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email:WSBDC@uwyo.edu

Business Success Cycle 

 

The GROW stage

 

Increasing volume, increasing profitsBusiness Success Cycle 2 GROW.png

 

Now that you have your business up and running, it’s time to plan your business’ growth.  The Wyoming SBDC Network has resources available to help you develop your growth strategy.  At any time during your journey, contact us for assistance!

 

Summary

There are four fundamental ways to grow your business:

  1. Market penetration – sell more of your same products to more of the same types of customers.
     
  2. Market diversification – sell more of your same products to new types of customers (segments).
     
  3. Product diversification – sell new products to the same types of customers
     
  4. Entrepreneurial – sell new products to new customers (are you starting a new business?).

 

Typically people see the order of these growth options above in the order of risk with selling more of the same to the same people as low-risk growth compared to getting into entirely new markets with new products as the high-risk option.  If your business is on the way out (say you sell typewriter ribbons in Lander), it is riskier to not seek either new products, markets or both.

 

Before you explore a growth strategy, first analyze what you are currently doing and make sure everything you are doing is working as well and efficiently as possible.  You might find you are wasting manufacturing resources on certain products that you could use instead to make more products that are profitable or to make new products.  The same goes with your marketing and sales efforts.  Are your time and resources being spent going after the wrong market or could they do better reaching existing markets?

 

Once you are comfortable with your existing business, it is time to plan your business’ growth.  We at the Wyoming SBDC Network would highly recommend you have a written plan with some third-party market research to help you make sure the ends justify the means and that you have both the resources to pursue this growth and also so that your existing business isn’t sacrificed in the process.  Having your plan in writing and working with other employees and management to develop that plan will help make sure you are all on the same page, you can get the buy in from others ahead of time and they might have ideas you might not have thought of. 

 

Tools for the GROW stage

 Increasing volume, increasing profits

 

Business Plan Development – What you need to know before you start writing a business plan

Financial Health Checkup – Is your business healthy?  Find out with our no-cost Small Business Health Check-up

Market Research – We have dedicated research staff and extraordinary tools and data to help you craft your vision into a viable plan

Business Taxes – Learn about various taxes and how they impact your business

Quickbooks – Work with our Certified QuickBooks Pro Advisor to learn about this popular accounting system

Payroll – learn about how to make your payroll function smoothly

Sell Your Products/Services Online – Learn how eCommerce and online marketing can help your business

Create a Marketing Plan – Resources to help you create a marketing plan

Sell to the government – Assist Wyoming firms with identifying and securing federal, state, and local government contracting opportunities

Economic Gardening – Our sophisticated resources bring the research tools of Fortune 500 companies to Wyoming small businesses

International Trade – A portal to various resources available to small businesses seeking to expand into the global marketplace

Emergency Business plan – Download our resources to help your business survive a disaster

GRO-Biz Conference & Idea Expo – A one-of-a-kind environment in which business owners, aspiring entrepreneurs, business resources, government agencies, and elected officials network and foster economic growth

Trainings, Events, Webinars – Access to our library of education resources for entrepreneurs

Online Marketing – From eCommerce to social media, our advisors share their tips to help boost your online visibility