Starting and Growing a Business: Planning for Growth

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.

• The Business Link – Growing Your Business - Included in this site are ‘Ten Most Common Growth Mistakes’ and ‘Reasons For Growth’. Both of these sections outline how to assess your growth readiness
• Growth Potential Assessment – Business Development Canada offers specialized assessments that are designed to help businesses that are experiencing growth or anticipating diversification
• Common Business Growth Mistakes - Mistakes such as having no plan for growth and an unwillingness to learn what needs to be done are common among entrepreneurs
• Royal Bank Business Resources – Expanding a Business - Why Expand? – This page stresses the importance of planning, structure, and development strategy when it comes to running a family business

• Your Roadmap: The Business Plan – This resources from the Canadian Bankers Association explains what your business plan should contain and has a helpful flowchart to guide you through the business plan development
• 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

• What is Risk? – This document discusses business risk and provides basic steps to help handle risk in your business
• Risk Choices – Risk Choices provides a simple process that you can use to identify, measure, and manage risk. This descriptive procedure can provide an organized series of steps that will help you make better management decisions about your business
• Benchmarking and Managing Risk – As part of Renewal Services, this page lists resources to assist in managing business risk
• Embracing Risk to Grow and Innovate – This article discusses how to acknowledge risk and take steps toward action in order to gain insight, evidence, and real options.
• Managing Risk – The Risk Management Process – This guide will help you identify and address the risks facing your business and increase the likelihood of successfully achieving your business objectives.
• 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