Small and medium-sized enterprises form the backbone of each country’s economy, including the Republic of Croatia. It can be concluded from the above that even a minor growth of small enterprises has a significant impact on the economic development of a country. Owners of small enterprises face many business challenges on a daily basis, trying to stay on the market and create the preconditions for growth. In most cases they do not have an elaborate growth strategy based on analyses and estimates, but it is mainly a reaction to market trends, competition activities or arises from macroeconomic impacts. For this reason, it is difficult for the owners to assess whether the enterprise has growth potential based on the chosen strategy, taking into account the vision, existing performance and planned projects of the enterprise. To solve the dilemma of the owner of the VODA d.o.o. enterprise, the aim of the paper is to assess whether the enterprise has the potential for growth by applying the growth model, analyzing the strengths and weaknesses of the enterprise, opportunities and threats from the surroundings and competitive forces, and to help the owner by advising in the further development of his business. An analysis based on the available business data and theoretical background has resulted in an assessment of the growth potential presented to the owner of the enterprise. A limiting factor in the research is the collection of theoretical background and relevant information based on examples from the Republic of Croatia, from which one can guess that the growth of enterprises and the assessment of growth potential is still an under-researched area in the Republic of Croatia.