In today’s discussion I will provide an overview of growth planning and why it is necessary to have a growth plan in place once the US economy begins to open.
Planning is the process of documenting and establishing the direction of your small business—by assessing both where you are and where you are going. This plan gives you a place to record your vision and key objectives, as well as the action steps you will take to reach them.
Why is growth planning important? Well, it provides control for you by making your future happen, not just happen to you. It provides a sense of direction for you and your people. It will allow your organization to attain steady and manageable growth over the coming months and years. Cash flow and profits will improve, operations will become more effective, employee morale and productivity will soar, and lastly, it will reduce organizational stress.
So as you can see growth planning is essential for your start-up recovery. A well-written growth plan can play a pivotal role in your small business’s growth and success post shutdown. It tells you and your employees how best to respond to your current business opportunities and challenges.
My next blog will cover step one in creating your post COVID-19 growth plan, situational analysis, also know as SWOT analysis. As always, if you have a business question or issues you would like to discuss, please feel free to reach out to me via our Contact page here on our website, www.ParadigmStrategies.com.