Assess your options for growth Assess your options for growth It is important to evaluate whether you want to consolidate your business' position or find ways to grow. If you decide that your priority is growth then you need to plan carefully if you are to succeed. Growth has its risks, but the right strategy can deliver stability, security and long-term profits. Once you've assessed the current strengths, weaknesses, opportunities and threats to your business and how well it's equipped to handle them, you can move on to the next stage - building a strategy for growth. This guide shows you how to evaluate the right strategy for your business, when to launch it and what finance options suit which businesses. It looks at the pros and cons of diversifying and what other considerations you must think of to ensure development is smooth, on time and on target. The importance of business growth Your business' focus changes as it moves beyond the start-up phase. Identifying opportunities for growth becomes a priority to ensure the enterprise's sustainability. You can measure growth by looking at key statistics such as your: turnover market share rofits sales staff numbers However, determining which measure delivers the most accurate picture of your business' performance depends on both your type of business and what stage it has reached. For example, a retail business may have a high sales volume, but narrow margins on stock. These could mean low profits that undermine the business' viability. In general, a