Planning is the key to business, as any good entrepreneur knows. To kick start your business, a business plan is used as the map that your company will follow. A good business plan, however, will need to be updated with an expansion business plan, which will act as the guide to expanding business into new markets and a wider scope of goods and services. Here’s how you can formulate your own expansion business plan.
- Trends. Expansion is all about knowing what the market needs and how your company can creatively supply the need. Because of this, make sure that you update yourself on the latest trends in business and your industry, which will give you ideas on which product are selling and how you can get in on some o the action. Keep yourself updated by subscribing to newsletters and magazines about related businesses. You can also subscribe to your competition’s newsletters to get an idea of what the other companies are creating.
- Samples. Once you have an idea of what products to expand your business into, the next step is learning about the format that expansion business plans have. The simplest and most effective way to do this is by reading samples of business plans that are aimed at expanding the company and intensively increasing the company growth. You can easily identify an expansion business plan by looking at the objectives of the plan. If expansion is the first and most prominent objective, then it is an expansion business plan.
- Brainstorm. Once you have the idea and the format, start honing your ideas by brainstorming with other members from your company. As much as possible, involve the key players in the company in the brainstorming process, such as the various heads of the different departments. These people will be able to provide varied opinions on the main business idea. These varied opinions will help hone the idea. Also allow the various members of the brainstorming group to question and critique the business idea so that the team will be able to check for flaws and weaknesses ahead of time and think up ways to address these issues.
- Company goals. Once the business idea has taken form, the next step is to translate it into company goals. There are various types of goals that the company can have, such as product creation or even market creation. In product creation, the goal is to create a new product that will compete with others in the market. In market creation, on the other hand, you are creating something that people will want and think they need, which does not exist before. Thus, you are creating a new market with your product. This is a very powerful way of increasing a company’s profit and expanding your business. These types of business ideas, however, are rare and hard to come by.
- Time frame. Next, create a time line for the business expansion plan. The time line will be used to assess whether the plan is being put into action or not. For example, you can create a one year expansion plan, the first quarter of which will be dedicated to product research. The next quarter can be dedicated to manufacturing. The third quarter can be for marketing while the final quarter will be the product release.
Growth is key to a business’ survival. Through these steps, you should be able to expand your business in a careful and strategic manner.