Your business is like your baby. You take care of it and as it grows, you will realize that you have had many milestones to be proud of. And just like what you would do to a real baby, you will have to plan for its future.
The future is scary, but you have to face it. It is unknown, but you have to know it — and that is what you can do if you start making it. Maybe it will be a business expansion. Maybe it will be the question, “Is my business ready to franchise?” or maybe the creation of new product lines and categories. Regardless, you clearly know that you want to take your business elsewhere.
Before you dive right into the action, there are things you need to understand to make sure that your every move will be wise and practical. Here are some pointers you may want to write down.
Looking back at your business plan
If you want to have an idea of what you should do next, you will need to look at your business plan — the agreements with your partner are there. The goals and visions are stipulated there. That should give you an idea of how you should expand your business.
There are some cases when the business plan has outlived its original purpose. If you think that it has happened in your situation, maybe it is time to create a new business plan. You need to come up with new goals, missions, and visions.
Creating a culture
Ask yourself if your company has already had a culture. The culture of your team can be a great determinant of where your business will be heading. This is because the culture will attract people that have the potential to make your business grow.
Is your team fun? Does your team have meaningful linkages with other businesses? Do you have programs that promote a work-life balance? These are the questions you will need to ask yourself.
Knowing your customers more
Undeniably, the expansion of product lines and categories is part of your future plans. Before you go for it, however, you need to gather important and useful insights from customers. You need to understand them more. Keep in mind that consumer needs change, and that can convert your brand loyalists into new fans of your competitors. Know your customers more so that you can serve them better.
Finding new partners
Expansion is part of your plan, and other than having new products and services under your categories, you will need help. This is where the importance of networking comes in. You need to build and cultivate relationships early on so that you will have someone to turn to eventually. New business partners can take your business to new heights, new directions.
The future is unknown, yes. But a wise man once said that the best way to predict the future is to create it. Don’t be afraid to do just that.