Monday, 23 July 2018

Information and commentary for the small business banking industry

Why growth strategy plans are important

31 Aug

Creating a long term growth strategy – especially when deciding at what times to grow a business – will help business owners take advantages of opportunities and plan ahead.

The first and most important step is to identify growth goals. Are there booms in their industry they can take advantage of now, or do they see a recession coming they want to plan for? Are they going to focus on growing revenue, or expanding into new markets and developing new products and services? Effective goal planning gives them direction and momentum.

Research may identify multiple opportunities for growing their business. So the next step is to confirm whether have the resources – skills, staff, production facilities, sales, marketing, financing – to pursue them. It’s also a good idea to look at the competition and see how they’re faring.

Once they’ve identified the opportunities they want to go after, research can be used to plan growth quarter by quarter. Schedule business investments to ensure the required resources are in place when they’re needed, like financing, or equipment and production space. Success benchmarks will help track progress, so that both growth targets and progress can be adjusted.

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