Acceleration is the name we give to any process where the Velocity changes, sounds complicated?
Since velocity is a speed and a direction, there are only two ways for you to accelerate: change your speed or change your direction—or change both.
Business Growth plans are short-term strategies to detail the growth plan you have for your business.
They highlight the growth you are planning for your business according to annual quarters.
This makes it easy for your management team to analyze the growth and understand which strategies have performed as planned.
Business growth plans can be used for individual departments or the whole company.
The main purpose of a business growth plan is to create a roadmap for your investor, internal or external so that they can see what your plans are for increasing revenue and profits.
There are 4 major Growth Strategies for businesses:
1) Market Penetration Strategy – the market strategy is aimed at penetrating your current markets with your current product offering.
You want to leverage your current offerings to increase the market reach of your business; essentially increasing the revenue from your current base.
2) Development Strategy – this aims to break into new markets with your current offerings.
Using the Insights from the Market Strategy you can apply this data to new markets to expand into new customers.
3) Product Strategy – Product development can also bring in new untapped revenue from your customer base.
You have significant Data on your current customers and you can use this data to develop new products to facilitate increased revenue for your customers.
4) Diversification Strategy – this refers to growing your products and target markets.
Extremely effective in smaller companies due to their flexibility and versatility.
As with any business plan process you need to take your investors on the journey from concept to completion.
Ask yourself the following Top 10 key Insights Questions to help you uncover your next Growth Strategy Plan:
1. What is your company’s vision and does it impact your growth plan?
2. What lessons could you learn from previous strategies that gave you success?
3. How much do you want to increase Revenue for the growth period?
4. How does the Market impact and growth of competitors influence your Growth Plans?
5. What has been effective marketing in previous growth periods?
6. Performance of current marketing plans vs your proposed marketing plan?
7. What new market do you intend on reaching with your marketing plan?
8. How much funding do you need for your growth plan and what is the expected ROI?
9. Where will the funding come from? Internal or external sources? Cost of finance?
10. Do you need new staff or can you use current staff? Talent? Teamwork?
Many successful small businesses reach a stage in their evolution where it becomes apparent that the business has the potential to Grow at a much Faster pace.
Once you define an inspirational vision of where the company is going and set the standards for how your company acts, you can hire additional talented and passionate employees to help drive your business to the next level.
Finding the right mix of employees to take initiative with decisions and to brainstorm new ideas, processes, and solutions will help the company grow from within.
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