Free Growth Business Plan Template
Build a business plan that works with growth strategies to create explosive growth. A business plan template is a valuable resource that effectively outlines and communicates your expansion goals and strategy.
Download a free business growth plan template
If you are a small business owner looking for ways to grow your business or team and increase revenue, it is crucial to have a plan to help you achieve just that or more. A business growth plan template can help you organize your ideas, processes, and expectations for growing your business. Get access to our free business growth plan template
What is a business growth plan?
A business growth plan is a written outline for company growth that includes goals, strategies, and methods for achieving growth goals — it outlines where you want your business to be, typically in the next one or two years, and how to get there. Further, it includes data-driven checkpoints that allow you to review your progress.
Benefits of using a business plan template?
Here are a few reasons why you should use a growth strategy template when creating your business growth plan:
- Ready-made layouts that simplify the creation of your growth plan
- Save time and money
- Templates have inbuilt features that allow flexibility
- Templates are easy to use
- You can download templates for free
Why are business growth plans important?
Growth planning outlines a company’s targets and clear strategies for achieving those targets. An effective business strategy can help steer your business in the right direction and circumvent unforeseen challenges that may impede your ability to maintain profitability. Here are some reasons why you need a business growth plan:
- Minimize future risks
- Recoup early losses and put the business in a position where it can effortlessly help you pay off debts
- Increase your market share and penetration to make more profits or, at least, avoid recording losses.
- Growth plans are customized to suit each business’s needs
What is included in a growth plan?
An effective business growth plan should have the following elements:
- Growth assumptions and description of expansion opportunities
- How much revenue you expect to make each quarter and year
- An effective marketing strategy and plan for the projected growth
- A financial plan with details on what capital is accessible during growth
- Description of how many employees the company needs and their responsibilities toward achieving the target
Ensure your business plan includes details about projects, tactics, and resources required to accommodate and drive the desired business growth. If additional resources are needed, the plan should also cover how they’ll be obtained.
What are the types of business growth?
There are four types of business growth strategies. Depending on your goals and the maturity of your business, you may choose to focus on just one aspect or all four. Here is what you need to understand about the various business growth plans.
- Market penetration strategy refers to how you penetrate the target market through different marketing tactics and channels. Your marketing penetration strategy should leverage your current demographic and product or services.
- Market development strategy: is used to expand and tap into new regions. Your market development strategy should analyze and find new market opportunities for your existing products or services.
- Product strategy: refers to researching and developing new products or services to offer to our current market.
FAQ: Everything about growth business plans
How do you write a business growth plan?
How do you write a business growth plan?
A business growth plan is essentially an outline of where the business sees itself in the near future. To write a good business growth plan, you can consider these steps.
- Study your growth plan: Check out if other people have ever used your growth plan. If your plan is new, consider checking on its practicality.
- Discover growth opportunities: Analyse your business and determine which steps you can take to achieve growth. If you need to create new products, prepare for how you will get adequate resources.
- Evaluate your team: Carry out a proper assessment of all your employees to see if they are capable of helping you achieve the growth goals.
- Capital creation: As you plan for your growth, you need to write down how you will create the capital required for the growth.
- Get the word out: While preparing a growth plan, you must accept that many stakeholders will work upon the growth. The most significant contributor to growth is the market; therefore, you will need to outline a clear strategy for getting your business to the market and how the growth plan will evolve.
- Seek help: Getting advice from successful businesses can help you develop realistic growth plans and strategies.
- Write down: You can now use your business plan software to write down the plan but make sure it is written with the main focus on bringing growth.
- Iterate your plan: this is not a one-time process or a set and forget type document. Review this plan frequently to ensure the tactics and goals are realistic and achievable.
How to format a business growth plan?
How to format a business growth plan?
Here are the steps of how to format a growth plan
- Start with a simple cover page
- Write a brief executive summary
- Company overview
- Analyze the industry and market
- Analyze your staff and management team
- Determine the capital needed and outline how it will be used.
- Appendix and back cover
What factors impact business growth?
What factors impact business growth?
Many factors can affect business growth, but some are relatively minor while others are significant. Here are the key factors that impact business growth<
- Leadership: Good leadership entails the leader knowing the business well, both internally and externally, to manifest their leadership skills equally. A sound leadership system can positively impact the success of a business.
- Management & business operations: For growth to take place, you need adequate resources. A management style that hampers the acquisition of such resources can quickly stagnate the business.
- Customer loyalty: Customer loyalty plays a key role in business growth. Retaining a percentage of loyal customers is far cheaper, easier, and more beneficial to the business than acquiring new customers. You will get more loyal customers with a good customer retention strategy, and the business will quickly grow.