Four Sections to Include in a Business Growth Plan

When you start a business, it’s important to have some idea of where you’re going in terms of growth. Start-ups want to become small businesses and small businesses want to become more profitable, bigger businesses. Part of the way to accomplish these goals is to implement a business growth plan. This plan helps business owners strategize about how to make that necessary growth happen in the most effective way. Here are four areas of growth that should be included in your plan.

1. More sales to existing customers

If your business is off the ground at all, then you have a customer base already. One way to continue to grow the profits of your business is for those customers to buy more of the products or services you offer. Consider employing marketing strategies such as sales or promotions to entice customers to make larger purchases. In addition, come up with new and innovative ways for your products or services to be used. If a product serves more than one purpose, customers may want more of it.

2. Sales to new customers

One of the easiest ways to grow a business is to sell to more customers. You can obtain new customers in several ways. Consider advertising in different locations or offering referral bonuses to existing customers who bring in new ones. You may wish to increase the size of your sales force to get the word out about your products. However you choose to market your products, gaining new customers and retaining old ones is key to business growth and is an essential part of the business growth plan.

3. Development of new products

Another important aspect of a business growth plan is the development of new products. These products can be upgrades to things you already offer or complementary products to go alongside current ones. You could also branch out into a completely different area if it makes sense for your overall business strategy. Product development helps keep your business current and relevant to your customers and gives them an added incentive to revisit you in the future to see what new offerings you have. It’s an important part of any business growth plan and should be considered imperative if you wish to take your business from small to big.

4. Sales via different methods

Another vital part of a business growth plan is to increase the methods by which you get the word out about your products and by which your products are available. For example, if you currently have a storefront, you may want to consider adding an eCommerce site where customers can go to view and purchase your products. This might also involve opening multiple locations of your business or creating a team of salespeople to promote your products in different arenas. Whatever you choose, growth means becoming multidimensional.

Remember, running a business successfully does not need to be complicated.  Keep it simple!

For more information on business analysis, business planning, and ways to grow your small business profitably, please check out our website www.portalcfo.com.

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