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Business Growth Plan Template

 

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If you want your business to be growing and flourishing, you need to develop and implement a business growth plan. This plan may include formulas and stages that help you clearly set objectives and ways to put theory into practice. The Business Growth Checklist offers you tips to advance your business


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  1. Considering growth opportunities
  • Innovation is a real catalyst to the growth of your business. When you implement innovative solutions, you can dynamically create new products and improve existing services. Innovation can also help you in adapting your business to the marketplace.
  • Online business expansion is one the most important factors to expand your local business into an international company. Online technologies help you introduce new solutions and achieve better efficiency. Internet will let you read resources and discuss your ideas with the most trustworthy experts and consulting companies.
  • Exporting is a promising way to grow your business as you can expand your market overseas and get bigger profits. At the same time exporting entails higher risks and problems, so you should carefully plan and prove your business expansion to overseas markets.
  • Importing becomes a real opportunity to grow your business. Before you start importing goods, you need to make sure your goods don't carry special restrictions and you have got all permits.
  • Franchising is one of the greatest strategies. It allows getting a ready-to-use style of business and selling products or services for a period of time.
  • Government tenders and contracts become great growth opportunities for your business since you can participate in tenders, win contracts, and get government benefits that will stimulate the growth of your business.
  • Grants and financial assistance which are provided by government will help you make investments in a range of activities to grow your business.
  1. Managing finances and finding capital during growth
    • Create a breakdown of quarterly and yearly financial goals of your business.
    • Set priorities for financing costs and entries in your balance sheet.
    • Create chart where you can track financing costs and funding.
    • Improve your financial situation by seeking professional advice, introducing innovative systems, and organizing financial training for you and your staff members.
    • Obtain additional sources for growth considering the following:
      • Loans from banks or other financial institutions.
      • Your own savings.
      • Angel investors which are ready to finance your business.
      • Joint venture as an opportunity to find partners who encourage your efforts.
      • Shared ownership or equity (when you can share your profits with investors).
      • Government funding as an opportunity to receive financial support for various activities, such as innovating and exporting, research and development, etc.
  1. Increasing your market share
  • Conduct audit of existing and potential customers. Find out who your core customers are and how to retain them. You should also consider how to attract potential customer groups.
  • Run competitor audit. Review what products and services your competitors offer and how well they do it. Consider if you should sell the same products or services and whether you need to use the same sales techniques as your rivals do to promote your services or products.
  • Create a point of difference. Does your business have a unique point of sales or unique delivery services or anything else that makes your business outstanding? You should consider introducing something that will help make your business unique, attract prospects and make existing customers more loyal.
  • Communication and feedback. The way how you communicate with your customers and how you use their feedback will determine your success on the market ...


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