• Stories
  • Publications
  • Press
  • Events
  • About
  • Contact
NMEDD 505-827-0300
  • News
  • Events
  • About
  • Contact
  • Why
    New Mexico
      • Overview
      • Key Industries
      • Competitive Business Climate
      • Innovation
      • Borderplex
      • New Mexico Climate & Geography
      • Lifestyle
      • Case Studies
      • Community Partners
      • Photo Gallery
  • Business
    Development
      • Overview
      • Considering & Planning a Business
      • Starting a Business
      • Growing a Business
      • Resource Directory
      • Stay Informed: Newsletters & Webinars
      • COVID Resources

      NMEDD Programs for Business

      • Job Training Incentive Program
      • International Trade
      • Office of Science & Technology
      • Finance Development
      • ISO 9001 Training & Preparation
  • Site Selection
    and Data
      • Overview
      • State Data Center Program
      • Find A Property
      • Census Data
      • Workforce Profile
      • Economic Statistics
      • 50 States Data & Incentives Comparisons
      • County Profiles
      • Tribal Profiles
  • Community
    Development
      • Overview
      • Local Economic Development Act
      • LEADS
      • FUNDIT
      • New Mexico MainStreet Program
      • Arts & Cultural District
      • Frontier & Native American Communities Initiative
      • New Mexico Historic Theaters Initiative
      • Business Retention & Expansion
      • Business Incubator Certification
      • Local Government Planning Fund
      • Stay Informed: Weekly Newsletters & Webinars
      • COVID Relief Resources
Home » Business Development » Growing a Business
Business Development
  • Overview
  • Considering & Planning a Business
  • Starting a Business
  • Growing a Business
  • Resource Directory
  • Stay Informed: Newsletters & Webinars
  • COVID Resources

Growing a Business

Growing a small business is a different type of activity than establishing it. Planning and preparing for growth involves elements that are much more dynamic than when you were just beginning your venture. It is important to implement growth activities at the right time and at the right pace for your business’ infrastructure to handle. The approach taken toward growth goals should be based on how the current status of operations relates to where you want the company to be within the next several years.

Often business owners only think about the external environment when they are thinking of how to grow (new markets to enter, the level of competition, regulatory environment, etc.), but it is also necessary to think about your internal business infrastructure (efficiency of operations, employee personalities and organizational culture, relationships with suppliers and distributors, etc.) and how well it will be able to handle change. For instance, if you want to expand by offering a new product line, do you have the manufacturing and distribution capacity to handle that? Can you afford to finance in-house infrastructure in order to handle the extra capacity? Is your staff composed of people who are resistant to change? Will they help you implement growth or will they resist it?

Below we provide some common principles for growing a small business as well as some popular ways businesses tend to expand. These tips will give you a framework for how to think about growing your business. There are also many tools, resources, and programs available to help you make the necessary determinations, develop effective plans, and take advantage of incentives offered by New Mexico programs. To learn more about resources available to help you grow your business, contact the Community, Business & Rural Development professional closest to you.

SOURCES: 5 Essential Principles for Growing Your Small Business found in Fast Company and 7 Key Steps to a Growth Strategy that Works Immediately found in Entrepreneur.

NMEDD

New Mexico
Economic Development Department
Joseph M. Montoya Building
1100 S. St. Francis Drive
Santa Fe, NM 87505-4147

Mailing Address:
P.O. Box 20003
Santa Fe, NM 87504-5003

505-827-0300
Fax: 505-827-0328

  • Contact Info
  • Staff Directory

GoNM.biz

Facebook YouTube Twitter LinkedIn

Why NM

  • Overview
  • Key Industries
  • Competitive Business Climate
  • Innovation
  • Borderplex
  • New Mexico Climate & Geography
  • Lifestyle
  • Case Studies
  • Community Partners
  • Photo Gallery

Business Development

  • Overview
  • Considering & Planning a Business
  • Starting a Business
  • Growing a Business
  • Resource Directory
  • Stay Informed: Newsletters & Webinars
  • COVID Resources

Site Selection

  • Overview
  • State Data Center Program
  • Find A Property
  • Census Data
  • Workforce Profile
  • Economic Statistics
  • 50 States Data & Incentives Comparisons
  • County Profiles
  • Tribal Profiles

Community Development

  • Overview
  • Local Economic Development Act
  • LEADS
  • FUNDIT
  • New Mexico MainStreet Program
  • Arts & Cultural District
  • Frontier & Native American Communities Initiative
  • New Mexico Historic Theaters Initiative
  • Business Retention & Expansion
  • Business Incubator Certification
  • Local Government Planning Fund
  • Stay Informed: Weekly Newsletters & Webinars
  • COVID Relief Resources
Join Our Email List
© 2021 New Mexico Economic Development Department. All Rights Reserved.
Website Design by Xynergy