examples of business expansion plans

Creating A Business Expansion Plan Template

examples of business expansion plans

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A fervent believer in the promise of human powered growth, Russ leads CMG in partnering with companies to help them become aligned, agile, customer-driven enterprises that unleash the potential of their organizations with sustainable improvements in focus, teams, culture, and process our clients.

Mark leads CMG in partnering with Telecom companies to help them increase customers and accelerate revenue. His 25+ years of experience in growth, strategy and execution includes B2C and B2B multi-channel acquisition programs, customer experiences that surprise and delight, pricing that optimizes customer value, and innovative product development.

Successful businesses need forward-thinking solutions to ensure measurable growth. A simple business expansion plan template can help any growing company move up and to the right.

Great templates outline realistic goals, identify leadership, and help to organize your company into teams that are efficient and motivated. Think of your plan as a roadmap for the next three to five years. As a marketing director or CMO, it’s crucial that you know exactly how your teams are communicating. Making sure everyone is on the same page is the best way to survive growing pains.

So your business has been successful and is looking to move forward and grow in the marketplace. What do you do? Outlining a business expansion plan with this free business plan template helps you clearly define your goals, organize teams and leadership, and develops a strategy for company efficiency and motivation moving forward.

This sample business plan outlines your strategies for innovation.

Growing businesses want to stay ahead of their competitors as they go forward. The strategies that lead to long-term success can be outlined in your company’s business expansion plan.

Listed below are examples of the key components you need to include in your growth plan template . Outline your path to success clearly with defined goals, organized leadership, and strategies for motivation and efficiency going forward.

Organizing your business expansion plan requires clear communication. There are many strategies to help you create a detailed outline for your company that stress the importance of clarity and consistency.

Key Themes in a Business Expansion Plan

Most expansion templates will feature these 10 key plan components:

1. Executive Summary

The executive summary is typically written last, but outlines your whole business plan from start to finish. Keep it simple.

2. Company Description

How does your company stand out from your competitors? Can you clearly communicate your offerings in a way that will resonate with potential consumers? Who are your target clients and industries? Here is where you outline how your expansion will put you at the forefront of the market.

3. Product and Service Description

Continuing from the company description, outline your products and services in detail. Describe how and why they are important and how they benefit your consumer base.

4. Marketing Analysis

Outline your market position and how or why companies in your field are growing. Include details such as facts about your industry, the size of your market, and technology associated with business expansion.

5. Marketing Strategy

What strategies will help you sprint to success? Detail advertising, technology, new product innovations, customer experience and touchpoint strategies, collaborations, and ideas for marketing success.

6. Organization and Management

Is your company structure performing to its potential? A well-organized workplace structure can boost morale, efficiency, and benefits for employees and management alike. What role do you play as a CMO or marketing director in your business plan? Can inter-departmental teams drive up productivity?

7. Daily Operations

Walk through your day-to-day operations. How have they worked? How can they improve as you expand?

8. Financial History

Identify the successful campaigns that have led you to the need for expansion. Detail how these campaigns have transformed your business, as well as how budget cuts or increases have affected your ROI.

9. Financial Plan and Projections

Get funded. Your financial plan should outline:

  • 12-month profit and loss projection
  • three-to-five year outline on how to retain productivity
  • cash flow projection
  • estimated balance sheet of expenditures
  • cost analysis

10. Appendix

This optional section includes information that helps to build the case for your expansion, including:

  • cited industry studies
  • letters of support

Remember: A great plan should be detailed but not convoluted. You want your financiers, clients, and business partners to have a clear understanding of your vision as your business grows, as well as the best methods you will use to achieve your goals.

How CMG Can Make Your Plan Successful

Put your business expansion plan template to work by partnering with a marketing solutions firm that is driven and dedicated to getting you results. At CMG, our strategic marketing consultants work with you in the trenches to expand your business through branding strategies and our Agile for Marketing (A4M™) solutions. A4M™ is a mindset and methodology designed to help your business grow with customer-driven, iterative learning cycles to reach one goal: Potential Realized. Agile market solutions are three times more likely to expand company worth , according to Forbes.

At CMG, we work hard to define business plans that guarantee expansion and an increased ROI for leading Fortune 1000 companies across multiple industries. Contact us. Think. Do. Move. Market smart.

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Writing a Business Growth Plan

Table of contents.

examples of business expansion plans

When you run a business, it’s easy to get caught in the moment and focus only on the day in front of you. However, to be truly successful, you must look ahead and plan for growth. Many business owners create a business growth plan to map out the next one or two years and pinpoint how and when revenues will increase. 

