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To be truly successful in business, one must look ahead and plan for growth. To help with that process, business growth plans should be written, which establish a timeline for the next year or two on how to increase revenue. And if you wan to start a tax prep business, it would be advisable to contact professionals.

What is a business growth plan?

A business growth plan is an outline for where a company sees itself in the next one to two years. The growth plan should be formatted to follow along with each quarter. At the end of each quarter, met and missed goals can be reviewed, at which point, management can revise the plan to reflect present market standing.

What are the major growth strategies?

There are countless growth strategies for businesses, but only four major types. With these growth strategies, you can determine how to build on your brand:

1. Market strategy: A market strategy refers to how you plan to penetrate your target clientele. This type of strategy isn’t intended for entering a new market or creating new products and services to boost your market share; it’s about leveraging your current offerings. For instance, can you adjust your pricing? Should you launch a new marketing campaign?

2. Development: This strategy means looking into ways to break your products and services into a new market. If you can’t find the growth you want in the current market, a goal could be to expand to a new market.

3. Product strategy: Also known as ‘product development’, this strategy focuses on what new products and services you can target to your current market. How can you grow your business without entering new markets? What are your customers asking for?

4. Diversification: Diversification means expanding both your products and target markets. This strategy is usually best for smaller companies that have the means to be versatile with the products or services they offer and what new markets they attempt to penetrate.

What to include in a business growth plan?

A business growth plan focuses specifically on expansion and how you’re going to achieve it. Creating a useful plan takes time, but the effort can pay off substantially by keeping your growth efforts on track. You should include these elements in your growth plan:

• A description of expansion opportunities

• Financial goals broken down by quarter and year

• A marketing plan of how you will achieve growth

• A financial plan to determine what capital is accessible during growth

• A breakdown of your company’s staffing needs and responsibilities

If your business has grown over a number of departments, each with its own goals and objectives, you may need to draw up a more refined business plan.

The individual business plans of the departments will need to be integrated into a single plan for the entire company. This can be a complex exercise but it’s hugely important for consistency purposes. This is not just an issue for large companies – many small ones consist of separate business units following different strategies. It may seem obvious, but make sure all arms of the company are utilising the same planning template.

Emphasis on Targets and Objectives

A successful business plan should incorporate a set of targets and objectives, achievable using SMART objectives or targets, i.e., Specific, Measurable, Achievable, Realistic and Timely.

Targets help everyone within a business understand what they need to achieve and when they need to achieve it. You can monitor the performance of employees, teams or a new product or service by using appropriate performance indicators. These can be:

• sales or profit figures over a given period;

• milestones in new product development;

• productivity benchmarks for individual team members; or

• market-share statistics.

Targets make it clearer for individual employees to see where they fit within an organisation and what they need to do to help the business meet its objectives. Setting clear objectives and targets and closely monitoring their delivery can make the development of your business more effective. Targets and objectives should also form a key part of employee appraisals, as a means of objectively addressing individuals’ progress.

Whatever your vision is for the new year, make sure to set some time aside and write that business plan for growth, and if you need any professional advice doing it, just get in touch with us!

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Eran Shay Managing Director, Benefit Business Solutions Ltd. With over 20 years’ experience in the world of Finance, Eran specialises in helping companies grow in innovative ways. Eran has ample experience in the fields of Corporate Finance, Regulatory Advisory, Business & Strategic Planning, Valuations and Transaction Support and his focus on technology means he keeps in touch with innovative companies in a variety of sectors. Ayelet Mamo Shay Co-Founder & Business Development Director, Benefit Business Solutions Ltd. Ayelet specialises in online and offline marketing, sales, and PR. She is the author of the successful novel “Relocation Darling, Relocation!” and provides relocation consulting and personal coaching. A busy entrepreneur, Ayelet also serves as Chairwoman of the Gibraltar-Israel Chamber of Commerce.