8 Steps to Your New Business Growth Plan

8 Steps to Your New Business Growth Plan

Here are eight steps to building an effective small business growth plan:

1. Check your promise fulfillment : Many small businesses start with a flourish of activity, only to see it quickly evaporate. Take a hard look at whether you are delivering what your business has promised to its customers. Great products and services must follow a strong upfront sales effort. Problems or shortfalls must be fixed quickly.
2. Refresh you marketplace research : A thorough understanding of your market is vital to a growth plan. You probably did this in the startup stage. But perceptions may have changed. Revisit the original premise. Make adjustments as needed.
3. Rekindle a strong sense of purpose : Maintaining a growth mindset is easier if everyone embraces the mission. Share your vision with others. Set down specific goals. Don’t just dream — delegate specific actions to reach those goals.
4. Fine-tune your marketing message : The sales message you originally crafted might need adjusting. Find out what objections customers are raising to your sales effort. Why have they purchased or declined your product or service?
5. Close the sale: Early-stage businesses often see their mission as gaining recognition. That’s helpful and necessary, but any business must also close sales. Tweak your sales process to place greater emphasis on closing.
6. Collect your cash: Just as interest needs to be converted to sales, so must sales be converted to cash. Act to collect your receivables as quickly as possible. That means quick and accurate billing, and follow-ups to slow payers.
7. Take stock of your resources: To plan for growth you need to know what tools you have at your disposal and which ones are missing. Do you have the right people and suppliers with the right skills? Consider what each vendor and employee brings to the effort. If you need more funding, plug that into your plan as well.
8. Look in the mirror: Are you part of the problem? Maybe your plan should include efforts on your part to be a better motivator and manager. Establish a plan to reward others for their long hours and outstanding work.