Your business plan should incorporate your growth objective. What is your growth target for the coming year? 30 per cent increase in sale? Increase sales to $1M next financial year?

Your growth objective should be quantifiable and achievable, but challenging enough to provide impetus.

You need to develop your growth strategy to work out that your business is capable of managing that level of growth.

Here are some issues you need to consider when thinking about the growth: -

• Is this aligned with my strategy plan? Is growth part of your overall business strategy?
• Is my current resource capacity adequate? For example, more staff required to manage growth therefore requiring bigger premises to operate your business. Can you afford to move?
• Can I grow without any loss of quality? Or loss of net profitability?

Main point of your growth strategy is that your business has the capacity for growth by making provision of allocating resources early in your business plan.

Branding

Branding is the look and image of your business. This is extremely important for your marketing strategy for your business plan.

Good branding will bring your market to you, reinforce the confidence from potential customers and build the value of your business goodwill.

When you develop/design your own branding yourself or using a professional designer make sure that you have a consistent image that runs through everything you do for your business.

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These materials on this website are general in nature. It is made available on the understanding that the JH Business Services & Taxation is not thereby engaged in rendering professional advice. Before relying on the material in any important matter, users should carefully evaluate its accuracy, currency, completeness and relevance for their purposes, and should obtain any appropriate professional advice relevant to their particular circumstances.