Planning is the golden key to any business. Hence, it is imperative that you must review your current business performance on a regular basis to identify the most likely areas for your business growth.Nearly 60% of organizations expect to increase IT spending in 2019. And it remains the same in 2020 - Super Office Click To Tweet
This is because, once your progress in the key growth areas of your business is identified, you can revisit your business growth plan, make it a road map to the next successive stages, and grow your business to the next level.
Therefore, this concise guide explains how you can change your business from a ‘one-off’ printed document into a lively enterprise that will help your business to carry on and thrive in this competitive world.
The Need for Ongoing Business Planning
Ongoing business planning for your brand’s growth means that you need to monitor whether you are successfully achieving your company’s objectives on a day-to-day, monthly, or quarterly basis.
Business growth plan can be used as a tool for identifying where you stand now and in which direction you want to grow your business in the days to come.
Planning also ensures that you meet up with certain predefined key targets and is able to manage business priorities for your company’s growth.
Adopting, a continuous and regular business planning cycle maximizes your chances for success. However, you must at all times keep your business plan up to date. It is worthwhile stating over here that your plan should also include conducting regular business planning meetings involving key people in your company.
It is only by regularly assessing your SMB businesses’ performance against the targets you have set for yourself in your business growth plan; you are more likely to meet your desired objectives. Furthermore, doing this exercise can also act as a sign-post as to where and why you and your employees are going astray.
This assessment of your progress every three to six months will even help you in conducting discussions with investors, banks, and potential buyers of your products or services.
Moreover, regular review of business objectives is indeed a good vehicle for defining your businesses’ purpose and illustrating your commitment to employees, customers, and suppliers.
Next, once by following your business growth plan if you are capable of growing your business to encompass a series of departments and divisions within your organization, draw up a more sophisticated business plan, whereby you should render each division and departments with its own target and objectives.
Although it is a complex exercise, nevertheless it is vital that although each business units in your organization must tread different growth path, and their individual business plans should integrate into a single strategy which you have documented for your entire organization.
Hence, it is important for each department in your organization to feel that they are stakeholders in your overall business plan and they should remain clear on how their individual departmental plans fit in with that of the wider organizational growth.
Lastly, it is also important to be clear on how you will allocate your resources to make your strategy work, especially if you are an SMB or a start-up.
For this, you can buy an easy to use CRM which is one of the best business growth technology and tools that can help you in planning your business by measuring the different KPIs that are needed for evaluating marketing, sales and support metrics for the growth of your brand.
To conclude, here is a list of some of the key questions that your business growth plan should answer, which includes:
1. What is unique about your business and is it protected?
2. What are the buyer personas who will buy your product and services and why?
3. What will it cost to deliver and how much you will take to sell your products or services?
4. Which are your competitors, and how you are going to tackle them?
5. When will your business start generating income and when it will break even?
Always remember that a business plan is one of the most vital planning tools as it provides a solid foundation for building a successful company.
Therefore, if you have been putting off or have not updated your business plan for the last couple of months, buy CRM for your business and carve out a few hours this month, we can promise as one of the leading vendors of small business CRM software solutions that you will definitely finish the exercise with more confidence and clarity about the future of your business.