Growth Planning for Small Businesses: Tips for small businesses navigating growth challenges.

• Author: Branham, Michael A.
• Position: SMALL BUSINESS

All small businesses must accept and navigate the challenges of growth, though the desired rates of growth and pace of growth may vary. Planning for and achieving growth is a neverending process that requires constant attention. Here are a few things to keep in mind as you build your unique growth plan:

* Start with your core values in mind: Every business should have a mission statement and should identify core values. Your growth plan should be centered around your reason for existence and embody the values you communicate to potential customers. These inherent aspects of your business will help throughout the stages of growth by differentiating you from your competition. This will also allow you to identify what your growth goals should be, over what period of time they should be reached, and what effective growth for your firm will look like.

* Understand your ideal client: The most effective growth goals aren't achieved by trying to please every consumer. Research and planning will help your business formulate an ideal client profile, which could include demographic, psychographic, and intangible characteristics of those who are most likely to use your product or service.

* Sow long-term "seeds": It's hard to imagine a successful business today that isn't using various forms of passive marketing. Your company website is the most obvious example, leveraging an online presence to attract and engage with consumers that are looking for the services you provide. An effective website should tell your unique story, as well as clearly explain what you do and how you work with your customers. It should also have an easy method for the perusing public to contact you or initiate business. In addition to an effective website, examples of long-term growth tactics include developing the appropriate external relationships that can provide referral business, building an active profile within your community, and engaging in professional organizations that provide continuing education and connection opportunities. Many of these "passive" techniques take time to develop (as in sowing seeds for a future crop of growth potential) and should be an ongoing focus for your business.

* Develop a targeted marketing plan: If you understand your vision and mission, and have a solid profile of your target market, you can better integrate marketing activities that reach your intended audience. Many firms employ ads in print, television, or radio formats in their...