You need to be clear on the direction you want to go in with set goals in place. Are you wanting to increase profit? Do you want to expand into other locations? Start breaking down your plan into stages with smaller goals the business can reach within set time frames.
Develop an understanding of what stages in the plan investment will be needed so money can be ‘drip fed’ into the growth strategy. You must be adaptable and open to change, growing a business is a learning curve so you need to be prepared.
You need to spend money to make money. You will need to plan for continued investment throughout the business over time, depending on how big your growth plans are.
Will you be innovating in any way? Are you launching a new product or service? You need to keep watering the seed for the plant to grow.
Investments take time to measure, especially a return on investment and there will always be an element of risk, but, if you always do what you’ve always done, you will always get what you’ve always got.
You will need a robust infrastructure to support the business and your growth plans, so here are some things to consider:
Plans, Forecasts, Reports & Reviews, Modelling | Business continuity plans and risk management | Quality & compliance (where needed) | IT, Operational support | Accounts, Expenses & Processes | People: Hiring, Time management, Onboarding | People Structure: HR, Managers, Director| Work environment, Office space, Remote workers, Health & Safety.
Think about and plan for the technology you will need to have in place and/or develop. Plan for IT equipment for new employees and upgrades to systems and software.
IT Support may be required for your systems and employees. Will you have any employees working from home? Is there software you need to invest in for finance, HR, sales, or recruitment? Do you have a CRM in place?
Evaluate your relationship with your customers, how you are viewed and your customer service process. How do you rank? Do you have any reviews? Can you put anything in place to start receiving reviews or testimonials? Do you have customer loyalty and how do you typically try to retain your customers?
It’s an employee’s market at the moment, so you need to become an employer of choice, attract, and retain the right people to drive your business forward. How do you look after your employees? What benefits do you have in place? Look at internal progression plans, learning and development, if there is scope for upskilling. Do you have a company ladder employees can climb?
Engage with your people, communicate, and update them with company plans. Remember that marketing starts inside the company, your team need to know exactly what they are aiming for, and the game plan.
How does the world view your company and what message are you putting out there? Think about what your company stands for, what your core values are. Are there any causes or charities you support? Are there any awards or accreditations you would like to pursue? What is your marketing strategy and what are the priorities? What is your impact on the planet?