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Truth 49. Preparing for growth > Planning for growth

Planning for growth

You also should plan for growth. The process of writing a business plan, discussed in Truth 10, “Writing a business plan: Still as important as ever,” greatly assists in this effort. A business plan normally includes a detailed forecast of a business’s first three to five years of sales along with an operations plan that describes how the business will meet its forecasts. Even though the business will invariably change during the first three to five years, it’s good to have a plan. Many businesses periodically revise their business plans and allow them to help guide their growth-related decisions.

A business owner should also step back and measure the business’s growth plans against his or her personal goals and expectations. As mentioned in Truth 2, “The right business for you,” a decision to grow quickly will necessitate a quick pace of activity and a hectic lifestyle. Although the upside may be a more financially successful business, sacrifices will have to be made in terms of the number of hours worked and the pressures that accompany a more hectic lifestyle.


  

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