4 Reasons Every Small Business Needs A Growth Plan
By admin
Every business owner wants to grow their business, but most of them lack a growth plan.
Growing a business is hard work. It requires time, effort and capital.
And the best way to succeed and up your chances of success is to create a clear picture of what that growth looks like and how you intend to get there.
This is what a growth plan does for your business. It is like a map that guides your business to achieve the kind of growth it wants when it wants.
It reduces the chances of your business repeating fatal mistakes and taking on unnecessary risks.
Not only that, but it makes it more likely that your business will identify and take advantage of opportunities for growth available to it.
And the best part, it does not have to be some formal document with so many pages, it can be a rough sketch that contains important aspects of your plan.
Elements of A Growth Plan
Elements of a typical growth plan include:
- A description of your growth goals and opportunities
- Financial plan on how your business would fund growth
- A description of your marketing plan and how it would contribute to achieving your growth.
- Breakdown of what your business needs to achieve growth and action steps to close the gap.
4 Reasons Small Businesses Need A Growth Plan
Here are Four (4) reasons why your business needs a growth plan:
1. Accelerated Growth
Without a growth plan, many businesses suffer from wasted efforts, misdirected steps and ultimately delayed growth.
Creating a growth plan ensures that your entire team is on the same page regarding your growth objectives, how you plan to achieve that growth, and what their roles and contributions are to that growth.
As a result, missteps and wasted efforts are reduced and the business can reach its growth goals faster.
2. Helps Set Realistic Growth Goals
A growth plan helps small businesses to set realistic goals for growth.
There are cases where business owners arbitrarily set growth goals without evaluating the state of their business.
This often leads to the business’s inability to meet its goals.
Growth plans require businesses to evaluate their ability to achieve growth goals and any gaps that might hinder them.
When they can’t meet those needs, they review their goals and set more realistic ones.
3. Creates Room For Accountability
Usually, when businesses review their growth plans at the end of a quarter or a year, they can narrow down individual and departmental contributions to growth, highlight where they failed to meet, ask for feedback, and provide recommendations to ensure that they perform better in the future.
Instead of the typical blame trading that results in less-than-productive results.
4. Clarity of Growth
A growth plan paints a very clear picture of where the business wants to be, how and when.
This eliminates any misunderstandings. Anyone can understand it because it is communicated in simple and clear terms.
If you need help creating a growth plan for your small business, contact Mr Ted Iwere today!!!
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Photo by Isaac Smith on Unsplash
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