When we talk with business owners, they often tell us that business growth is hard because of a lack of demand and client base. They believe either there aren’t enough people needing their product or service. Or those who do need what they have to offer can’t see the value as they should.
Yet in our experience, the key ingredient the vast majority of new businesses don’t think of having. A business plan. And that’s a mistake. It’s not enough just to have a business vision, and a few ideas of how to make it your reality, you need to have a plan, with an implementation strategy and a mission document that outlines exactly what it is you’re trying to accomplish.
The vast majority of not growing falls into two categories
If you have a business that isn’t growing, the first thing to realize is that it’s not because of some mysterious “marketing problem.” The vast majority of businesses not growing falls into two categories. Those are:
- Those who have a plan for growth they actively don’t follow
- Those who have failed to plan for growth
The first group, those who have a plan for growth they actively don’t follow, are so caught up in their day-to-day business that they fail to make the time for growth.
They tell themselves that they’ll get to it when things slow down, but they never do.
The real reason this happens is that the day-to-day of running a business is never not busy.
There’s always something else demanding your attention, and it can be really tough to get out of your own way and make some space for growth.
The second group, those who don’t have a plan for growth, don’t even know where to start – or how important it is.
They think finding more customers is as simple as just doing more advertising, and so they throw money at campaigns and wonder why their business isn’t growing.
If you fall into either of these categories – if you don’t have a solid plan for growth, or if you have one but aren’t following it – let us help you!
Why You Need A Business Plan To Get Where You Want To Be
Life gets busy, especially for business owners. And it’s easy to get caught up focusing on what’s happening now. But without focusing on the future, you are likely to get in a routine that keeps you from growing.
The best solution for this is a business growth plan. A plan that outlines where you want to be in the future. And a good plan should include (at least):
- A description of expansion opportunities
- A breakdown of financial goals by periods (usually quarterly and annually)
- A marketing plan to help achieve growth
- A funding plan to determine how you will gain the funds you need to grow
- Staffing needs and responsibilities
A business plan is a road map to help you achieve your goals. It’ll hold you accountable for your actions as you try to grow or move forward. Not every business needs a plan, but every company does need a vision, and the best companies have one that they update regularly. Think of your plan as a living document. More so than any others, these ones require updates and editing as your business changes. But if you are serious about growing your small business and achieving success, we urge you to sit down and write out a plan that will get you where you want to go.
Does Your Business Growth Plan Have What It Needs?
Growth is scary, uncomfortable, slow and sometimes painful.
Why? Because in order to grow, you have to leave your comfort zone, the place where things are easy and familiar and safe.
It’s the same reason why most people don’t try to lose weight or get in shape – they know it will be difficult and they aren’t willing to do what it takes because it means leaving their comfort zone and doing something unfamiliar, something that pushes them outside of their limits.
But we believe there’s too much at stake for you not to try, which is why we do what we do. Helping you come up with a successful growth plan is just one of the areas where we can help you. We also specialize in CFO services and tax strategy and planning.
So don’t hesitate! Contact Wasatch CPA Services today, and let’s get you on our calendar.