How to create a growth plan for your business: 5 steps

[Jada Trade]

No matter how comfortable your business is, sooner or later all entrepreneurs face the need to expand their business. In this sense, developing a business growth plan is essential to support strategic decisions and achieve more success.

 

This planning goes beyond noting the entrepreneur's wishes. It serves to make sure that certain work and investment will be worthwhile. From it, short, medium and long term goals are created. After all, good planning is not only interesting for growth, but also to avoid, or prepare to face, possible challenges and adversities.

 

If you have no idea where to start, don't worry. In this article we will explain to you what a growth plan is , what the importance of having a well-structured plan and what are the 5 fundamental steps for building good planning.

 

Keep up with us!

 

What is a growth plan?

 

For a venture to be successful, growth must happen in an orderly manner. Otherwise, antagonistic goals may arise that hinder growth and may cause the company to have difficulties.

 

Planning will demonstrate whether the entrepreneur's goals and desires are feasible. So creating a plan is, basically, taking a paper and a pen and running from all the desires, the possible ways to achieve them and the risks to be avoided.

 

You can look for two types of growth: organic and fusion. The first refers to the model where the company grows thanks to its own actions. The merger method is when the company joins forces with other ventures.

 

In addition to this second, normally, it is more unlikely, growing on your own usually generates credibility within the market , so companies are looking for organic growth.

 

Whatever the type of growth defined, planning is an essential step for the success of your company or project.

 

Unlike a well-structured growth plan

 

Large companies use good planning to avoid being left behind by the arrival of new competitors. It is necessary to innovate to direct your business to where the public is moving.

 

There are several examples of great market names who did not understand the trends and consequently made mistakes in their positioning and direction, falling into irrelevance. If we mention Kodak and Blockbuster, I think you understand what we're talking about, don't you?

 

Therefore, even if you are satisfied with the progress of your business at this moment, you must always be alert to the development of the market, and how it can reach you.

 

5 important steps

 

For that, we have separated 5 important steps to develop a growth plan that speaks to the needs of your Business Consultant in UAE.

 

Know your audience

 

You must know your audience. Therefore, the first question that must be asked is: who do we want and who can we reach?

 

It seems obvious when we keep repeating it. But this is where many companies make mistakes. You cannot try to sell something to someone who is not willing to buy. So, skip the basic audience definitions, search for detailed information.

 

This information can be found through questionnaires, interviews, competition analysis, among others. They will tell you if your business is moving in the right direction.

 

Discover the market moment

 

Analyzing the market is perhaps the most important step of all. After discovering your audience, you should seek to find out who your suppliers, your competitors, products and services are.

 

Know your differential. What you are best at and what you are worse at than your competitors. What are they doing to stay in the market?

 

Also investigate the financial moment of your place, country, states and city and how much your context allows investments. Avoid missteps. It is necessary to know if the market you are in is parked, falling or growing.

 

Invest in your employees

 

A company cannot grow without the help of its employees. Therefore, they need to feel motivated to contribute to the growth of the business.

 

Employees who grow together with the company, ensure an understanding of what it takes to continue growing. Invest in training programs that target specific training as needs are met.

 

Happier, more confident employees are more productive. So, create mechanisms to keep them engaged.

 

Define the strategic objective and goals

 

The strategic objective refers to the premise responsible for defining all actions. A good tip is to start the key phrase with a verb and then a number. For example: open three more units.

 

Realize, all actions will be directed towards this objective. So be careful, don't set a goal outside of reality. In fact, it is to avoid this that we have another four steps in this article. They will tell you what is possible and why to pursue this goal.

 

And finally, don't confuse goals with goals. Goals and actions are important steps towards achieving the goal.

 

Let's say it was found that to be able to open three more units, it is necessary that the sales sector increase profit by 25%. Opening three units is the goal, increasing profit is a way to do it, so it is a goal.

 

Once goals are established, you can create actions. To achieve these goals, what can we do?

 

Keep financial planning up to date

 

In order for you to grow, you need to have money to invest. After you have made a diagnosis of the external financial situation, analyze the internal situation.

 

To do this, keep your cash flow organized, and based on his information, project the future. Determine what your priorities will be, and align your finances with the goals you set.

 

Read also: Are you looking for Auditors in Dubai

                                                                           

As we have seen, planning is an essential part of EVERY moment in an enterprise. In this case, taking a step forward towards growing or repositioning your company in the market is as challenging and risky as the very moment of opening the business, so any study, preparation and anticipation of risks are welcome and essential for succeed!