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What is a business growth plan?

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?

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.

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?

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.

Writing a growth plan is very similar to writing a business plan

However, a 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. A growth plan includes:

► A description of expansion opportunities.
► Financial goals broken down quarterly and yearly.
► A marketing plan of how you will achieve growth.
► A financial plan to determine what capital is accessible during growths.
► A breakdown of your company's staffing needs and responsibilities.

► Step-1

Think ahead.

The future is always unpredictable, but if you study your target market, your competition and the past growth of your company, you can plan for future expansion. The Small Business Administration (SBA) features a comprehensive guide to writing a business plan for growth.

► Step-2

Study other growth plans.

Before you start writing, review models from some successful companies.

► Step-3

Discover opportunities for growth.

With some homework, you can determine if your expansion opportunities lie in creating new products, adding more services, targeting a new market, opening new locations or going global, among others. Once you've identified your best options for growth, include them in your plan.

► Step-4

Evaluate your team.

Your plan should include an assessment of your employees and a look at staffing requirements to meet your growth objectives. By assessing your own skills and those of your employees, you can determine how much growth can be accomplished with your present team. In addition, you'll know when to start hiring additional people and what skill sets to look for in those new hires.

► Step-5

Find the capital.

Include detailed information on how you will fund expansion. Business.gov offers a guide on how to prepare your request for funding as well as how to connect with SBA lenders.

► Step-6

Get the word out.

Growing your business requires a targeted marketing effort. Be sure to outline how you will effectively market your business to encourage growth and how your marketing efforts will evolve as you grow.

► Step-7

Ask for help.

Getting help from other business owners who have had success in growing a business can be the ultimate tool in writing your growth plan.

► Step-8

Start writing.

Business plan software has streamlined the growth plan process. Most software programs are geared to business plans, but you can modify them to create a plan that focuses on growth.

Review and revise your growth plan often.
Share your growth plan with key employees as a motivator. When employees see opportunity for increased responsibility and corresponding compensation, they're more likely to stay.
Your growth plan should also include an assessment of your operating systems and computer networks to determine if they can accommodate growth.

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Our 'Agency as Staff' Approach

Our business model is unique. We’re not just another stand-alone agency offering typical services to clients. Instead, we effectively and seamlessly engage with your company as if we were an extension of your staff.

We take a one-to-one approach

Our business is built upon our culture of long-term relationship building. We work with you to deliver value On a consistent and ongoing basis. As a result, we have the joy of experiencing a trusted partnership with each client.

We produce results

Ultimately, we know what matters to your bottom line. We work with you to develop your strategy, set KPIs and ensure that we meet your goals. Sterling Kilgore’s clients have come to expect exceptional results–and that’s what they get.

We understand how you work

We understand budgets, deadlines and, most importantly, the need to deliver an exceptional return on your investment. We have the ability to work effectively with marketing and sales staff and integrate seamlessly into your unique company culture.

We know B2B and more

With years serving premier B2B clients, we know what works and we know what will waste your time and money. In today’s digitally connected world, traditional avenues of communication for B2B aren’t enough. B2B and B2C are converging and marketing to individuals is the new norm.

We have a great team

Our in-house talent represents a balanced mix of agency and enterprise experience with diverse backgrounds, including large agency public relations, social media, corporate communications, journalism, law, nonprofit and software development.

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Frequently Asked Questions

Answer: That’s a common misconception. All companies, large and small, can benefit from planning for the longer term. It can help you weather today’s challenging markets, diversify and proactively pursue the best opportunities. Strategic planning doesn’t necessarily mean producing a big, highly detailed document. It can be done on a smaller scale at a reasonable cost for businesses of any size.

Answer: Taking the time to work on your business instead of in your business will pay big dividends, including helping you be less swamped day to day. A strategic plan can help you focus on important issues, make decisions, delegate, reduce errors and not waste so much time putting out fires.

Answer: Planning for your business may lead to changes in your company, but they will most likely be positive changes. The end result should be better decision making, wiser use of resources and improved growth and profit margins.
Also remember that change will happen anyway, regardless of whether you develop a business strategy. A plan will help you anticipate change and focus on the best opportunities, rather than reacting and letting change take you by surprise.

Answer: Planning is needed precisely because the future is uncertain. The information you have today can be used to make reasonable forecasts of what the future might hold. Thinking about the future helps us plan what to do in various scenarios so we can be more ready for whatever it brings.

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