Why plan for growth?
“It’s a myth that a plan is supposed to predict the future. Instead, it sets expectations and establishes assumptions so you can manage the future”
A business will not succeed or fail based on the information provided in a Growth Plan, but a plan can help a business become successful through focused planning and forethought. Many business owners and leaders use the online GROW|STRATEGY Platform to develop their growth plan to power their business. We get plenty of feedback from them, providing us with evidence of why the online growth plan helps them drive growth.
Which of these reasons resonate with you?
1. You can fast-track your growth plan
As a leader or business owner, you’re tasked with turning ideas into plans, goals into results. Where do you start? How do you plan for growth? The blueprint will help you make a quick start with confidence. The structured 9-step process enables you to develop the plan in a modular manner, rather than be forced to do it in one sitting.
2. You’ll stay on track
It’s hard to stick to strategy through the daily routine and interruptions. Use the growth plan to summarize the main points of your strategy and as a reminder of what it both includes and rules out.
3. You will have a target to aim for
Use your plan to define and manage specific measurable objectives like leads, sales, margins or new product launches. Define success in objective terms. Use a plan to keep of your tactics and track them in one place. Once you decide on your key milestones, the system will alert you on progress – this is valuable even for the one-person business and vital for teams.
4. Your educated guesses will be better
Use your plan to refine your educated guesses about key issues such as potential market, value propositions, competitor advantages and growth strategies. A blank sheet of paper can be daunting. The platform provides smart options, examples and suggestions for you to pick from.
5. You can prioritise your resources
Aside from the strategy, there are also priorities for other factors of your business growth. The plan allows you to invest resources wisely. Tap into new markets and engage the correct profile of customers that you can best service. Use your plan to set a foundation for these, then to revise as the business evolves.
6. You will understand connections between the moving parts better
Use the growth plan to keep track of what needs to happen and in what order. For example, if you have to time a product release to match a testing schedule or marketing to match a new release, your plan can be invaluable in keeping you organized and on track for executing your tactics.
7. You will be better at sharing the workload
The growth plan is an ideal place to clarify who is responsible for what. Every important task should have one person in charge. Your plan keeps everyone on track – the alerts remind you when it’s not. This will free you to offload more tasks to other team members and/or external specialists without losing control.
8. Tracking results will be easier and more accountable
So many people acknowledge the need for regular team member reviews and just as many admit they hate the reviews on a regular monthly or quarterly basis. The plan is a great format for getting things in writing and following up on the difference between expectations and results. It enforces accountability.
9. Take corrective action earlier to regain control over growth
Having a plan gives you a method to be proactive – not reactive – about business growth. Don’t wait for things to happen. Plan them. Follow up by tracking the results and making corrections and adjustments. It’s a myth that a business plan is supposed to predict the future. Instead, it sets expectations and establishes assumptions so you can manage the future.