Whether you are just starting out, or are thinking about a change of direction, planning ensures that you consider the strengths and weaknesses of your business idea, set realistic goals and objectives and determine how to measure success.
The biggest risk in a growing business it that expansion happens faster than you can keep up with – faster than your business can cope. You spend all of your time solving problems and fighting fires, rather than serving customers. Quality suffers, customers get unhappy and the business suffers.
Worse, if you are unprepared for the financial pressures of expansion, you run the risk of being engulfed in a cashflow crisis. And we know that most small businesses fail because the run out of cash.
Take control of your business’ future with a Business Development Plan.
The very process writing a business development plan requires you to take a step back and analyse what the business does well and where it needs to improve. You are then able to spot opportunities that you might not otherwise has seen, and to see where improvements can be made.
Then, in setting out the path that you want your business to follow, you are giving yourself targets to aim for and also a means of measuring progress, so that you know when you’re doing well. Without clear and measurable targets, it’s difficult to judge your performance.