Want to see your business grow quickly? Create and share a growth plan.
According to our 2019 study1 of 515 small businesses, the fastest growing companies are 1.5 times more likely to have created and shared a growth plan. The acts of thinking through your plan, committing to your goals, and creating advocates can help you turn your growth plan into real business results.
Don’t confuse a growth plan with a business plan. A business plan documents every aspect of your business—from research and development to financing and operations. A growth plan outlines how your business will grow—including goals, strategies, and immediate next steps.
Here are four steps to get started.
1. Set growth goals.
Stated growth goals—with clear targets—show your commitment to growth and make you accountable. Your goals should be aggressive but realistic. So take the time to get them right.
2. Select a growth strategy.
This is your plan for how you are going to grow. It sets your growth plan into action. Think through all the paths toward growth and make choices about which to pursue. Your strategy might include things like marketing to profitable niches, building an online/social media presence, or developing new products or markets.
3. Define your next steps.
These are the detailed to-dos that can make or break your plan. Writing out your next steps will keep you on track and expose any gaps in your plan. Focus on staff and resource requirements, so you’ll be ready when your business starts to ramp up. And remember that growth may require more working capital—so be sure to include securing access to growth capital to avoid shortfalls.
4. Share your growth plan.
The more people you talk to about your growth plan, the more likely you’ll reach your goals. Our study showed that high-growth companies are twice as likely to have shared their plan with 15 or more people. And they often benefit from their ideas, referrals, and support.
Get your business growing.
Talk with us about your plans. We can help you find ways to make your plan a reality.