Our business is named Berries and it deals with frozen yoghurt. During the last two years, we have seen its financial performance exceed our expectations. We would like the business to continue at the same pace, growing and expanding. To continue achieving these goals and objectives, it is important to have a growth plan for the next one year. Planning is very important to any business which wants to achieve its objectives. It is important for any business which is experiencing growth to review its business plan regularly so as to make sure it is able to meet both the business and customer needs. The same case applies to our business Berries if we are to achieve any meaningful growth during the following twelve months.
A business growth plan is a very important process as it plays a crucial role in the allocation of business resources. Issues related to opening a new joint, new employees, attracting new customers and sourcing for extra funds to finance our expansion program will be taken into consideration. This will make sure the business growth remains continous and is not derailed by anything.During the next one year, we intend to expand our business and open new joints across the town and in the neighbouring town six kilometers from here.
When introducing new joints in town and the neighboring town, we shall use the low price strategy in order to attract and keep new customers to our yoghurt products. The main aim of keeping the prices below the market price while ensuring quality is maintained is to attract new customers, ensuring they enjoy our yoghurt products while paying less. The prices will be increased later, after four to six months depending on how each joint shall be performing. We shall also be offering free yoghurt for every pack bought by the first 20 customers every day after we open. We hope these strategies will be successful in attracting and keeping both the new and the old loyal customers we have always served.
In order to achieve these results, our business will have to increase the number of employees, to ensure the new joints are fully and efficiently operational. Some of the older employees working in our existing joints will be transferred to the new joints once they are opened in order to train the new employees of what is required of them.
As a business, we shall set performance benchmarks in order to make sure the business achieves the desired goals by the end of the year. Productivity benchmarks for each and every employee shall be set to ensure optimum productivity is achieved. In every new joint, we shall employ a new supervisor to monitor the performance and the progress of each and every employee (Wilson and Bates 218)
For the expansion of our business to be successful, extra cash will be required. The cash will be used for leasing new joints and hiring new employees. The profit which the business has been making shall be ploughed back back to the business. Since the profits and the savings made during the last two years are not enough to fund our expansion project, we shall borrow a loan from the bank. With the savings we have in the bank, it will not be hard for the bank to grant us a loan to get the extra funds required.
At the end of the year, we shall then review our business growth plan in order to assess whether we achieved the set goals and objectives.
Works Cited
Wilson Peter., and Bates, Sue. The Essential Guide to Managing Small Business Growth.New Jersey John Wiley & Sons, 2005
