Most business plans include information regarding company structure expected returns and need for improvement. While business plans give details about the startup process Business Growth Plan gives a detailed idea of how the business can grow and expand to get more opportunities. How much potential is the business having in reaching to customers can be obtained from the business growth plan?
Business Growth Plan can be called as an extended business plan prepared by the owners of small business concerns. The Business Growth Plan usually covers how business owners can utilize the existing facilities and expanding them for meeting the demand of customers. During the early stages small business concerns prepare business growth plan mainly for expansion opportunities.
Market research is usually conducted by business owners for evaluating the growth opportunities in business. This generally includes the current statistics of products, data about competitors and target demographic of the customers. Evaluating this for the information and the profit amount in different scenarios of the growth can be obtained through the business growth plan. Financial gains after attaining the growth also can be obtained through the business growth plan.
When external financing option is needed for the owner of the company business growth plan is an essential part to be considered. Financial institutions usually check how the business will grow over time the historical record of financial gains for a company which is obtained from the business growth plan is also important in such cases.
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Source: https://mywestford.com/blog/what-every-mba-professional-should-know-about-business-growth-planning/
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