Planning is the key element when you launch a business. In fact, it is the vital aspect of it. Not only you need to have a sound business plan, but also you should review and refine it regularly. Experts say that once you launch the business and get a sufficient momentum, it is now the high time to shift the gear up and formulate a business growth plan. It should be definite and measurable. Each item should have a finite end date. The business plan with the road map to move to the next levels should be unambiguous and precise.
Why do you need a progressive growth plan?
You can’t run a business without investors. Since they put their hard-earned money in a risk, they want to know how you are going to achieve business targets so that they get the money back. How would you allocate the resources and what will be the return on investment? All these questions will be answered by a detailed growth plan made by you.
It is not sufficient to prepare a growth plan, but it has to be substantiated by making a business cycle to keep it updated. Business planning meetings play a critical role in it.
Assess the performance against plan
Once you set targets to achieve business growth planning, keep on assessing the same, so the objectives are met well. Quarterly, by-annually or annually; the frequency can be decided by you. Keep the financers, share-holders, and other stakeholders posted about the performance against the plan. If there are any deviations, then take corrective measures to bring the things on track. Assessment keeps you focused on the target.
What should be included in the business growth plan?
While the business plan talks about what your business does, the growth plan talks about where do you want to go after one, two or five years from now? How will you reach the expected figure of sales and revenue? Do you aware of the inhibiting factors if any? If yes, then what is the plan to mitigate the risk? The growth plan has to be comprehensive and detailed. Don’t forget including these things:
- Data points about marketing goals, e.g. number of customers you want to acquire or revenue figure you want to achieve.
- Sales and marketing strategy to achieve the aforesaid objectives.
- Financial details, profit and loss statement, cash flow, sales forecasting.
Make a growth plan and march ahead on the road to success.