We’ll explain more about business growth plans and share strategies for writing a business growth plan that can set you on a path to success. 

What is a business growth plan?

A business growth plan outlines where a company sees itself in the next one to two years. Business owners and leaders apply a growth mindset to create plans for expansion and increased revenues.

Business growth plans should be formatted quarterly. At the end of each quarter, the company can review the business goals it achieved and missed during that period. At this point, management can revise the business growth plan to reflect the current market standing.

What to include in a business growth plan

A business growth plan focuses specifically on expansion and how you’ll achieve it. Creating a useful plan takes time, but keeping your growth efforts on track can pay off substantially.

You should include the following elements in your growth plan:

  • A description of expansion opportunities
  • Financial goals broken down by quarter and year
  • A marketing plan that details how you’ll achieve growth
  • A financial plan to determine what capital is accessible during growth
  • A breakdown of your company’s staffing needs and responsibilities

Your growth plan should also include an assessment of your operating systems and computer networks to determine if they can accommodate profitable growth .

How to write a business growth plan

To successfully write a business growth plan, you must do some forward-thinking and research. Here are some key steps to follow when writing your business growth plan.

1. Think ahead.

The future is always unpredictable. However, if you study your target market, your competition and your company’s past growth, you can plan for future expansion. The Small Business Administration (SBA) features a comprehensive guide to writing a business plan for growth.

2. Study other growth plans.

Before you start writing, review models from successful companies.

3. Discover opportunities for growth.

With some homework, you can determine if your expansion opportunities lie in creating new products , adding more services, targeting a new market, opening new business locations or going global, to name a few examples. Once you’ve identified your best options for growth, include them in your plan.

4. Evaluate your team.

Your plan should include an assessment of your employees and a look at staffing requirements to meet your growth objectives. By assessing your own skills and those of your employees, you can determine how much growth can be accomplished with your present team. You’ll also know when to ramp up the hiring process and what skill sets to look for in those new hires.

5. Find the capital.

Include detailed information on how you will fund expansion. Business.gov offers a guide on how to prepare funding requests and how to connect with SBA lenders.

6. Get the word out.

Growing your business requires a targeted marketing effort. Be sure to outline how you will effectively market your business to encourage growth and how your marketing efforts will evolve as you grow.

7. Ask for help.

Advice from other business owners who have enjoyed successful growth can be the ultimate tool in writing your growth plan.

8. Start writing.

Business plan software has streamlined the process of writing growth plans by providing templates you can fill in with information specific to your company and industry. Most software programs are geared toward general business plans; however, you can easily modify them to create a plan that focuses on growth. 

If you don’t have business plan software, don’t worry. You can create a business growth plan using Microsoft Word, Google Docs or a similar tool. For each growth opportunity, create the following sections: 

  • What is the opportunity? Is your growth opportunity a new geographic expansion, a new product or a new customer segment? How do you know there’s an opportunity? Include your market research to demonstrate the idea’s viability.
  • What factors make this opportunity valuable at this time? For example, your growth opportunity could utilize new technology, take advantage of a strategic partnership or capitalize on a consumer trend.
  • What are the risk factors for this opportunity? Identify factors that may make this growth opportunity challenging to execute. For example, challenges may include the state of the overall economy, intense competition or supply chain distribution issues. What is your plan for dealing with these challenges?
  • What is your marketing and sales plan? Identify the marketing efforts and sales processes that can help you seize this growth opportunity. Detail the marketing channel you’ll use ( social media marketing , print marketing), your message and promising sales ideas. For example, you could hire sales reps for a new geographic area or set up distribution deals with relevant brick-and-mortar or online retailers .
  • What are the costs involved in this growth area? For example, if you add a new product, you may need to buy new manufacturing equipment and raw materials. While marketing costs are a given, remember to include incremental sales costs like commissions. Outline any economies of scale or places where your existing operations make the new growth area less expensive than a stand-alone initiative.
  • How will your income, expenses and cash flow look? Project your income and expenses, and prepare a cash flow statement for the new growth area for the next three to five years. Include a break-even analysis, a sales forecast and all projected expenses to see how much the new initiative will add to the bottom line. Include how the new growth area will positively (or negatively) impact existing sales. For example, if you sell bathing suits and you decide to grow by adding cover-ups and sunglasses, you will likely sell more bathing suits. 

