You’ve heard a lot about the importance of your business plan and how it must be remain fluid, be malleable, updated, refocused often. But how much time have you spent on your growth plan strategy?
Just like a GPS mapping your route home, the growth plan strategy is built to run in concurrence with your business plan, a plan for expansion that allows for projections, foresights and obstacles well before they threaten to take you down.
The GPS is likely in existence as part of your business plan, but once you’ve been operational for a few months, you need to flush this out into its own entity. In as little as one year, small businesses can thrive to the point of stalling, because they didn’t plan for growth.
Whether it’s an update of an existing plan or the creation of one all together - it's likely it's high time to pay it some attention.
A few tips from Entreprenuer.com:
Establish a value proposition. Determine “what makes you relevant, differentiated and credible?”. The answer will become your foundation for growth.
Identify, re-identify and go ahead and identify your customer once more. Continue to examine your ideal client - study your data and be avid about updated changes to your desired audiences needs and behaviors.
Define your KPI’s and a strategy for tracking. Without the data to study your selling trends, growth in a deliberate manner is going to be tough.
Define your actual revenue streams. Take a closer look at your products and services - not everything will carry the same weight when it comes to bringing actual dollars in.
Invest early on in talent and retention of said talent. Waiting for your growth bubble to reach its capacity before filling new roles or beefing up your team is a surefire way to be scrambling when it matters most.
Some key components that should be addressed in your growth plan:
Execution and expansion tactics
Milestones and metrics
Essential facts and figures
The GPS is where data collection really shines. Business plans are often theoretic and hypothetical, explanations of the why’s, when’s and where’s. Growth plans address the actual steps needed to keep up with the theoretic, hypotheticals.