You need more than a financial forecast to grow your business...
A detailed business plan is essential for fast growth
It’s very important for the owner himself to have a strategic plan to allow him the time to distance himself and take a helicopter view on his business.
It’s vitally important that as an owner and a Board of Directors potentially as well, that they take that time out.
Our research shows that you’re twice as more likely to be running a fast growing business if you have a detailed plan in place. That detailed plan will ensure that you reach your goals with a little bit more speed and a little bit more certainty.
Many small businesses will only have a financial forecast mainly around because of banking purposes or just that they feel they have to. As a strategic plan it looks a lot wider. Firstly at the external position of the business against its competition, its market place, its product offering, and then leading on from that is how internally they’re fixed and focused in order to deliver some of the external goals that they may have.
Internally that will all be about putting a management team in place with a common purpose of reaching the right enterprise value for the business.