Now that you have your business up and running, it’s time to plan your business’ growth. The Wyoming SBDC has resources available to help you develop your growth strategy.
There are four fundamental ways to grow your 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 Wyoming Entrepreneur 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.
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.
The Market Research Center – 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 product 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