A cash flow statement will indicate if you must secure additional financing, and a break-even analysis will let you know when the growth opportunity will stop being a drain on the company’s financial resources and start turning a profit.

After completing this exercise for each growth opportunity:

  • Create a summary that accounts for all growth areas for the period.
  • Include summarized financial statements to see the entire picture and its impact on the company. 
  • Evaluate the financing you’ll need to implement the plan, and include various options and rates. 

Why are business growth plans important?

These are some of the many reasons why business growth plans are essential:

  • Market share and penetration: If your market share remains constant in a world where costs consistently increase, you’ll inevitably start recording losses instead of profits. Business growth plans help you avoid this scenario.
  • Recouping early losses: Most companies lose far more than they earn in their early years. To recoup these losses, you’ll need to grow your company to a point where it can make enough revenue to pay off your debts.
  • Future risk minimization: Growth plans also matter for established businesses. These companies can always stand to make their sales more efficient and become more liquid. Liquidity can come in handy if you need money to cover unexpected problems.
  • Appealing to investors: For most businesses, a business growth plan’s primary purpose is to find investors . Investors want to outline your company’s plans to build sales in the coming months.
  • Concrete revenue plans: Growth plans are customizable to each business and don’t have to follow a set template. However, all business growth plans must focus heavily on revenue. The plan should answer a simple question: How does your company plan to make money each quarter?

Motivate your employees by sharing your growth plan. When employees see an opportunity for increased responsibility and compensation, they’re more likely to stay with your business.

What factors impact business growth?

Consider the following crucial factors that can impact business growth:

  • Leadership: To achieve your goals, you must know the ins and outs of your business processes and how external forces impact them. Without this knowledge, you can’t direct and train your team to drive your revenue, and you will experience stagnation instead of growth.
  • Management: As a small business owner, you’re innately involved in management – obtaining funding, resources, and physical and digital infrastructure. Ineffective management will impact your ability to perform these duties and could hamstring your growth.
  • Customer loyalty: Acquiring new customers can be five times as expensive as retaining current ones, and a 5 percent boost in customer retention can increase profits by 25 percent to 95 percent. These statistics demonstrate that customer loyalty is fundamental to business growth.

What are the four major growth strategies?

There are countless growth strategies for businesses, but only four primary types. With these growth strategies, you can determine how to build on your brand.

  • Market strategy: A market strategy refers to how you plan to penetrate your target audience . This strategy isn’t intended for entering a new market or creating new products and services to boost your market share; it’s about leveraging your current offerings. For instance, can you adjust your pricing? Should you launch a new marketing campaign?
  • Development strategy: This strategy means looking into ways to break your products and services into a new market. If you can’t find the growth you want in the current market, a goal could be to expand to a new market.
  • Product strategy: Also known as “product development,” this strategy focuses on what new products and services you can target to your current market. How can you grow your business without entering new markets? What are your customers asking for?
  • Diversification strategy: Diversification means expanding both your products and target markets. This strategy is usually best for smaller companies that have the means to be versatile with the products or services they offer and what new markets they attempt to penetrate.

Max Freedman contributed to this article.

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Home » Blog » Small Business Growth » Free Business Expansion Plan Template

Free Business Expansion Plan Template

By Barbara Davidson

Posted on March 23, 2020

Free Business Expansion Plan Template

Business plans are crucial tools that help you budget, adapt and run your small business. They can even be used to secure funding or recruit a new partner. Looking to open a new location? A business expansion plan can help you think about what you need to get there.

Every business is unique, but there are a few essentials to include in a business expansion plan. Whether you accompany your proposal with an elaborate presentation or keep it minimal, a business expansion plan should outline steps that you’ll take to facilitate and support the growth of your business, from securing capital to an updated marketing strategy in a new territory.

: Download Our Free Business Expansion Template

What to Include and How to Write Your Business Expansion Plan

Here are the fundamentals you should cover in your own expansion plan and how to go about writing them:

Executive Summary

An executive summary is a concise statement that provides a high-level rundown of your business, your expansion and how you intend to achieve that vision. It should briefly highlight crucial areas like:

  • Growth targets
  • Projected and current operating costs
  • Funding needs
  • Marketing approach

Provide as much detail as necessary for someone reading only your summary to get the gist of your overall expansion strategy. It may help to complete this section last.

What You Do and What You Offer

Discuss what makes your business unique:

  • What do you provide for your customers that other companies don’t?
  • In what areas do you shine?

Use this space to communicate your business’s value propositions. You should also list your full line of products and services here.

