There is a lot more information available on starting businesses than growing them. There are some basic steps every business must go through to start, but after they get up and running, the steps they need to take to grow vary by business type, industry, etc. The owner has to decide how best to grow the business by analysing a number of factors. Some of these include:

• corporate mission
• strengths and weaknesses of the business
• financial resources: existing and potential
• customer needs
• competitive influences
• life cycle of existing products
• profitability of potential products
• human resources: sufficiency and capability
• sales and service capability
• research/development time and expense for new products
• business environment: economic conditions, access to raw materials
• industry trends

Statistical sources for business information often cite lack of money and lack of management expertise as the primary reasons for business failure within the first five years. If an entrepreneur makes errors in assessing the variables above, the results can be more costly than the business can survive. If growth is too rapid and uncontrolled, cash flow, assets, quality control, and management systems can suffer irreparable damage. Your firm’s growth should be planned as carefully as its start-up. The most basic tool for growth is a strategic plan. An extremely important adviser to your growth plan is your accountant who can help you evaluate the financial risks of your strategies. The accountant can anticipate the cash requirements of your growth plan and recommend the timing and sources of financial assistance if required.

Jamaica Business Development Corporation Network

Jamaica Business Development Corporation Network is a good starting point for assisting with planning for growth. If you are considering growing your business and would like help in preparing for growth, contact Jamaica Business Development Corporation located in 14th Camp Rd Kingston .