Starting an Online Business All-in-One For Dummies®, 3rd Edition

Purposefully Making the Next Move

Whether your site is growing because of fate or strategy, your next move should be well thought out. Follow these strategies:

• Assemble an advisory board. You might already have a formal board of directors that you assembled immediately after you incorporated. In that case, consider the value of expanding your board and adding individuals with specific expertise. If you're not comfortable bringing on directors, assemble a somewhat less formal advisory board. This group of professionals from your network meets regularly to review your business goals and provide guidance. Similar to when you have a board of directors, look for people with experience who complement your strengths and weaknesses.
• Update planning tools. Growth means digging into that old business plan and marketing plan. You know which ones we mean — the ones you threw together half a decade ago because everyone said that you had to have them. Those people were right: You need both documents, even though they're long overdue for an update. Use the old plans as a foundation to reassess your current goals and strategies.
• Focus on long-term financial planning. In addition to working more closely with your accountant, seek input from a financial planner or a CPA who specializes in your industry. You're no longer simply moving from one tax year to the next. As both your company revenue and personal income increase, you want to make calculated decisions about your money.
• Stay current. It's ...