If I were to ask you today how you would define your business growth what would you say? Would you know where you were going and what you wanted to achieve?
Your business growth plan is as unique as you are. You might all start with a template on which to plot your journey however the outcome, even if there are others in your chosen field, will be as individual as you are. Whether your business is still an idea or has been established for a while it helps to plan your goals. In order to create a Business Growth Plan you’ll need to identify your definition of growth and how you will measure success.
Below are some tips to help you identify your business growth strategy:
- Identify what you are selling – this is vital, even if you have been trading for a while, sometimes we change course without identifying why we did so and what we’ve achieved since then. Once you are absolutely clear on what you are providing you will be able to work out the viability of your business.
- Identify your ideal client – in the ideal world everyone would need or want your service/ product however in reality you may have a small potential client base. It makes sense to target your energies towards these.
- Identify your ideal marketing strategy – where would you find your ideal client? You will need to identify where your ideal client ‘hangs out’. Organise your marketing strategy to consider whether your ideal client is primarily online or whether they can attend events. You will need to carry out some research to identify this however be careful that you don’t narrow your search so much that you miss opportunities to meet valuable contacts. The purpose of making the contact is to nurture and grow a mutually beneficial working relationship- go for longevity rather than a quick win.
- Identify your marketing strategy budget – if you don’t identify this at the start you may run out of money before you have any new clients! Be realistic in your budget. You will also need to take time into account when you plan your marketing strategy, the time you are working on your strategy is non billable time and time that you won’t get back, once it’s gone it’s gone! The budget needs to include all costs.
- Identity where do you want to be & by when – once you’ve set your budget you will know how much money you have to help you grow your business. If you have no money to spare it doesn’t mean that you can’t grow your business, there are several ways to market your business without using external or costly resources.
- Stay positive! It’s easy to look at it all on paper and think of the seemingly overwhelming tasks ahead, if you identify your growth plan you can break it into manageable segments.
- Keep it simple – it doesn’t need to be complex and it’s for you, no one else.
- Set goals and a timetable for achieving them.