I took a flight from Reno, NV to Poenix, AZ in 2009 where I had the opportunity to sit next to a very smart guy. I don’t remember his name, so I will just call him Brett. Brett had a background in economics and was in the economics doctorate program at the University of Nevada – Reno. As we talked, he brought up a very interesting question. He said, “So every new business owner is always concerned about what they should do to avoid failure. They are so concerned that their product remains relevant that they never ask themselves, ‘What will we do if everything goes really well? How will we keep up with the demand if it is very high? What is my growth plan?'” From there, we began talking about a variety of things that leaders can do to prepare a growth plan, so that they don’t fail due to the inability to grow. Overall, the factors we discussed all dealt with having a growth plan in place.
Why have a growth plan
When you start your company, your growth plan will be a guide that you can follow as you expand. It will explain how you will grow and what you will do as you grow. In your plan, you can identify geographical areas where you plan to expand, new markets you plan to enter, how you plan to expand your capital, plant, and human resources, and what market strategies you plan to use. Within each industry there are low cost providers, high quality providers, and everything in between. As you create this plan, write as much detail as you can so you have a clear image of what you plan to do. [Read more…] about Have A Growth Plan In Place










