Ten Tips on How to Start a Small Business
Plan Your Small Business Goals, Objectives, and Marketing Strategy
Understanding the Types of Business Strategies

Use Your Business Plan to Generate Growth

The objective of a business plan is always the same: to acquire customers and to generate revenue and profit. The variables are how your business will grow — and how big you want it to get. Think through your answers so you can include them in your business plan.

Companies grow in two basic ways:

  • By acquiring new customers: You can grow your clientele by

    • Heightening promotion of established products

    • Developing and marketing new uses for your established products

    • Developing and marketing new products

  • By generating increased sales volume from established customers: You can grow your business from within by

    • Making changes in your pricing or product line

    • Repackaging your products, or bundling products and services

    • Developing and marketing new products

If you’re planning for a new business, your entire emphasis will be on acquiring new customers, while established businesses will likely plan to increase business from established customers while also attracting new customers in order to achieve desired growth.

If your growth plans rely on the development of new products or new customers, dedicate sufficient patience, assets, and capabilities to the task. Product and market development often require time, which you need to account for in your business model.

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