Planning for the Success of Your Business
June 8th, 2015 Matt McCue

An organized business plan that you and your employees can reference will help keep everyone focused and on track.


Photo Credit: tec_estromberg

When you started your business you likely conducted market research, consulted with mentors, and wrote a business plan outlining the steps to navigate its launch. And with your business is up and running … now what should you do to plan the future?

Business Plans Map Your Business' Route to Success

Entrepreneurs and business owners have a lot of different hats to wear when planning, launching, and managing their business, which means that an organized business plan that you and your employees can reference will help keep everyone focused and on track.


Organizing a multi-year plan for your business requires some future planning that takes many unknown variables into consideration. When planning your business’ future, there are a few tasks that you should apply to your operations which can help you grow your business.


From employee management to IT and telecommunication system investments, the fate of your company’s future rests in the decisions that you make throughout its existence.


Continual planning and thinking about your business’ growth gets you in the habit of forward thinking, which can lead your company into new markets and increasing the services or products that you offer.


A business plan is necessary to have because your employees and managers can reference it to understand where you want to take the company, and it can also be used to attract investors when you need an investment to take your organization to the next level.


Depending on the size and complexity of your business, you may want to create a plan for each of its departments in addition to one for the company as a whole. Employees working in a department can review the business plan so that they understand their functions and responsibilities, giving them a clear direction and goals to work towards.

Five Tips to Growing Your Business

The following 5 tips are offered to business owners and managers to better plan the growth and success of their company.  


  1. Form a business alliance. Forming a strategic alliance with other businesses that cater to the same target market as your business can increase your client list and help generate more sales.
    Your company will benefit from an increased exposure to new people, but also gain credibility through the recommendation from the other business. If the business you form an allegiance with is an industry leader, their clients will likely view your organization in the same light.

  2. Open a new location. Expanding your business’ physical presence may be something to do once it’s stable and established, but you should include new locations and markets when planning your company’s future. Finding regional markets which are underserviced is something you should continually be doing, and when you find an area with no competitors in it, you should jump on the opportunity to expand your company into that geographic region.

  3. Scaling your phone network. Your business’ phone system should be scalable so that it can easily grow as your business does. This means that it should be flexible enough that you can add new employees and locations to your phone network as they join your company.
    One of the most scalable and flexible systems for a growing company is VoIP for Business, which uses your internet connection to route phone calls to employees desks and their mobile phones. Having a flexible phone network will make growing your business that much easier.

  4. Optimizing your IT investment. Whether you use “cloud-based” servers and hosting or have your own in-house servers, you’ll want to ensure that you’re getting the most from your IT investment. This means that your servers and computing processes are working at their optimal level so that you can reduce the operational costs of maintaining and servicing your system.
    Tridacom’s team of IT Consultants can help you maintain and organize your IT investment so that it’s scalable and can grow with your business. Our team has worked with Canadian businesses of all sizes to improve and optimize their IT infrastructure and network, and we have the experience to ensure that your company can grow with an IT investment that’s scalable to meet the needs of your future goals.

  5. Leveraging your clients. Remarketing to your existing clients is the most inexpensive way to your company's keep sales levels from dropping. Your business plan should include ways to continue to market to your clients, and encourage them to get their friends and family to use your business. Word-of-mouth referrals are trusted form of “free” advertising, because you’re using their relationship to add credibility to the recommendation.

Summary

When planning your business’ growth, consider revisiting your business plan on a quarterly or annual basis so that it’s modified to include your new ideas and industry trends. Analyzing client lifecycles will give you insight into how your clients use your business, and thinking of what you should do to extend the lifecycle should be something you’re continually focusing on.


Make sure that your business plan is an integral part of the operation of your company, and you’ll never lose sight of the goals you set in order for it to be a success.


Tridacom is a Canadian IT Consulting and Telecommunication Services company with locations in Edmonton, Regina, Toronto, and Vancouver. We work with businesses to increase their productivity and efficiency so that their operations are scalable as the business grows.


For more information on Tridacom and any of our services, please call us today at 1-877-489-0123.



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