You might have a vision for growth since the inception of your venture or it may formulate as the business and opportunities materialise. When you are ready, it is worth spending time researching and planning a suitable growth strategy for your business, rather than rushing into a particular approach. Economic Change can help social enterprises and charities to access grant funding available to help you complete your growth strategy,
When planning for growth, you will need to consider the following areas:
- Do you need to secure investment to grow and if yes how much?
- Will your brand grow with you or do you need to adapt it?
- Which products and service do you want to continue, introduce or relinquish?
- Will you need to increase or refine your client base?
- Will you need to recruit new team members with certain skills or expertise?
- Do you want to expand geographically, and what is the potential demand within target locations?
- What is your expected time period for growth?
- Do you or your team need to undertake any training to achieve this vision?
- What type of growth model would suit your business and what are the pro’s and cons?
- Have you researched or piloted your model for growth and confident it will work?
Assessing the next steps to your business growth is a key factor, whether it’s organic growth, merger, licence arrangement, franchise agreement or maybe selling your business. You will need to think through your own career goals and prospects…Where do you want your company to go? What level of management do you desire?
There are a number of business models you can adopt to grow your business. Models for growth include:
- Organic growth
- Joint Ventures
We have summarised the advantages and disadvantages of each business model within our Social Enterprise Toolbox E-book or you can attend our free Seminar on Growth Strategies in December.
At Economic Change we support social enterprises and charities to access grant funding via Big Potential and Growth Accelerator to pay for our consultancy services around business planning, impact measurement, operational CRM development and securing investment. Contact us to find out more and for a free consultation