Elements and Performance Criteria
- Determine growth objectives
- Identify options for pathways to growth
- Assess the suitability of main options to pursue growth including market penetration, product development, market development and diversification
- Investigate funding options to support business growth
- Analyse the business capacity to manage growth including legal and compliance implications and disruption to existing business
- Determine the risks, challenges and benefits of chosen pathways
- Develop a strategy for growth
- Research selected growth options and tactics to determine potential return on investment
- Consider the role of the business owner and determine any adjustments to the function, structure and roles of business personnel required
- Consult specialist services and sources of advice
- Prepare a business case for growth in a suitable format for stakeholders
- Identify specific interests and objectives of relevant people and seek and confirm their support of planned business growth
- Integrate growth strategy into business, operational, marketing strategic, financial and production plans where relevant