6 Vital Elements of a Business Growth Plan

A business growth plan is similar to a business plan but it outlines an existing company’s plans for growth instead of startup. It should provide not only a complete and accurate picture of how you plan to grow your business so that potential investors can make an informed decision whether or not to back you financially, it should also give you a road map to follow as you move your business forward. This means that you need to be organized, comprehensive and concise. As you write your business growth plan, don’t forget to include these six vital elements. Assessment of Personnel Include a complete evaluation of both teams and individuals. Provide an assessment of each employee’s knowledge, skills and abilities as well as their efficiency and proficiency. Note their adaptability and attitude to change. Do the same with your teams. The focus should be on efficiency and proficiency. This will highlight any gaps in personnel that you may have as well as additional training that existing employees may require. Assessment of Technology Take a hard look at the current technology within your company. Not any changes or gaps. If you are not technologically savvy, find someone who is and have them help you. Assess your computers. How old are the units? Are you using desk tops or lap tops? If you are using lap tops, do you use docking stations so that employees can easily disconnect and take computers home? Is your operating system outdated? Are there new software programs available that can track your sales better to keep employees’ time better? Does your networking need to be updated? Address these issues as well as the proposed solutions. Assessment of Expansion Opportunities Identify any opportunities for expansion. Assess possible scenarios for introducing new products or services. If you are planning on expanding by moving to a larger facility or opening an additional facility, provide a breakdown of possible locations as well as associated costs for each possible location. If you are planning to target a new market, provide detailed demographics on that market as well as proposed methods of reaching that market and projections for sales. If the growth involves an increase in production, provide all costs associated with the increase including equipment that will be required and additional personnel. The objective is to be as detailed as possible to provide as clear a picture of your growth as you can. Marketing Strategy Develop a marketing strategy that will get your business where you want it to be. Look at what you have done in the past, what you are currently and what you plan to do. Focus on all marketing growth and expansion that you plan to implement. You want to project a steady forward motion. You want to show that you will constantly be moving forward. Show how you will reach out to new markets and increase your customer base. Show the various methods you will use including internet marketing, media such as television, radio and print and signage or other forms of advertising. Discuss any marketing techniques you will use such as focus groups and seminars. This is a very important part of your growth plan so you want to make sure you cover all of your bases. Proposal for Raising Necessary Capital If you are going to be expanding your company in any way you are going to need additional capital to support it. Include in your growth plan a very thorough proposal detailing how you will raise the necessary capital to support your growth efforts. Assess the financial stability of your company as it stands then provide an analysis of your company’s financial status. Show increases in profit and explain any lulls or drops in revenue. Fully examine how much you will need and where it will allocated. Potential investors or lenders will be looking at this and you want to provide as much information and detail as possible so that they can have a complete and accurate picture of your company’s finances and will feel good about providing the funds for your growth. Historical Account of your Company’s Growth and SuccessrnThis provides a little background on where your company started and how it has grown. If you have enjoyed steady growth and success over several years, it can demonstrate a successful, thriving business. If your company has struggled, it can provide clarity in what not to do or other avenues to take. Cover all areas of your business including finances, production, personnel and leadership.