Growth Phase
As a growth phase entrepreneur, you’ve successfully gotten your business up and running, which is a huge accomplishment. But what are your next steps? Read more about topics and questions to consider below, get in touch with your closest SBDC regional center, check out resources for exit phase entrepreneurs and find upcoming educational events on our calendar.
1 | Operational Efficiency
As your customer base grows, so does the complexity of your operations and service. And managing a larger team means not only hiring the right people but also fostering an environment conducive to your business’s core values. NYSBDC advisors can help you implement efficient processes, automate tasks, and ensure quality standards, as well as develop your desired team.
Questions to Consider:
- How are you handling the increased complexity of managing orders, logistics, and customer service as you grow?
- What steps are you taking to implement efficient processes and automate tasks while maintaining quality?
- Are you building a cohesive team that aligns with your company’s core values?
2 | Financial Management
Growth requires capital, so you might be seeking additional funding at this point. NYSBDC advisors can assist you in deciding what type of funding would be optimal for your business and provide support as you pursue it. They can also help you understand how to manage cash flow, balance revenue, and optimize spending.
Questions to Consider:
- Are you finding it challenging to manage cash flow as your expenses increase with growth?
- Have you considered fundraising or other financing options?
- What’s your approach to evaluating funding offers, terms, and investor relationships?
3 | Customer Acquisition & Retention
Business growth calls for upleveling your marketing and branding strategies. You might want to target broader or new audiences while still retaining your existing customer base. You might also wish to utilize new tools and methodologies around customer relationships. NYSBDC advisors can assist you in choosing the marketing strategies and tools right for your business.
Questions to Consider:
- Are your current marketing strategies effectively targeting broader or new audiences while retaining existing customers?
- How are you managing customer relationships at scale?
- Do you have a CRM or other tools in place to nurture customer relationships and ensure customer satisfaction?
4 | Product Development and Innovation
Growth often involves expanding your product lines, entering new markets, or adding features. NYSBDC advisors can assist you with the market research and careful planning this requires. You might also need to look at scaling your infrastructure, such as your website, backend systems, or data storage, to support growth without compromising performance. NYSBDC experts can advise on this, as well.
Questions to Consider:
- Planning to expand product line or enter new markets?
- What kind of research are you doing to support these growth decisions?
- Does your tech infrastructure support your growth needs?
- Have you evaluated whether your website, systems, or data storage can scale without affecting performance?
5 | Leadership and Delegation
The growth phase is when you must shift from a “do-everything” mindset to delegating and empowering others on your team. NYSBDC advisors can help you think through what is needed to make that transition effective. They can also aid you in changing from reactivity to proactive planning around using your team members and resources well.
Questions to Consider:
- Are you finding it challenging to shift from a “do-everything” mindset to delegating tasks?
- How comfortable are you with empowering management?
- What’s your approach to strategic decision-making?
- Do you have advisors or a board you consult to guide longer-term planning?
Resources for Businesses in the Growth Phase
Upcoming Events and Webinars
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