Create Your Business Growth Plan-Overview
Running and growing your business isn’t easy. All too often, we get caught-up in the day-to-day operations, focussing on our current priorities, problems, and issues.
Your success will depend on maintaining your focus on your big picture objectives and desires.
Many successful Business Owners and CEO’s have created a “Business Growth Plan” that provides a timeline for your business for the next two years; documenting how revenue and profits must grow to achieve your targets.
Your 2 year “business growth plan” is an outline for where and how you see your company growing over the next two years.
Every business and every industry have unique characteristics, so there is no “One-size-fits-all” strategy or plan.
Your “business growth plan” should be customised for your business, products or services, location, industry, geographic location, target locations, competition, market size etc.
A “Small Business” Growth Strategy and Plan will usually be much simpler to create, than for a larger business.
But you will still need to thoroughly research all options, to make sure you are clear on the positives, negatives, risks & rewards of each option.
Many businesses choose to outsource managing this process to a suitably skilled & experienced business consultant.
Your business growth plan is much more than a pitch for financing, it’s your roadmap from which you will manage and operate your business and refer to for direction in times of doubt.
It should clearly lay out the milestones that are most important to the ongoing success of your business.
Identify options available-selecting your most attractive options.
So, based on a growth strategy of constantly adding value for your existing customers, and attracting your ideal new customers, there are numerous ways to grow your business, including:
- Creating new products or services your customers need, or would benefit from, then marketing & selling to them.
- Developing and implementing a pricing strategy to maximise sustainable profits.
- Increasing your lead closure rate to increase revenue and profit.
- Marketing to and building strong ongoing relationships with your existing customers.
- Investing in marketing to increase brand awareness and attract potential new customers.
- Widening your geographic areas of activity by setting-up your business from scratch in new locations (States or Countries), or by strategic acquisition of an existing business.
- Selling online through an eCommerce Store-if you offer a range of products.
- A combination of some or all the above.
These days, your business exists in an incredibly dynamic and ever-changing environment with technology and uncertainty being key driving factors.
You need to be prepared for these things, so start by thinking about your growth strategy, all the options listed above, and more, whilst at the same time, your CFO should be making sure you’re optimising your gross margins and ongoing sales & administrative expenses.
The combination of all these factors must be optimised to ensure that you achieve or exceed target Earnings Before Interest and Tax (EBIT) in your growth plan.
Other Resources and facilities required to grow your business.
You will potentially need additional resources:
- Cash to fund Growth, potentially including acquisitions,
- Production and storage capacity,
- Advanced machinery to reduce unit cost of production,
- People: Building and retaining your team, and
- Systems–To what extent are your current systems scalable?
In the program we will also work with you to create or fine-tune the key processes that your business success depends on.
In addition to:
Creating Your Strategic Plan, and Your Customised “Business Growth Plan”
We cover the following processes in detail.
- Embedding a Growth Mindset for Success in you and your people
- Your Asset Protection Strategy & Business Structure
- Product and Pricing Strategy
- Your People-Building and Retaining Your Team
- Funding Options For Your Business Growth Plan
- Optimising Financial Control and reporting in Your Business
- Planning Your Exit Strategy
Without these processes your strategic and business plans are doomed to fail
Marketing Strategy for growth-digital marketing has changed everything
Marketing is key to growth. It’s about getting people to want to do business with you.
If you are looking to grow your business, chances are, you have already established a customer base by identifying your ideal customers and industries, creating products or services they need & marketing & selling to them.
If you are just getting started, this involves two simple steps
- figuring out who your ideal customer is? Who’s the customer that’s going to want your products or services and refer the most business & become a long-term client, not just a customer? and
- keep finding new ways to add value to meet their needs, and never stop marketing to them.
Marketing is probably the most important thing to get right in your business.
Businesses with great marketing will almost always outperform a brilliant strategy with poor marketing.
Most SME’s will not have the expertise to do this for themselves so, at least initially, you will need to work with someone, probably an agency, who specialises in digital marketing and can make it work for you.
For B2B. and B2C businesses, LinkedIn is a very powerful platform to use to attract your ideal customers.
Selling online through an eCommerce Store.
Whilst this channel has been growing steadily over the years, the impact of the Covid-19 pandemic from March 2020, which made in-store shopping for all but essential products and services impossible, resulted in a massive leap in demand for shopping online.
It now seems certain that the trend to eCommerce is likely to continue in the Post Covet-19 New Normal Era. If your products can be sold online, you need to give this option careful consideration. You can be sure your competitors will be doing the same thing
Customer Experience is equally important
Focussing on all the stages of the “Customer Experience”, not just sales and marketing, is as important as your sales and marketing strategies.
This means ensuring that the experience the customer has, during the whole customer life cycle, is as good as it was during their sales and marketing phase.
Most businesses reward customer acquisition over retention, in spite of evidence to suggest that the cost of acquiring a new customer is 6 to 7 times more than retaining an existing customer.
Funding to Grow Your Business
If you are serious about growing your business – unless you are fortunate enough to have a substantial amount of cash or liquid assets available to fund your business, you’ll have to embrace funding.
It doesn’t matter whether it’s for new premises, new equipment, or new staff, there is no way to pay for it all yourself. So, most successful business has sought funding at some point during their growth phase.
In this overview, I have outlined the key elements that will be to be involved in creating and implementing your customised Business Growth Plan. But in practice, there is much more to it.
That’s why I created my “Business Growth Plan” program
This program will provide you with all the knowledge, skills, and information you will need to Create and Implement your Customised Business Growth Plan, with clear goals to achieve for your Business and to fulfil your Personal Goals and Desires.
The program is unique in that your coach will not only work with you step-by-step to create your Business Growth Plan, they will also be available to continue to work with you and be there to support you during the Implementation phase and beyond.
Your Next Step
If you would like more details about how to create your Customised Business Growth Plan, to grow your business to a new level, you can request a Free 20-30 minute Strategy call with me by clicking on the link below:
You will receive an email confirmation and a reminder from my booking system prior to the meeting.
Or alternatively, message me in LinkedIn, or just send me a text message with heading “Business Growth Plan”, and your first name, and I will call you back within 24 hours to arrange a time for an initial chat.
My mobile number is 0418 277 137