You have successfully executed your market entry strategy and delivered positive business metrics. You’re now primed for meeting the needs of a larger clientele base and generating financial returns. The Grow stage is all about promoting, nurturing and managing your business.
- Grow Sales
- Quality Control
- Finalize Internal Distribution System
- Expand Distribution
- Assess Customer Satisfaction
- Refine Product Features
- Hire and Train Personnel
- Execute Contracts
- Arrange for Conventional Financing
- Institute Mission, Vision and Management Policies
- Establish Aftermarket Support and Warranty Service
- Implement Training Program
- Identify New Markets
- Identify New Products
- SWOT Analysis
- Monitor Business Trends and Management Technologies
- Explore Productivity Options (automation, outsourcing, etc.)
Funding options become a bit more mainstream for the Grow stage and include company profits, corporations, commercial lenders, venture capitals, public markets, strategic partnerships, industrial development agencies (IDAs) and economic development assistance.
Click HERE for funding options available at this stage.
View or print out the full version of the entrepreneurial activity checklist HERE.