SideHustle:
5 steps to Planning an Effective Small Business Growth Strategy

1. Understand the Different Paths to Growth
It is crucial to see ways in which your company can grow? There are different methods you might take, and in this section, we will look at some of the critical pathways to growth in small businesses.

2.Where Are You Coming From?
To understand the path you choose, you need to start making decisions. It would be best if you got a clear picture of where you are right now. Create some time, either by yourself or with crucial members of your management team, and figure out the business's current state. Ask questions like:
· What are your company's strengths and weaknesses?
· How much funding do you have available?
· What's the competition like?
· What are the risks you face in your industry, or threats to your business model? What are the main opportunities?

3. Where Are You Going?
Next, you need to see the big-picture idea of where you want to go. You need to understand what is important to you and what your business values are. You need to be able to make strategies. You also need to decide if you want a more diverse business and how fast you want your growth. Do you enjoy fast growth or slow but sustainable growth? These questions will help you to understanding where you are going in your business.

4. Pick a Path (Or Paths)
This takes us back to different paths from step 1. With the information you've gathered, choose which path or paths you want to take.
For example, if you are concerned that your existing business model is under threat from technological changes, you could develop new products. Pick a path has worked for other businesses and helped the company still exist even after a series of changes and adaptations. If perhaps the route you are taking works well and you can see it progressing for many years in the future, then perhaps being focused on that one product and maximizing the customers you've reached is the best path.

5. Plan It Out
Finally, now that you've decided on a general growth path to follow, it's time to make a more detailed plan. Decide on an overall goal, break it into specific action items and objectives with clear deadlines.
For example, if you decide to offer more products to growth, decide what those products will be (i.e., figure out the ideas are worth exploring further).