But without an evolving, written business plan, company management can easily find itself overwhelmed and reacting to events, instead of managing proactively.So if you haven’t updated your business plan since your start-up days, it might be time to consider writing a business plan for growth. Be sure to choose goals that are SMART: specific, measurable, achievable, realistic, and timed. A timeline with milestones should be established to mark your progress against reaching your goals.Your plan should have multiple parts, including a marketing strategy and different financial documents.
That's the premise behind the search Keith Mc Farland, an entrepreneur and former Inc. "There has always been lots of books out there on how to run a big company," says Mc Farland, who now runs his own consulting business, Mc Farland Partners based in Salt Lake City.
"But I couldn't find one about how to maintain fast-growth over the long-term.
Periodic planning can help sustain growth and profits, and is a practice that’s vital to keeping up with the ever changing business landscape. These goals will guide you as you work through your business plan for growth, and will help focus your efforts on doing what it will take to achieve these goals. Include details in the timeline such as customers you hope to acquire, and additional employees you might need to hire. Growth strategies such as geographic or product expansion can initially generate negative cash flow.
Here are five key elements to consider when drafting your business plan for growth. Elaborate on how these activities will contribute to achieving your goals for growth. Increasing revenues doesn't necessarily mean increased profits, because at the outset, the cost to achieve growth can be high. Have new competitors emerged since you established your company?
Get Started on your business plan by downloading Small Business BC’s Business Plan Template and Cashflow Forecasting Tool.
Planning For Business Growth Example Of Problem Solving At Work
Download Now Business plans are often mistakenly associated only with start-up businesses.Learn how to benchmark your business Performing a separate cost and performance analysis for each staff member (or department) is a great way to assess your human resource efforts.Using KPIs, performance reviews and appraisals will help you to drive business growth via increased motivation and accountability.You should: If you regularly reconsider your KPIs alongside the ongoing implementation of a business plan, you'll find your that your indicators will more likely to stay aligned with your changing business requirements.Know how to review staff performance An effectively implemented marketing plan will be a key driver for business growth.Take time to analyse your marketing efforts to date by asking yourself if: you've created services and products that satisfy your customers' needs?your customers are spreading the word about your business?Your financial plan, especially your cash flow projections, will be vital in determining how you’ll sustain your company’s growth—without putting you under. How have your existing competitors changed in response to your entrance into the market?Be aware of how your competition can affect your goals.To start creating opportunities and growing your business, it's important to do some preliminary research to help identify the standards to assess your own progress.Your competitors are your best source of business growth data.