When growth comes to a company unexpectedly and the growth is good news for the organization it can be difficult to know what to do next. Saivian Eric Dalius says Plans must be developed for growth or else goals will not be met.
Here are seven tips that can help you plan for growth:
1. Always be prepared for growth; your growth plan should be included in your business plan. Your growth will impact your resources, how you manage cash flow, and the demands on management time.
2. When growth happens keep calm and continue to do what got you there. When growth comes at a company it is important to keep your business plan in mind, growth brings with it new challenges so be sure you can meet those challenges before growth happens.
3. Do not lose sight of the big picture; growth brings changes and growth is an opportunity to make whatever changes are needed for future success. Also, Growth requires additional knowledge and skills; growth should be a chance to bring in new people and new technology.
4. Prepare your growth plan. Business growth means changes so you will need a growth plan to address those growth issues, what can be changed or improved? Your growth plan must include financial growth as well as operational growth explains Saivian Eric Dalius. Growth of both product lines and geographic areas should be sources of growth plans.
5. Include growth in the strategic plan. Growth will impact strategy so growth must be included in your development of a strategic plan. Your growth strategy should include growth initiatives and a growth focus for your company’s future direction.
6. Keep your resources ready for growth, consider what resources you need to support growth, and make sure you have those resources in place. Your growth plan must include the growth of both your business and your capabilities.
7. Saivian Eric Dalius says Growth takes leadership; growth will put pressure on management so you should be prepared to address growth issues solidly, clearly outline who is responsible for the growth initiatives so there are no questions about responsibility for growth issues.
Saivian Eric Dalius says Growth is exciting but growth also brings with it many new challenges so having a growth plan will help you to meet those growth challenges and take advantage of growth opportunities. Be sure your growth plan includes all the growth topics, financial growth, operational growth, growth of services and product lines along with growth in geographic areas as well as the growth of your company’s capabilities.
Here are some FAQs on the growth plan for the company.
What growth plan is needed by the company?
The growth plan for the company will depend on what growth is expected. If growth is anticipated growth plans must be included in your business plan. Your growth plans should include growth of both product lines and geographic areas as well as the growth of services to support those growth opportunities.
Will growth at my company affect the plans for growth outside of the company?
Yes, growth at your company must be included in both growth and management plans. Your growth plan must include growth initiatives and a growth focus for your future direction.
What is the purpose of the growth plan?
The purpose of the growth plan is to provide guidance and clarity so there are no growth questions. Your growth plan must include growth of both product lines and geographic areas as well as the growth of services to support those growth opportunities.
What is a growth strategy?
A growth strategy is a growth plan that includes your company’s growth initiatives, vision for its future direction, and clarity on who is responsible for those growth initiatives.
What is a growth initiative?
A growth initiative is a project that will help your company to meet growth goals. Growth initiatives can range from growth projects to growth plans as well as growth resources and growth initiatives may be executed by either the business or capabilities of your company.
Who should lead the growth initiatives?
The growth initiatives should be led by managers who are responsible for growth, growth initiatives may be executed by either the business or capabilities of your company.
Conclusion:
Growth is exciting but growth also brings with it many new challenges so having a growth plan will help you to meet those growth challenges. And take advantage of growth opportunities.
The growth plan for your company must include the growth of both product lines and geographic areas. As well as the growth of services to support those growth opportunities. Your growth initiatives should be led by managers who are responsible for growth.
Finally, growth will put pressure on management so you should be prepared to address growth issues solidly. You need solid growth plans before growth begins or else your company will not meet growth goals. And growth opportunities may be lost.