Pic Courtesy : Unspalsh
Business plans for growth after a certain point. This phase comes to business sooner or later. This makes the business move in long run. Growth phase is a blessing. Right way of growth planning is the key here. That’s the brighter side of the growth.
However, flipside of this is, many businesses started struggling after they have taken the decision of growth. This is painful. An entrepreneur takes a lot of efforts for business growth and then the down-tide takes the toll on them. This can be easily managed and taken care with right guidance. Big companies take help of consultancy firms in the phase. They present various surveys and market intelligence to support or alert the various business moves.
This phase need to well planned and executed. I have mentioned below mentioned four points for this phase:
1. Make A Plan:
Plan is the blueprint of future action. This is the pre-action stage. Before taking any step, one must plan it right. Remember, plan must be there in written and with proper deadlines. This makes the plan right and actionable. Planning need to be thorough with all aspects covered. Detailed inclusions need to be there with right facts and figures in place. Plan need to be reviewed and modified as per need. So dynamic planning – instead of “old school planning” – is the key now a days.
2. Make Plan of Action:
Once actionable plan is made; next step is making Plan of Action. Take the plan made, write down the detailed action which need to be taken. This must be a full-length document and all nitty-gritties should be mentioned. This becomes the Bible for whole process. The responsibility and action plan of all concern persons and departments need to be jotted here. This must be well monitored. Here monitoring is a full-time job. Miss of deadline by one person or department can delay the whole work as every work is inter-linked.
3. Make financial roadmap:
Every step of business requires financial resource allocation. So, this makes the route for financial roadmap. This is an important step. Financial roadmap must include budget and way to check the expenses as well. This need to be planned with all concern departments after studying the financial need of each of them. Right budgetary allocation is required. Improper allocation of funds can stall the project. Periodic review of this step is highly recommended.
4. Make Backup Strategy:
Back strategy for every step must be chalked out in advance. At times, the work does not go as per plan or certain hurdles come up. Here comes, the role of back up strategies. Plan B should be ready incase of failure of Plan A. It is said that Plan B should be stronger and more concrete that Plan A. Backup plan should always be quick to implement and simple. This is because, in case of failure, time to reorganize becomes short. Most of the entrepreneurs fail to do this step. This lands them in trouble, in case of failure of initial plan. So, do not neglect this. This must be on priority.
Growth phase is a great phase in entrepreneurship journey. Right planning makes it great.
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