How to implement a growth plan

growth plan - graph and line chart

Implementing your business growth plans at any time can be a challenge. But how can your business prepare for the economic challenges ahead and still push forward? By being streamlined, agile and adaptable, you can maximise efficiency and achieve the best outcomes even in turbulent times. And reviewing your financing options, including long-term financing, can help your business survive the storm. And we really are speaking from personal experience, as we see this with many of our clients as well as work closely with business coaches.


Why you need a growth plan

It might seem contradictory to plan for growth during a recession. But many of the drivers for growth are similar to the threats from a recession. For example, you may already be experiencing low sales and falling customer numbers, and your business plan is designed to attract internal investment and loans. Therefore, a potential recession could be the opportunity you need to fine-tune your business and shore up your finances. Indeed, we saw many businesses achieve this and put themselves in a stronger position during the recent pandemic – it’s amazing how adverse times can result in a more finely-tuned business!


Survive and thrive

Tough economic times are challenging for everyone, but they’re particularly tough for business. However, there are ways to implement your growth plans even when there’s a significant downturn in economic activity. And these proven strategies can help your business survive and thrive.


Focus on marketing

It might seem counterintuitive. But while the competition is pulling back on advertising spend, they’re creating a void ready to be filled. And while you may not reap immediate rewards, this long-term strategy should mean you’re well placed to capitalise on future upturns in spending.


Enhance the customer experience

Enhancing the customer experience is a critical part of any growth plan. And providing a flawless and robust customer journey is more critical than ever when facing challenging economic times.

You can learn lessons from the pandemic and start with customer service. Communicate regularly and reach out to your customers to find out how to retain their business. A customer satisfaction survey will determine how they’re feeling and what improvements you can make.


Streamline your offering

Now is the time to reassess your products and services and evaluate areas where your business could be underperforming. Now could be the time to streamline your product offering and remove goods and services that are sapping your resources without generating profit.

In addition, you’ll free up your teams to focus on short-term product improvement and longer-term development to diversify and futureproof your business.


Calculate your cashflow

Before you can implement a growth plan, you need oversight of your income and expenditure. Mapping your cashflow and assessing your liquidity can help you identify areas for cost savings, including energy usage and real estate. Cashflow forecasting can help you plan for the future — and the unexpected.


Reinforce resilience with business financing

Any business owner thinks long and hard about taking on debt during economically challenging times. But financing options, including business grants, could help your business become more resilient and support the growth opportunities that still exist in hard times.

Consolidating or refinancing existing debts could bring down your monthly payments or give you a working capital buffer so you can pivot fast. For example, suppose the economic downturn has already affected your cashflow. In that case, there are short and long-term financing options to improve your liquidity position and give you the flexibility to quickly take advantage of new opportunities that come your way. 


Business support options with Funding Round

To implement your growth plans, you need to know your financial position. At Funding Round, our financial assessment services can help you make the most of your growth opportunities, even when you face economic headwinds. From financial planning and business grants to cashflow forecasting and startup loans, we can help you grow your business to achieve financial resilience, so contact us today.