activities, such as developing new business ideas, increasing market share and developing new products and services.

For more information about growing your business, or assessing the scope your business has for growth, visit www.businesslink.gov.uk/northeast  or call 0845 600 9 006.

Jill Lee, of Business Link