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Write a business development plan.

Now that you’re in the growth stage of your business, set things in motion with a business development plan.

How to write a business development plan.

A business development plan sets goals for growth and explains how you will achieve them. It can have a short-term or long-term focus. Review and revise your plan as often as you can. And keep building on it as your business evolves.

Your business development plan is your roadmap to growth, so make it clear, specific and realistic.

What to include in a business development plan.

  • Opportunities for growth: Identify where growth will come from – whether it’s in creating new products, adding more services, breaking into new markets, or a combination of these.
  • Funding plan: Determine how you’ll fund your business growth. How much capital do you already have? How much more do you need and how will you get it? Check out Xero's guide on financing your business.
  • Financial goals: Work out what revenue, costs and profits you’ll have if things stay the same. Use those numbers as a basis for setting new, more ambitious financial goals.
  • Operational needs: Identify what things about your business will need to change in order to achieve growth. Will you need extra people, more equipment, or new suppliers?
  • Sales and marketing activities: Figure out what sales and marketing efforts will effectively promote growth and how these efforts will change as the business gets bigger and better. Make sure your sales and marketing plan is sturdy enough to support your growing business.
  • Team needs: You may need people to take on some of the tasks you’ve been doing. Think about what parts of running the business you enjoy most – and you’re good at – and what parts you might want to delegate to others. And give some thought to the culture you want to develop in your business as it grows. Check out Xero's guide on hiring employees.

Avoid these common business development mistakes.

1

Thinking short-term instead of long-term

2

Underestimating how much money it will take to grow

3

Not budgeting enough money to cover the costs of growth

4

Focusing on too many growth opportunities: think quality, not quantity

Micro-planning can keep you focused.

You may want to create some micro-plans for specific growth projects so their details don’t get overlooked. And you can build in some KPIs to measure your progress and successes. As your business grows, take note of your progress and make periodic adjustments to your business development plan to make sure it’s still relevant.

Support is out there.

Remember you’re not the first to go through this. Seek out mentors, advisors or other business owners who can help you with your planning. Your accountant or bookkeeper may also be able to help or point you in the direction of the right people.

Things you should know.

The opinions expressed on this page are not necessarily those of Westpac and Westpac does not endorse or approve any goods or services to which reference is made. Westpac makes no representation as to the accuracy or currency of the materials, which are provided without taking your personal financial situation or goals into account. Westpac accepts no responsibility for the availability or content of any third party material to which this page may refer.

 Any tax information provided in this webpage is general in nature and for illustrative purposes only; it does not constitute tax advice and should not be relied on for tax purposes. You should seek professional advice on the tax implications of your investments based on your particular circumstances. Westpac accepts no responsibility for the tax consequences of investments to you or any third parties.

Originally published by Xero. Find out more about Xero's accounting software for your small business.