Finding a solution
You need to work out how to overcome the barrier that is preventing your business from growing. This is known as the purpose of the strategic plan. Sometimes it can be trivial. If there is not enough working capital, the idea may be to negotiate better terms with suppliers. Another option is to find an investor or take out a loan. Ideas can be different, but they should all serve the main purpose - business development.
Observing the competition, brainstorming and talking to entrepreneurs who have faced growth constraints will help you find a solution.Calculations
Every idea requires calculations and economic justification. Work out how much your idea will cost. What resources will need to be invested and what the possible outcome will be, such as increased profits or growth in the value of the business. If you can see that the investment of money, resources and time will be effective, then the idea is worth pursuing.Plan
In this stage you develop the steps to achieve your goal.
- Make a list of tasks;
- Specify the expected outcome of each task;
- Assign responsibility for completing the tasks;
- Set deadlines for completion.