Why Should Your Business Have a Strategic Plan?

Once your start-up business has found its feet, it’s probably time to start thinking about taking your business to the next level of business growth. Growing your business might seem like a scary thought and you might wonder what growing your business consists of, but by sitting down and identifying the opportunities for growth, it will ensure the continued long-term success of your business.

You might feel like you're thriving, you have loyal customers and you’re making profit but there are still many reasons to focus on your growth. Staying innovative in your field, increasing your turnover and keeping up with your competition are just some key factors to think about when developing growth strategies.

Increasing sales can be a key indicator of a successful business, but there are many key factors of the growth process such as having a strong strategic plan. Strategic planning can help to outline where exactly your business is going to be in a few years time and what you're going to do to get there. by producing and working from a strategic plan, you will pinpoint what your business does, how it does it and your future goals.  

Excelerate Labs have recently been supporting a Greater Manchester-based telecoms agency in the strategic planning of their business. Producing a healthy turnover in it’s first year of trading, the agency was keen to position themselves higher in the ever-changing industry.

Starting the business with no business plan or strategic objectives, they were deterred from growth due to resourcing needs. The first step was looking at creating new roles within the company to help with work capacity, therefore we looked at creating customer service and business development roles. We offered further support by putting together a plan for establishing relationships with key people in the business supply chain. After support from Excelerate labs, the agency now has a three-year strategic plan and detailed one-year action plan. 

Strategic planning is a crucial element to any business as it provides direction and achievable goals. It will look at a number of things widespread across the organisation, from your strengths and weaknesses to measuring your success. it helps you to take a step back from day to day operations to set overall goals for your business’s future. 

Developing growth strategies is just one of the ways Excelerate labs can help support your business through the growth process. If you’re a B2B business in Greater Manchester and would like to find out if Excelerate Labs can support you and your business, then get in touch with us today! Email us on exceleratelabs@thewo.org.uk or ring us on 0151 706 8111