Since the dawn of the pandemic, we’ve seen thousands of new businesses springing up, with new owners and entrepreneurs ready to hit the ground running with new ideas born from a time trapped indoors.
Recent studies reveal that over 375,000 new businesses began during lockdown – and this number is only increasing as we veer nearer towards the end of 2021.
So with this figure ever-expanding, we question what makes a business truly thrive?
In this article, we explore how to build a successful growth plan for your company.
What is a business growth plan?
A business plan is a written document that identifies your company objectives, strategies, and financial forecasts. It should also include sales and marketing budgets as well as any overarching goals that you wish to meet year on year, or month on month.
Why is a business plan required?
Without a structured plan in place, your business goals are simply that. Something you hope to achieve. Having a well-mapped out plan is what is key to making those goals a reality. A good business growth plan should clarify your business idea, identifying any potential obstacles and how to overcome them.
Can a business plan help with financial backing?
Absolutely! If you ever wish to secure investment or a loan from a bank, you’ll need a solid business plan. Most potential investors will want to see a business plan before they consider funding your business. There are many funding options, such as a business growth loan, which can help you on your way to cementing a successful business. Your business plan acts as a concrete piece of evidence on which lenders can base their decision as to whether investing in your company will prove to be a wise decision for them or not. Alongside this, your business plan will also come in handy when taking on new suppliers, clients and potential employees who you wish to support you.
What exactly should your business plan include?
While it’s important to keep in mind that every business plan is unique to each company, here are a few of the following that you can expect to see included:
– Sales and marketing objectives – such as how many new customers you wish to gain in the course of a year, how many you wish to retain, and how many sales you wish to close
– Financial information and forecasts – your predictions must be realistic and you should try to stick to set budgets wherever possible
– Operational information – such as where your business will be located, what equipment will be required in your office and who your suppliers will be
– Targets to be hit across each department of the business – ensuring that each target is time-stamped will help you to keep you on track throughout the business year