Understanding how to create an actionable business growth plan can mean the difference between an expanding, thriving business and a failing, stagnant one. However, many business owners in the United States find developing these plans to be particularly difficult. Due to the fact that mistakes can be made very early on and derail progress, one of the first things that must be addressed is the common errors to create an actionable plan to mitigate these risks.
There are many common mistakes that businesses make when developing a growth plan, and in this guide, we will help you identify and avoid these errors to enable you to build a growth plan that will help you grow and expand your business.
Setting Goals That are Either Vague or Unrealistic
A lot of businesses fail to set understandable goals, as one of the most common errors. In the process of creating a plan, not establishing goals is like starting a journey without knowing the destination. When setting goals, many businesses state, “Get more customers” or ”Increase profit.” These are examples of indeterminate goals that create a void of direction for the rest of the team to work.
Such a kind of goal ultimately wastes time and money in the process. Each objective in the business growth plan must be clear, unambiguous, and definitive in order to grow and improve.
How to Fix This Mistake
Pay close attention to the details in the goals to be incorporated into the plan to aid in creating a strong business-building plan.
- Enunciate Goals Clearly!
Objectives have to be specific, measurable, achievable, relevant, and time-bound. An objective like “grow sales” is not acceptable. A measurable objective is to increase monthly sales by 15% in the next 6 months. This objective has a time frame and can be tracked. - Make sure your goal is aligned with your mission:
If your company offers mission-driven community support and charitable partnerships, your plan includes community charity partnerships to support your mission. - Make the goal more manageable:
Launching a new product can be the “big goal.” Completing market research, developing a prototype, and creating a marketing campaign can be the “smaller goals.” This “big goal” makes the process easier to manage and market.
Skipping Effective Market Research
New businesses often seem to create a business growth plan without knowing the market. They tend to make decisions based on feelings, not facts.
Without a good research plan, a business could create a product that no one will buy or market their business in a place that is too saturated. Using business analytics can make market research more precise and actionable.
It is a mistake that is costly, yet is so easy to avoid.
How to Fix This Mistake
A business plan depends on good market research.
- Study Your Industry
Because of new technologies and shifting consumer demands, markets are always evolving. Learn about the most recent trends in the U.S. market and your industry to identify new opportunities and challenges. - Know Your Customer
Who are they? What needs and problems do they have? Utilize surveys, consumer reviews, and audience interactions to gather this information. Understanding your customers makes developing valuable products and services much easier. - Analyze Your Competitors
Study what other businesses in your area do, their customer service, prices, and promotions. Understanding their successes and failures helps shape ways to make your business better.
Creating a Rigid and Inflexible Plan
Certain entrepreneurs draft an extensive roadmap for their companies that involves meticulous planning and then fail to revisit it. They approach the document as if it were chiseled onto a rock. However, the economy, and specifically the ever-changing marketplace of the United States, is highly volatile. Hence, a plan that lacks elasticity is bound to become obsolete. Failure to adapt to this reality can plunge the company into obscurity.
How to Fix This Error
Consider business expansion plans as malleable guides that change as your company evolves.
- Monitor Market Conditions:
Being aware of your surroundings is essential for developing your business. New rivals, alterations to the economy, or alterations to government regulations might occur. Identifying these changes will allow you to modify your plan as necessary. - Listen to Feedback:
Customer and team input not only guides you. However, it also presents an operational perspective on your strategies. Use this to your advantage and implement the necessary changes to your plans.
Focusing Only on Short-Term Wins
It feels nice to get quick sales, as it shows that the business is making some money. Only looking for the quick wins can be a trap. If the short-term goals are the only ones that are chased, the long-term health of the business can be compromised.
How to Fix This Mistake
Building a business model that can adapt over time is a two-part process: defining a long-term strategy to combine with any short-term goals and developing the right operational processes.
- Invest in a Scalable Model:
As your business expands, your operational systems need to be capable of sustaining that growth, both in terms of your supply chain and your team. Not having a scalable business model will create big problems as your business grows. - Invest in Your Brand:
Your brand is not just your logo; it’s the reputation that you have in the industry and the trust you build with your customers. Brand-building activities typically center around the customer, i.e., great customer service and great products. A superb consumer brand equals a loyal customer base and leads to enduring growth.
Lack of Accountability and Poor Execution
Most business growth plans are useless unless acted on properly. Plans fail when poorly executed. Tasks are unassigned, progress goes untracked, and people are unaccounted for outcomes. Without an execution system, your strategic plan is just a piece of paper with ideas on it.
Learn more about how to hold people accountable to ensure your team executes the plan efficiently.
How to Fix This Mistake
Turning vision into reality takes solid plan execution
- Assign Clear Roles:
Team members need to know precisely what is expected of them. They define task ownership and what success looks like. This includes defining success. This level of clarity fosters accountability and ensures important work gets accomplished. - Hold Regular Check-ins:
Your team will need to meet frequently to work as a cohesive unit. Discuss the growth of the business and plan. Share recent achievements, present challenges, and determine what is to come. These discussions retain alignment and zero focus on the goals.
A thoughtfully executed business strategy growth plan is one of the most powerful tools you can employ. Strategies designed to eliminate these obstacles and business locations in the United States will yield optimal results.
Frequently Asked Questions
Q. What is a business growth plan?
A business growth plan is a thorough blueprint that comprises a company’s strategies aimed at business expansion, revenue increase, and accomplishment of long-term objectives.
Q. How often should I review my business growth plan?
You should review a business growth plan every three to six months to stay on track and to regain focus as per market changes.
Q. Should I get help to create my business growth plan?
Yes, help from a consultant or a mentor is highly advised, as they provide expert tips and a different approach to improving the plan.
