Chicago Business Growth Guide

While assessing your organization, do not lose sight of your current goals and responsibilities.

Your people are your organization's most valuable asset; be thoughtful in how you retain and attract the right employees to support your growth.

• TLNT, Talent Management and HR, blog discusses leadership, recruiting, performance management, etc.
• City of Chicago, Small Business Center (SBC), Hiring & Training Resources
• ChiBizHub Resource Navigator

Maintain your federal and state registrations, and City of Chicago business licenses and permits to keep them current; as organizations grow, and add business activities, their licensing requirements may change.

• City of Chicago, Small Business Center, County, State, and Federal Business Registration
• Renew, and/or apply for, your City of Chicago business licenses at City of Chicago, Small Business Center (SBC), Business Licensing: What Do I Need?

As businesses grow, the role of Boards and Advisors become more important as they provide outside oversight and a diversity of opinions

Writing a growth plan is very similar to writing a business plan, however, a business growth plan focuses specifically on expansion and how you're going to achieve it; a well-crafted business plan, is key to taking your business to the next level.

Create a five-year plan, which includes expansion opportunities, marketing plan, demographics of your market area

• 7 Key Steps to a Growth Strategy That Works Immediately (Entrepreneur)
• ChiBizHub Resource Navigator
• Marketing Research and Planning

Know your options, which may include franchising, expanding into new markets, opening a second location, licensing agreements, merging with or acquiring another business, certification, diversifying product lines, forming strategic alliances with other businesses, expanding your web presence.

• Exporting to Expand Sales
• Selling to Big Business / Governments, and Certifications
• ChiBizHub Calendar
• City of Chicago, Department of Business Affairs & Consumer Protection (BACP), Business Education
• City of Chicago, Department of Procurement Services (DPS)

Ideally, you should already have Exit Strategies in your initial business plan before actually going into business; if not, including it in your growth plan is your second chance.

• Exit Strategies for Your Business (Entrepreneur) 

Having a better understanding about your market will allow you to run your business more efficiently; having a powerful network can provide you, and your business, with opportunities for growth.

Market Research and Planning is all about customers: knowing their needs and wants, and creating the ideal customer experience.

• Find a ChiBizHub Resource Partner that provides marketing and sales development services
• U.S. Small Business Administration, Business Guide, Marketing and sales
• Small Business Marketing 101 (Forbes)

Networking for Growth benefits both the business and the business owner.

• These Experts Share How Networking Helped Them In Business Growth (Inc.)
• 8 Proven Networking Strategies of Successful Entrepreneurs (Success)

Be strategic and borrow with purpose; explore the various options for enabling your business' growth.

Thoroughly evaluate the need for financing, and know your choices from bank loans and factoring services, to crowdfunding and venture capital.

• Chicago Business Capital Guide
• How to Finance the Scale-Up of Your Company (Harvard Business Review)
• Debt vs Equity: What's the Best Financing Choice for Your Business? (Business & News Daily)
• NBDC Info Sheet – Access to Capital for Established Businesses (PDF)
• ChiBizHub Resource Navigator
• City of Chicago, Small Business Center, Financial Resources Home
• Illinois Department of Commerce and Economic Opportunity (DCEO) - Loans and Financing Options
• U.S. Small Business Administration - Funding Programs