Sidney Halpern, Chartered Accountant, Winnipeg, MB, CYBF Mentor

Growing your business requires a business plan focusing on action. In this plan, you should:

  1. Define the business including who and what are you
  2. Clearly define the product and identify its niche in the market place
  3. Identify the potential customers and priories by their individual sales potential
  4. Create a marketing strategy that includes motivational strategies for customer solicitation
  5. Develop sales goals by customer and globally
  6. Determine personnel requirements and an incentive system for personnel
  7. Create a financial plan and identify financial resources necessary for growth
  8. Create an information system to monitor results, evaluate success or deficiencies and alter course as needed to achieve growth goals

Remember that goals should be based on a realistic examination of the market and on marketing personnel with a record of achievement. Goals should be high but realistic. They should be established for daily, monthly and annual achievements.

The credibility of the person or people responsible for achieving the growth goals in the business plan is the most important element that investors consider. A company’s ability to attract the equity or financing it needs for growth is largely dependent on the credibility, skills and personalities of the people in charge!

Remember that additional capital investment should only be made once some growth has been achieved, not in anticipation of growth. Many businesses fail because they increase fixed costs too much before the higher sales have materialized.

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