Plan for growth this spring

But, as the owner of a small business, the success of your enterprise comes down to you - you have to find the impetus, ideas and strategy to keep things moving forward.

And a business is a bit like a shark - if it stops moving forward, it dies.

Finding ways to move your business forward is never without challenges, which is why you should make full use of expert help that is available. Business Link can guide you through this process, offering you a network of experienced specialists.

This feature is based on a worksheet designed by Business Link as part of the joint enterprise campaign. It will help you focus on the key factors needing consideration to grow your business.

Ambition and drive are essential ingredients for business growth. In developing a growth strategy, a useful starting point is to take stock of where you are now and to refocus your ambitions.

You need to have a clear vision of what you want to achieve - if you don't have clarity in where you are going it is hard to plan the best route.

You also need to be clear about what makes your business special - what is the thing that sets your business apart from your competitors? The clearer that you can be in defining and expressing this, the greater the impetus for growth.

Once you have set your objectives, it's useful to clearly assess your current situation. The Business Link worksheet helps you focus clearly on where you are now, running through a range of indicators identifying your current financial performance, markets, customers, competitors, your strengths and weaknesses, opportunity and threats.

The next step is to begin to identify the best strategy for growth.

Growth might come, for example, by increasing business levels from your existing customers through your current products and services.

Alternatively, you might offer your existing customers new products and services. Clarity is needed in what these might be.

There may be scope to build your client base, offering existing products and services. You need to be clear in which target customers you can attract.

Or it may be that you need to go in a new direction, developing new products and services and attracting new customers. Again, clarity is needed in what products you might offer and which target groups you could approach.

You will need to develop a business plan, identifying your growth strategy, explaining the key opportunities, objectives and delivery approach.

The next task is to develop funding plans, identifying precisely how any investment costs will be met and increased business activity funded.

The Business Link website businesslinksw.co.uk provides a lot of information covering the different funding routes which include scope for funding growth from current profits and directors' loans to raising finance externally. In addition to conventional bank loans, opportunities include: Equity finance is a way of raising share capital from external investors in return for handing over a share of the business. This may take many forms including a share of future profits, but is most frequently associated with sharing the ownership of the business to some degree.

Business angels like Duncan Bannatyne or Peter Jones from BBC's Dragons' Den are wealthy individuals who invest in high growth business in return for equity. Some invest on their own, whereas others do so as part of a network, syndicate or investment club.

In addition to money, business angels often make their own skills, experience and contacts available to the company.

Venture capital is also known as private equity finance. Unlike business angels, venture capitalists look to invest large sums of money in return for some of your business' shares. The advantages of securing a venture capitalist is that can provide large sums of equity finance and bring a wealth of expertise to your business.

You need to ensure that you develop your team, giving them the special skills that your operation needs as it grows.

The financial management of your business will become more complex. Also, your sales and marketing requirements will become more sophisticated, requiring understanding of promotional opportunities.

As the number of people your business employs increases, specialist human resource management skills will be necessary. Effective leadership will also become increasingly important, enabling you to inspire your employees to share your vision and offering them direction.

New equipment and new processes in your business will bring with them new demands, as will the need for specialist IT know-how as your IT system becomes more complicated.

Train to Gain is a service that provides skills brokers who can offer free and impartial advice to businesses helping them identify and meet their training needs. They can be contacted on 08456 047 047.

Business growth strategies have an element of organisation change at their heart. It is important that care is taken to take your staff, existing customers and suppliers with you on the journey.

You need to develop a clear plan explaining what's happening - the response will be far more positive if you give some thought to how best to keep everyone informed.

General manager for Business Link Dorset Jonathan Morris said: "At Business Link we've helped tens of thousands of people grow their businesses. We can offer businesses a wealth of information, knowledge and experience.

"Whether it's helping firms choose the most appropriate specialists, planning their finances, providing sales and marketing support, suggesting useful training courses or providing information on taxation and legislation, we can save them time, money and hassle. What's more, our services are entirely impartial and most of them are free."

If you would like to obtain a copy of the Business Link Growing Your Business' worksheet, go to thinkbusinesslink.com and you will find it in the guides section. Alternatively, call the Business Link information line 0845 600 9966.