Biz Info: Planning for Growth

 
 
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How Will You Prepare for Growth?

Now that your business is up and running you may be thinking about growing your business. Planning for growth will help you develop realistic business goals and expectations.

The steps needed to reach this growth stage vary by business type, industry, and personal situation. The best way to grow a business can only be revealed after analyzing the current business and by setting attainable goals and growth targets.

If growth occurs without a solid game plan or too rapidly, cash flow, assets, quality control and business systems can suffer irreparable damage. Your business growth should be planned carefully and the most basic tool for this is a revised business plan that takes growth plans and risk assessment into account.

Business Assessment
Is Your Business Ready for Growth?
Developing a Growth Plan
Does Your Business Plan Reflect Your Growth Plan?
  • Plan Your Growth Step-by-Step – This section from Business Development Canada offers a step-by-step approach to growth
  • Plan For Growth – As part of Royal Bank’s business resources, this page discusses basic competitive strategies
  • Prepare a Business Plan for Growth – This site offers practical advice for growing your business and discusses the importance of reviewing and updating your business plan
Managing Risk
Is Growing Your Business Worth the Risk?
  • Tips on Using Risk Choices and Examples of a Business Expansion - These guides provide a simple process to identify, measure and manage risk and to help you make better management decisions.
  • Risk-doctor.com - Dr. David Hillson edits this website dedicated to risk, and writes a regular email briefing. His material shows that the same basic concepts apply to all types of risk: positive or negative, strategic, operational or project
  • Canadian Small Business Insurance - Information about business insurance, from types of business insurance such as liability insurance, errors and omissions insurance and business interruption insurance through sources for Canadian business insurance
Phone the Ag-Info Centre, toll-free in Alberta at 310-FARM (3276), for assistance.
 
 
 
 
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For more information about the content of this document, contact Kathy Bosse.
This document is maintained by Ordella Knopf.
This information published to the web on November 16, 2016.
Last Reviewed/Revised on February 7, 2017.