According to business statistics, only one company in two stays in existence five years, and just one in three remains operational 10 years. The failure to plan ahead for business growth remains a prime reason for failure. In contrast to basic business plans, growth plans examine opportunities for new business or expansion. A growth plan may, among other goals, explore ways to expand facilities, add equipment or acquire resources to meet increasing demand.
It's not always easy to create growth plans while attending to all the responsibilities of a business owner or CEO. But beating the competition requires grabbing a headstart on growth planning, such as starting to plan now for 2019. Here are several steps to help you begin.
- Examine revenue sources. Look at your current revenue streams and determine which additional ones you could add to make 2019 more profitable. Focus on new-revenue-building strategies that are sustainable over time, as opposed to short-lived.
- Align with your community bank. Because your community bank works closely with you throughout the year, it can help you plan now for growth in 2019. The bank can play an advisory or mentoring role to assist in pinpointing growth opportunities and ensuring your company is prepared to take full advantage.
- Select opportunities carefully. By starting early on your business growth plan for 2019, you will have the time to carefully sift through available opportunities to select the ones best suited to your company. This selection process is essential, because taking on too many growth opportunities can leave company resources overextended.
As in any other areas of business, starting early and getting a jump on rivals is imperative. Your early planning for 2019 can set the stage for proactive growth planning – and subsequent robust growth – in the years to come.
What areas will you focus on in this year's business growth planning?
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