Executive and Management Team

Identify any key players and stakeholders responsible for overseeing the expansion. You may also want to include your company controller/accountant, account manager or any consultant advising your activity.

Plan of Expansion

Now that you’ve laid the groundwork, this is where you detail your expansion proposal. Describe your goal and what you need to achieve your vision. Think in terms of planning, executing and maturing your expansion. Identify what or where you intend to expand:

  • Are you releasing a new product?
  • Do you plan to open a new branch?
  • Does your expansion involve additional staffing needs ?

Make sure to cover:

  • How you intend to support your expansion
  • Whether you’ll need additional staff, capital or resources for your plan
  • Details about your new product or service, if applicable
  • Goals and key performance indicators (KPIs)
  • New regulations or legislation, if applicable

Marketing Analysis

Identify and analyze your competitors in your new area of expansion. Consider what makes your competitors successful, their advertising strategies, prices, industry outlook and what opportunities you might have to reach new, niche audiences.

Marketing Strategy

Outline the steps you’ll take to achieve the goals you’ve laid out. Identify your value propositions, any forms of advertising you plan to use, your key customer demographics and where/how you plan to sell your service or product. While you may not have fully developed concepts, you can include any marketing deliverables you intend to use in your strategy.

Financial History, Analysis and Forecasts

In this section, you’ll need a variety of financial documents, like sales reports, balance sheets, profit & loss statements and future forecasts to support your expansion plan. If you’re new to business bookkeeping or accounting, it may be a good idea to hire a professional who can help you prepare this portion of your plan. Use visuals like charts and tables to display complex data when possible. Potential investors, lenders and partners will likely pay particular attention to your finances, so make sure to double-check that everything is accurate and up-to-date.

Your expenses will fluctuate over the course of an expansion, so it’s a good idea to include financial projections for up to five years. With your previous data and forecasts, you should be able to estimate what you’ll need to run your business, including whether or not you need expansion capital to fund any new activity.

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  • Home > Blog > Small Business Success > How to Create a Business Expansion Plan
  • By Kelly Hillock
  • Aug 2, 2023
  • 8 mins read

How to Create a Business Expansion Plan

Expanding a business is a crucial step in a company’s growth process, requiring detailed planning, goal setting, and formulating strategies. Once you discern that the time is right to broaden your business horizon , creating a comprehensive business expansion plan becomes imperative.

What is a Business Expansion Plan?

A business expansion plan is a roadmap for growing a business, encompassing well-defined goals that are realistic and achievable along with strategies to expand, market products, and improve operational efficiency. It includes a thorough understanding of the market, competition, business operations, finances, and more.

The importance of this growth plan lies in its role as a guide, navigating a business’s growth trajectory. It helps business owners identify opportunities and challenges, allocate resources effectively, and make informed decisions that align with their overall business growth aspirations.

Steps to Create a Business Expansion Plan

1. conduct market research.

Embarking on business expansion demands meticulous market research, even if you have done some preliminary groundwork. This in-depth research should include insights into the market size, key players, future market trends, industry news, customer behavior, and other significant areas. This step helps to paint a comprehensive picture of the business landscape you wish to venture into. Conducting a SWOT analysis is also crucial during this phase, as it allows you to understand your strengths, weaknesses, opportunities, and threats, providing a clear picture of where your business stands and where it needs to go.

2. Define Goals and Objectives

The next step in creating a business expansion plan is to define your broad goals. These goals could vary widely, including increased sales revenue, conquering a specific market niche, addressing customer pain points, or acquiring other businesses. With your broad goals in place, the next crucial step is to refine them into SMART (Specific, Measurable, Achievable, Relevant, Time-bound) Goals. SMART Goals ensure your objectives are attainable, giving your team a clear direction and a sense of motivation.

What are SMART Business Goals?

SMART business goals are a strategic approach to setting objectives, ensuring they are clear and achievable. The SMART framework is an acronym that stands for:

  • Questions to further elaborate your goals include: What specific market niche do I want to conquer? Which exact customer pain points am I aiming to address?
  • For instance, if your broad goal is to increase sales revenue, define how much you want to improve it and in what timeframe.
  • If planning to acquire a business, analyze whether it’s feasible considering your current financial position and market conditions.
  • Your goal to diversify, for example, should align with the overall business vision and market trends.
  • Time-bound: Every goal needs a target date to provide a sense of urgency and a deadline for focus. Think about: When can I achieve this goal? What can I do six months from now? What can I do six weeks from now?

