When an entrepreneur has an idea, a feasibility study is the first step to exploring the potential in a business. A start-up business plan is developed when the feasibility study demonstrates positive results. For a company in the start-up phase, the business plan helps entrepreneurs discover their target markets, identify their niches, develop promotional activities, and plan their day-to-day operations.
When a company has reached it’s targets, and has no more room to increase sales and increase net profits, it’s time for growth. An expansion business plan allows entrepreneurs to identify new goals, and to plan how the company will reach those goals.
The expansion business plan includes:
- Operational Plan
- Market Analysis
- Financial Projection
These components have already been developed when in a start-up business plan, however the expansion business plan involves both either an update, or in some cases, a re-vamp.
Sometimes, expansion entails developing new products, undertaking new projects, or pursuing new markets. In all cases, the company must now consider new target markets, new competition, and a requirement for new logistical organization. Often, expansion also requires either re-organization of employees, or expanding the company’s human resources. Adapting new technologies to increase efficiency, accuracy, or managing greater volume may also be required when expanding.
When a business has hit a plateau, Business Plans Toronto Business Consulting can help assess the feasibility of new markets and products, introduce financing opportunities in order to sustain new business growth, and develop an expansion business plan that will put into focus how planting new seeds and creating a forest from one tree can be possible.