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What is a growth plan?

Planning to grow your business

A growth plan is a business plan.

It maps out where the enterprise is going and how it will get there.

If we liken the enterprise to a ship, then the business plan is the captain’s compass (or navigation dashboard) for him to steer the ship to its destination.

Three solid reasons for having a business plan

– Firstly, a sound business plan will identify key market(s) and segment(s) where growth is evident.  It will show how the organisation is going to ride the waves of growth to its destination.  If you have a mission statement (your destination), you certainly must have a navigation tool (your plan).

– Secondly, a good business plan will also identify the potential threats in the environment. Risk-mitigating contingencies for these threats must be built into its business & quality processes, competitive strategy, resources and navigation skills. So that when such threats do manifest, the captain and his crew are prepared.

– Thirdly, an effective business planning approach will not stop at the completion of the exercise. The plan is reviewed and updated regularly (e.g. bi-yearly)  at the Management Review Meeting so that management can keep track of where the ship is and take corrective action(s) to keep it afloat and on course to its destination.

These are the three most important reasons for having a business plan. All other reasons for having such a plan is to let others know how good you are at navigating your ship to where it is supposed to go. Otherwise, why would any stakeholder risks coming on board?

When the captain of the ship understands these critical factors, his crew will have an able leader and the enterprise will become fully aware of its purpose. The captain will be able to lead his crew and ship to its destiny.

Your most valuable business tool

Without a doubt, the enterprise’s most valuable business tool is its business plan. It is not only a map to reach your goal but a primary risk-mitigation tool along that journey.

A ship’s captain cannot navigate his ship to its destination without a compass. In rough seas, this would be disastrous. Similarly,  in these turbulent economic times, an enterprise should not attempt to set sail without a business plan.

With our in-depth knowledge of the education and CET sector and its environment, BullRun~Consult can work with you to develop a solid business plan that will benefit your organisation over the next 3 years and beyond.

(Find out how CET organisations can further leverage on the ISO 29990 processes or an Integrated Management System to execute its growth plan.)

Contact us for more information about how we can help you develop a 3 or 5-year business plan.

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