Laying down a firm foundation with clear and well articulated objectives is the key to success. It's not just about sound financial forecasting, but equally it's about the whole organisational infrastructure and the way you and your staff work. It's also about developing the right vision for the future, so that you're well placed to respond to ever-changing marketing conditions, so you're agile, versatile and competitive! It's important to develop processes to help you work in a time-efficient manner and to establish clearly defined roles and responsibilities to ensure there's no overlap and duplication.
While the concept of writing a strategic business plan may sound overwhelming, it's possible to construct a simple document that will provide the framework for growth, and allow you to grow without over-stretching yourself, physically, emotionally, and financially. We've worked with a number of clients over the past few years to help them define a strategic business plan, which delivers growth, or in other words - a strategy for growth.
A strategy for growth
As part of the planning process, it's vital to look at ways to expand your product or service offering both, through natural organic growth as well as a highly proactive and targeted approach. We can help you assess your strengths and weaknesses, figure out the best and most profitable parts of the business, and develop a strategy for growth that speaks to your core competencies.
As part of the initial business planning, it's necessary to ask some key questions about your objectives for the future, but this module is all about defining "where you want to be in the future," "what you want to be doing," and "how much of your time you're prepared to devote to it."
Throughout this process, it's crucially important to:
- Maintain existing relationships.
- Foster new relationships.
- Keep a record of testimonials from satisfied customers and clients for use in new marketing materials.
- Get referrals from satisfied customers as part of your expansion strategy.
Here are a few more useful tips
- Maximize the potential of your existing customers and contacts and communicate with them as often as possible.
- Invest in your staff. Keep them up-to-date with technology, and business tactics so they feel motivated and inspired.
- Do what you're best at doing - it's where the greatest profit comes from.
- Set realistic and specific goals, so you stand a chance of achieving them.
- Develop strong operating processes and procedures, so the business almost runs itself.
- Remain in control, so you can measure your success.