Creating a business growth plan is in many ways as important as the original business plan. Depending on your ambitions you may in many ways be taking on even more risk than what you did originally, only this time you may have a much better idea of what to expect in the market. A advanced business software package will be equipped for this and you may very well be able to upload your original business plan and find suggestions and alternatives on where to go next, what resources you may need, how long such a strategy may take and what the risks involved may be..
Planning is key to any business throughout its existence. Every successful business regularly reviews its business plan to ensure it continues to meet its needs and responds to variations in the market, the economy, its customer base, etc. It's sensible to review your current performance on a regular basis and identify the most likely strategies for growth.
Once you have reviewed your progress and identified the key growth areas that you want to target, it's time to revisit your business plan and make it a road map to the next stages for your business.
This guide explains how you can turn your business plan from a static, 'one-off' document into a dynamic template that will help your business both survive and thrive.
The importance of ongoing business planning
Most potential investors or lenders will want to see a business plan before they consider funding your business. Although many businesses are tempted to use their business plans solely for this purpose, a good plan should set the course of a business over its lifespan.
A business plan plays a key role in allocating resources throughout a business. It is a tool that can help you attract new funds or that you can use as a strategy document. A good business plan shows how you would use the bank loan or investment you are asking for. See our guide on how to use your business plan to get funding.
Ongoing business planning means that you can monitor whether you are achieving your business objectives. A business plan can be used as a tool to identify where you are now and in which direction you wish your business to grow. A business plan will also ensure that you meet certain key targets and manage business priorities.
You can maximise your chances of success by adopting a continuous and regular business planning cycle that keeps the plan up to date. This should include regular business planning meetings which involve key people from the business.
To find out more, see our guides on how to review your business performance and how to assess your options for growth.
If you regularly assess your performance against the plans and targets you have set, you are more likely to meet your objectives. Doing this can also signpost where and why you're going astray. Many businesses choose to assess progress every three or six months.
The assessment will also help you in discussions with banks, investors and even potential buyers of your business. Regular review is a good vehicle for showing direction and commitment to employees, customers and suppliers.
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