Only 46% of entrepreneurs believed their income would increase over the course of 2018. This rate was higher than their certainty in 2019, and it continued to rise in that year. 60% of entrepreneurs believed they will have a bright future. However, COVID-19 changed everything in 2020. Although there are still pandemic challenges to be faced, economic growth is returning. Randall Castillo Ortega, a successful Costa Rican businessman and expert in global trade, discusses how an export company capitalize on its momentum and ensure that the operations meet growth goals for the next year.
A business growth plan is a document that contains the objectives and goals of your business, as well as the strategies that must be followed to achieve them. Under this perspective, it can be considered as a complement to the business plan.
To develop the growth plan, it is important to make a detailed analysis of your company and thus detect the needs in the short, medium and long term, such as a mapping of growth opportunities. Thus, once you have this information, you can choose the best growth strategies and determine the steps you must follow to achieve the development you expect.
Be clear about the goals. The objective should be outlined in a sequence of events that includes built-up numbers and points of interest about what is to happen and when. For example, determine how much money is needed to achieve the objective. This will allow the businessperson to predict the future and to sell it to potential customers or financial experts.
You should search for system contacts with earnest. Castillo explains, “When you are looking for new contacts, it is important to understand your business and be able to communicate the information in a clear and concise manner that anyone can comprehend.” You can practice with your family, friends, and even children. A potential association must get you. However, they need to understand the business in a similar manner as you.
It’s important to organize with “point,” which is being as real and genuine as possible under the circumstances. Do not present yourself as someone asking for cash. Instead, show the contact the thought so that they see how they can benefit from being included. Remember that personal and close collaborations can be incredibly powerful.
It is important to also discover the contribution of coaches, even if they have only a brief experience. They can be business leaders, peers, or instructors. They would also be able to give their own perspectives.
It is possible to make it easier to grow a business by getting help from a variety of sources and not just from one. It is your goal to make genuine connections with people who are at the same stage of business development as you. Castillo adds, “Learning should be an integral part of the business’s development goals.”
The business growth plan, although it is a document that will serve to guide the development of the company, is also useful material when looking for resources in the market, whether they are bank loans, new investors or companies with which you want to ally.
Therefore, the more organized and better presented it is, the more useful it will be for you and your business.
2022 has arrived, and it is expected that there will be a lot more innovation in almost all business sectors. It is vital that business owners and managers in the export industry keep up to date with the changes to ensure they are able to continue to grow and capitalize on innovation to remain relevant and competitive. This year will be a significant shift in how business operations are perceived.