It is possible that you plan your own business growth and attempt to accelerate it. The key is to write clear road map. It is because the biggest hurdles of running business is to be caught in the moment and only think about the day in front of you. Meanwhile, you need to look ahead if you want to achieve success. Planning for your own business growth through a road map provides timeline for the next one to tow years on how revenue can increase. However, it is pretty challenging to write an effective business growth plan because there are so many strategies to consider.
Definition of business growth plan
Business growth plan is a road map that outline of where your company sees itself in the nest one to two years. It is formatted to follow along with each quarter. You need to review your company at the end of each quarter to see what goals it met and what goals it missed. Business growth plan is important for market share and penetration, recouping early losses, future risk minimization, and concrete revenue plans.
Factors impacting business growth
Before writing business growth plan in a form of clear road map, you need to understand and involve important factors that impact it. They are management to obtain fund and resources, leadership to train and navigate team to drive revenue, and customer loyalty to increase profits.
Applying effective strategy for making business growth plan
You need strategies in making a clear road map for your business growth. There are countless strategies out there so it is a must to be selective in choosing some of the most effective ones. Here are major growth strategies to consider:
Market strategy
It refers to how you plan to penetrate your target customers. It is not meant for you to enter new market. It is more about how you leverage your current offerings. For example, you can adjust your price or launch new marketing campaign.
Development strategy
It refers to how you look into ways to break your products and services into a new market. If in the current market you are still unable to find the growth, you can put a new market in your goal to achieve.
Product strategy
It refers to how you focus on what new products and services you can target to your current market. It is how you can grow your business without entering new market. It is more about how you figure out what your customers are asking for.
Diversification strategy
It refers to how you expand both your products and target markets. This strategy is very suitable for small businesses that have the means to be versatile with products and services to offer. It also focuses on what new market small businesses try to penetrate.
Your business growth plan should include important points such as a description of expansion opportunities, a marketing plan to achieve the growth, financial goals and plans, as well as a breakdown of your company’s staffs and their responsibilities.
