Most companies Don't Have Any plan for business Expansion.
Did you know that around 25% of Irish businesses fail in the first five years? Now that is an amazing statistic, isn't it? And one of the main reasons such large numbers of companies are failing is since they've failed to plan properly. You may have the best service or product, but if you don't plan adequately, then your company will struggle. And this is certainly true when it comes to growth. Leaving growth to chance and not adequately preparing for the future are typical drawbacks. So what do you do to ensure that your business is effective and sustainable? In this guide we examine some approaches you'll be able to set up to keep your business on track.
Know your starting point
So as to plan adequately for future business development, you want to get a firm handle on where you're currently at. Attempt to keep it easy though with merely a few dimensions that actually say something, instead of simply collecting data solely for the sake of it. And so KPIs you can think about include the following:
1. Lead Generation
amount of closures and conversions the outcomes from promotional and advertising actions site traffic and social media activity.
The truth is without some fundamental metrics in place, it's difficult to know where you're heading. And in the event that you can not measure it, then you can't afford it either.
2. Set a value proposition
For the business to sustain long-term development, you must know what sets it apart from the competition. Identify why customers come to you to get a product or service. What distinguishes you from the competition and leaves you relevant, differentiated and credible? Use your answer to explain to other customers why they need to do business with you. Don't expand into new business areas simply because you can.
The roadmap could be a comprehensive strategic plan complete with financial projections or it could be something simpler -- maybe a rough outline of where you would like to be. Whatever approach you take, it is important to find the key staff in your business on board that so everybody has a clear vision of their future.
Any roadmap should include the following basic information:
- A clear picture of the business's current strengths, weaknesses opportunities and threats.
- A vision of where you want your company to be in say another three or five years.
- An action plan which outlines how you will achieve that vision, such as clearly assigned activities and timeframes.
- Consequences of failing to plan
And if you don't grow, then it is more than likely your competitors will do so at your expense.