How to Create an Expansion Business Plan

When you started your company, a business plan helped get you through the startup phase and figure out your target market, your niche, your promotional activities and your day-to-day operations. But now it's time for growth. A business plan for expansion is a good idea because it's a road map that tells you where you want to go and how you'll get there.

Instructions

1. Keep up-to-date on trends in your market. You need to stay one step ahead of your competition and take risks. You don't want to invest time and resources in writing a business plan for expansion activities that are way off target for your market.

2. Read samples of business plans that target growth strategies. Business Plan Archives website allows you to view over 300 documents with free registration. View business plans by industry on Bplans website, but concentrate only on those that outline objectives for expansion.

3. Brainstorm expansion opportunities. Tap into your management's creativity. Encourage them to throw out even the craziest ideas. Prepare a document collecting these ideas, distribute them to your staff and keep the dialogue going until you've honed them into workable goals.

4. Set financial goals for ideas like new products, services or markets. Decide on an annual amount you want to make and then break that down quarterly.

5. Spell out what you want new personnel to achieve quarterly and annually if your goals include expanding your staff. Write detailed job descriptions, tapping into the expertise of your HR department and supervisors.

6. Decide on a marketing plan. Find ways to create a buzz around your new products and services. Research what techniques will work best in new locations or niches you're targeting.

7. Research how you can get financial backing for your expansion ideas. Know whether you're targeting venture capitalists, loan officers or just depending on profits and investments to carry you through. Tailor your business plan with this knowledge.

Tips & Warnings

• Give your staff credit for their ideas for the business plan and later in marketing materials when you implement them.

• Review and update your business plan at least once quarterly to keep you on track.

• Don't forget to evaluate the technology you have to make sure it can handle your expansion activities.