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It’s Never Too Soon for a Growth Plan

February 12, 2013

Daily ReadIt’s Never Too Soon for a Growth Plan

You may think planning for growth when you first start up is a lot like starting a savings account for a newborn. It seems premature, but it’s an absolute necessity. If you want to be successful you need to have a plan with an eye toward the future. Here’s how:

  1. Say ‘yes’ to success. Stop saying “here’s my concern” and start saying “here’s what we need to do to make that happen.” The worst thing an entrepreneur can do is stop someone from doing something by saying, “No, period.”
  2. Don’t discount opportunity costs. Consider other ways to gain market share or build your business. As yourself the question: What should we be doing? Then, let that guide future avenues for growth.
  3. Identify and build your customer base. Assemble a list of each of your products/services and identify the benefit of each one. Once you do that, you should ask yourself: Who would gain from these benefits? There’s your market.
  4. Analyze your successes and failures. Instead of thinking of failure as lost revenue or time, think of it as an opportunity to learn and grow. The exercise in failure is to see where things went wrong and to straighten it out.

Read entire article at: http://www.youngentrepreneur.com/startingup/business-plan/how-to-navigate-growth-during-a-startups-early-years/

 

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