Study the past successes of your company and use this to create new ideas for future achievements. Also, study your competition, the trends of your target market, and economical trends to forecast your growth plan.
Look over the business growth plans of various others companies that have seen great recent success in both your industry as well as other industries. Use their ideas as motivation to create your own development strategy, unique to your company and its employees.3
Determine where your expansion opportunities are. Figure out if you should open your company to new products or services, target a new market, physically expand your locations both at home and abroad, become more technologically user friendly, or any combination of such. Find where you want your company to go, and figure out the actions to get it there.4
Assess your current company employee's efficiency, abilities, and adaptability as well as your own. This will help you realize what you can or cannot do with your current staff, if you will need to hire supplemental staff and what skills they should attain, and/or what training will need be needed to move you in the desired direction of your development strategy.5
Assess your company's current technology and acknowledge any need for updating operating systems and computer networks to assist and adapt to the new developments.6
Create a thorough proposal on how you will raise excess capital to support the expansion. Begin with looking at the financial stability of your company as it is in its current state. Get an analysis of your business' finances and see if funding your development is possible with internal growth or if outside funding is necessary.7
Generate a high intensity marketing strategy that will catapult your new development efforts into the population's conscious. Include this in your business growth plan and especially focus on how your marketing efforts will continue and develop with the expansion of your company. The concentrated marketing will aid your new development strategy in taking the reins, demonstrating its effectiveness and the necessity of growth within the company.8
Collaborate with a business owner that has successfully expanded his or her company as you are trying to do. Advice from someone who has been in your position and has gotten to where you want to be is invaluable and should be a highly regarded method in your business development plan.Write your business growth plan. This should include the following:
- Explanation of development opportunities.
- Financial plans per each quarter as well as yearly.
- Marketing strategy you will utilize to accomplish said growth.
- Financial breakdown of internal or external capital and its accessibility throughout the development process.
- The company's employee breakdown of what will be needed, cut, and expanded including the new skill set necessary of each position.