So what does a business growth plan look like? For one thing, it should be on paper so you can refer to it over time and share it with potential lenders, employees and other key audiences. Keep your documentation short and to the point for optimal readability.
A comprehensive growth plan will include the following information:
Business description
What are the products and/or services your company provides? How is your business structured? Who are your customers? What are your business objectives?
Industry analysis
What are the current strengths and weaknesses of the industry you operate in? Who are your competitors? Who are your customers?
Your team
Who will help you achieve your growth goals?
Marketing plan
What products and/or services, customers or sales territory will form the core of your growth strategy? Why are these your primary focus?
Operations
How will you manufacture/purchase the products and/or services you will need?
Key risks
What are the potential risks you will face? How will you deal with them? Use a “SWOT” analysis to identify the Strengths, Weaknesses, Opportunities and Threats of your situation. Then outline how you intend to use your strengths to take advantage of the opportunities while overcoming weaknesses and potential threats.
With your growth plan in place, you can begin to think about what it will cost to implement it. As your business grows, your expenses are likely to go up — increased payroll, more equipment and supplies, larger premises. Outline the additional costs you anticipate and your potential sources of funding for these expenses.
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