Looking to expand your service offerings?
If so, you’re making a wise decision. Offering new services can help you expand the geographic reach of your business and increase your profits.
But you can’t expand your business without also reinventing your business plan. As your business becomes more agile, your business plan must as well.
Ready to learn how to make that happen?
Keep reading, and you’ll discover 3 simple steps to creating an agile business plan that supports you as you navigate uncharted territory for your business.
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Outline exactly where you plan to take the business and why.
Your business plan should include all of your goals and objectives, and it should cover at least three years in detail. If you really want to plan ahead, you can cover up to 10 years.
When you’re writing out your plans, think about offering new practice areas in stages rather than all at once. For example, you might plan for a new practice area like cloud services to account for 20% of your monthly recurring revenue in year one and 40% of your revenue in year two. That way, you don’t become overwhelmed due to implementing too much change too quickly.
Create concrete, measurable goals.
Every business is different, so you have to ask yourself what you can realistically accomplish and set goals based on that. That being said, you should also make sure your goals are ambitious so you don’t fall behind your competitors who are more willing to take risks.
Here are a few goals you might set when adding new practice areas:
- Create new service bundles.
- Plan to offer service bundles.
- Gradually increase service bundle sales.
Give yourself specific timelines for accomplishing these goals, and make sure you outline the steps you must take to make your goals a reality. That way, you can hold yourself accountable for meeting the deadlines you’ve set and give yourself a better shot at success.
Communicate the big picture to employees.
Employees aren’t always receptive to change. It’s easy to understand why – change can be difficult when you already have processes and products you’re comfortable with.
To help your employees during your transition to offering new services, explain your end goal to them so they understand why it’s necessary for the processes to change. Once they see how much the change will help the business, they’ll be much more likely to embrace it.
Now, you may be wondering:
Why is it so important to create an agile business plan?
If that’s the case, consider these 5 benefits:
- It helps you figure out where you want your business to go and why.
- It reminds you of how far you’ve come and gives you concrete goals to measure against.
- It helps employees see the big picture so they can understand the need to change comfortable processes.
- It shows the bank that you’re valuable and credit-worthy.
- It helps you respond to changes in the industry.
Think of your agile business plan as a roadmap – it supports your plans and tells you what to do next to improve your business. Without a roadmap, it’ll be much harder for you to execute your plans successfully.
Keep in mind that you should be flexible as you execute your plans and always think about what’s best for your business. It’s perfectly fine (and encouraged!) to make changes to your business plans if those changes will help you achieve greater long-term success.
Read our free eBook to discover how to make it happen by creating an agile business plan.