Your growth plan is essentially your game plan to reaching your growth targets and is an important step in growing your business. A growth plan clearly states your objectives and the steps and activities you plan on implementing to achieve these objectives.
Similar to your business plan, a growth plan can include:
However, your growth plan should be different in content and purpose than the plan you created for your start-up business and should address the following questions:
When creating your company’s growth plan, it is critical to closely evaluate your company operations including marketing, human resources and financials. Prior to implementing your growth plans, it is important to review your current business practices to ensure your operations are running effectively and if there are opportunities to realize efficiencies and cut costs. In addition, conducting this internal evaluation first can you help you determine if your company will be able to meet the demands of the growth plan.
Finally, share your growth plan with advisors, mentors and staff. Sharing your growth plan with your employees can be inspirational for the company as a whole, and can help ensure that everyone is working together to reach your growth goals.