Business growth plans are short-term outlines 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, the company can review what goals were met and what goals were missed during that period. At this point, management can revise the business growth plan to reflect current market standing. A business growth plan is beneficial to a company as a whole, but the main purpose is to write it with investors in mind. Investors want an outline of how your company plans to build sales in the coming months. Growth plans are customizable to each business and don't need to follow a set template. However, all business growth plans must be heavily focused on revenue. The plan should answer a simple question: How does your company plan to make money each quarter?
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Facilitate and speed up expansion with a clear roadmap
Business growth plans provide a timeline for the next one to two years on how revenue can increase. Follow these plans methodically.
There are four major types of business growth strategies: market strategy, development strategy, diversification and product strategy.
Studying and researching other business growth plans is essential to develop an effective one for your own investors to build trust.
What are the four major growth strategies?
There are countless of growth strategies for businesses, but only four major types. With these growth strategies, you can determine how to build on your brand.
Market strategy
A market strategy refers to how you plan to penetrate your target clientele. This type of strategy isn't intended to enter a new market or create new products/services to boost market shares. Instead, you want to leverage your current offerings. Can pricing be adjusted? Should a new marketing campaign be launched?
Product strategy
This stage is also referred to as product development. For this strategy, the focus is on what new products and services to target your current market. How can you grow your business without entering new markets? What are your customers asking for? How do you compete with existing products?
Diversification
Diversification refers to expanding both your products and target markets. This strategy is usually best for smaller companies who have the means to be versatile with what products/services they offer and what new markets they attempt to penetrate.
Development
This strategy applies to looking into ways to break your products and services into a new market. If you can't find the growth desired in the current market, a goal could be to expand to a new market. You can always provide better services.
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