Financial Forecasting for Business Growth
Setting Up A Plan That Works
Business growth is the dream of many startups. However, only half of them survive for more than 5 years and only one-third reach 10 years. So, how can you make things different?
When you are thinking about business growth, you need to ensure that you are thinking about your long-term success. The truth is that one of the main reasons why most startups fail is because they don’t have a tangible plan for the long-term. While you have many different strategies and goals to reach in the short to medium-term, you may be failing when you don’t consider where you want to be in 5 years from now or 10 years from now.
So, when you want to ensure business growth, you need to take several steps:
#1: Identify Your Ideal Customer:
The main reason why you created your business was to offer a solution to people’s problems. But what is that problem? Who is looking for that solution? Are these people really your target audience?
Identifying your ideal customer is crucial. After all, when you know exactly who you are serving, it will be easier to know how they react to your marketing campaigns, for example.
#2: Set A Value Proposition:
When you want to have business growth, you need to adopt a long-term perspective. And this involves understanding what sets you apart from your competition. It can be the services that you provide, your products, it may be the customer support that you have, But it needs to be something. Your customers need to have a reason to prefer to make business with you and not with one of your competitors.
#3: Verify Your Revenue Streams:
The only way that you have to ensure business growth and that your business will still be alive in 10 years is to have multiple streams of revenue. So, where are they coming from? Are there any new revenue streams that you may be missing?
In addition, you should also evaluate the potential of your current revenue streams. After all, will they be able to hang on for 10 years? Do you need to make a few changes to keep up with them?
#4: Determine Your Key Indicators:
When you make a change, you need to be able to measure its results. After all, there is no point in changing if you don’t know how you were before the change and how you are doing after it.
#5: Look At Your Competition:
Looking at your competition and figuring out what they are doing is always a good way to learn and to get new ideas for your business. Notice that we are not talking about copying what your competitors are doing. We are talking about looking at what they are doing and question yourself how you can do the same in a different way.
#6: Invest In Talent:
Business growth doesn’t only depend on you and on what you do. It also depends on the employees that you have and how talented they are. The truth is that your employees (or at least some of them) will be in direct contact with your customers So, you want to ensure that you have motivated employees who are inspired by your business value proposition. They are the face of your business and when customers look at them, they will see how your overall business is.
Strategic Planning and Business Growth from just £995
Assist corporation can help you drive your business forward by formulating a killer strategic and business plan. Lets discuss what will work for your business and how we can help you formulate and execute a plan that will leave your competition in your wake.