Plan to Grow Your Business
Another valuable section of your business plan is your “growth plan.” In this section, you describe where you expect your business to go and grow in the foreseeable future.
The questions you should answer in this section include —
What are the new products that I will be developing or creating?
Will I be pursuing new markets? If so, what are they?
What will be my future capital requirements?
Will I need to add personnel to my company?
and other questions involving your future activities.
Your growth plan may be somewhat short on details. That’s OK — it’s supposed to be more philosophical than detailed. As you develop detailed plans for growing your business, you’ll move them to other areas of your business plan.
But the fact that your growth plan isn’t detailed doesn’t mean it isn’t important. Your growth plan is your long-term plan for the direction that your business will take, a description of its future. In that sense, it’s one of the more important sections.