A good business plan is one that sets the course of a business lifespan. Every successful business runs on a constantly reviewed set of plans, which ensures that it continues to meet its needs. This also helps the business spot new measures for strategic growth. After a review, key target areas are identified, then the business plan is revisited, and this becomes the milestone for the next iteration of the plan.
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Companies that reach the growth stage have overcome the intense start-up stage and are now generating revenue and growing their client base. While profits have increased, however, competition is catching up.Entrepreneurs looking to grow their businesses efficiently need to start by analyzing their key profit/business drivers, then come up with strategies to grow these profit drivers with the least costs. |
Characterized by a new season of growth and increasing distribution channels, businesses in the expansion stage are faced with the need to gain a bigger market share as well as looking for ways to stream in new revenues and profit. This stage calls for a streamlined plan and research before moving into new markets. |
Does this concept/product/idea fill a need in the market?
Will it be acceptable in the market?
How do I establish a business structure?
Will this idea yield me any profits?
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Challenges at the growth stage include:
How to deal with increasing customers and revenues
Streamlining operations
How to deal with the market competition
Increasing profit volume
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Challenges at the expansion space include:
The increasing market competition
Acquiring competitors
Addition of stock as well as services
Expansion of the already existing entity
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