A good business plan reveals how you would use the bank loan or investment you are asking for. A small business owner’s business plan is the tool that describes why the business was established, what problem it will resolve in the marketplace and how the company will bring about a solution to resolve that problem in a way that allows it to earn sufficient revenue and become solvent within the first five years. Similar to your business plan, a growth plan can include: Your company's mission. Your long-term vision and strategic goals;
Growth Plans can be compared to Business Plans and Strategic Plans. Writing a growth plan is very similar to writing a business plan. However, a growth plan focuses specifically on expansion and how you're going to achieve it. Creating a useful plan takes time, but the effort can pay off substantially by keeping your growth efforts on track. A business plan plays a key role in allocating resources throughout a business. It is a tool that can help you attract new funds or that you can use as a strategy document.
The most successful business owners establish a growth plan that looks beyond the initial business plan and translates the vision into measurable actionable items, including the design and planning of business processes and people development to ensure the goals that are established can be attained with the operations and team that are in place. Once the plan is conceived, share it with every worker in the company and strategic partners, such as bankers, chartered accountants, financial advisers, legal counsel, to facilitate feedback that will help the business reach its goals.
(Source: Research articles and web Search )
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