Setting a clear timeline for achieving your goal, such as launching a new product within the next year, helps maintain momentum. Analyzing your broad goals through the prism of SMART goals will provide clarity, focus, and motivation, ensuring a purposeful approach to your business expansion plan.

3. Explore Business Expansion Strategies

Four potential strategies to consider for business expansion include market penetration, diversification, product development, and market development.

Market Penetration

Market penetration strategy aims to increase sales of existing products or services in the current market. This is achieved by attracting a larger customer base, increasing sales through existing customers, or taking market share from competitors. For example, a coffee shop could implement a loyalty program to encourage repeat purchases from existing customers.

Product Development

Product development strategy involves creating new products or improving existing ones to offer to your current market. For instance, a technology company might develop a new feature or entirely new software to offer to its existing customers.

Market Development

Market development strategy introduces your existing products or services into new markets. This could be new geographical areas, customer segments, or distribution channels. For instance, a clothing brand that previously sold products locally might start selling products online or expand to new cities or countries.

Diversification

A diversification strategy involves entering new markets with new products or services. This is generally the riskiest strategy requiring venturing into unfamiliar territories. For example, a jewelry company might expand into offering other accessories like belts or handbags.

4. Develop Ideas for Product and Services You’ll Offer

Once you’ve chosen your expansion strategy, it’s time to brainstorm ideas for new products or services. For instance, if you’ve chosen product development, consider improving an existing product or developing a completely new one that satisfies an unmet need of your existing customer base. On the other hand, if market development is your chosen strategy, consider how your current products or services can change to cater to the new market segment.

Plan for Scaling Logistics & Operations

Achieving your expansion goals is not just about planning for products and services but also about efficiently scaling your operations and logistics. Depending on your strategy, the plan might include acquiring new equipment, hiring additional personnel, launching a new warehouse or store, or eliminating inefficient processes that slow production.

Boosting logistics might involve streamlining the process of inventory acquisition, storage, product distribution, and shipping. For example, suppose your expansion strategy involves entering a new geographical market. In that case, you might need to explore local shipping options or set up a new distribution center to ensure the timely delivery of products to your new customers.

6. Chalk Out a Funding Plan for Business Expansion

Planning your finances is crucial for a successful business expansion. Several ways to fund an expansion include self-funding, procuring business expansion loans , attracting capital investments, or selling company shares. Self-funding ensures complete control but might limit the extent of your expansion. Expansion loans and capital investments provide larger funds, but you’ll have repayment or equity-sharing obligations. Selling shares can generate significant funds, but it dilutes ownership. Each method has pros and cons, so choose based on your business’s needs and financial health. Remember, you don’t have to acquire funding at this stage but have a plan for possible expansion financing options based on your business needs.

7. Define Marketing Strategy

A well-defined marketing strategy is key to reaching new customers and markets. Start by aligning your marketing goals with your SMART goals, providing a clear direction for your marketing efforts. Audit your current marketing strategy to identify what’s working and what needs improvement. Analyze your competitors’ marketing campaigns for insights and inspiration. Choose the right mix of marketing platforms based on your target audience, like paid marketing, organic marketing, and social media marketing. Lastly, set a realistic marketing budget considering each channel’s expected return on investment.

8. Document Your Business Expansion Plan

A well-documented business expansion plan serves as a roadmap for your growth journey. It should include the following elements:

  • Executive Summary: This concise overview of your expansion plan provides key information like goals and objectives.
  • Company Information: Detail your company’s history, current situation, and why you plan to expand.
  • Market Analysis: Summarize your market research findings, SWOT analysis, and details about your target market.
  • Product/Service Description: Explain what new or improved products or services you plan to offer.
  • Logistics/Operational Strategy: Describe how you plan to scale your operations and logistics to support your expansion.
  • Expansion Financing Plan: Discuss how you plan to fund your expansion, outlining the chosen method’s pros and cons.
  • Marketing Strategy: Detail your marketing strategy, including your marketing goals, chosen platforms, and budget.

By incorporating these elements into your business expansion plan, you’ll have a comprehensive document that guides your decision-making process and helps potential investors or lenders understand your vision and strategy for growth.

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examples of business expansion plans

Business Expansion Planning: Strategies for Market Growth

  • Post author By awesome
  • Post date November 26, 2023

examples of business expansion plans

Business expansion planning is the strategic process of growing and scaling a company’s operations. It involves careful assessment, goal setting, and decision-making to enter new markets, introduce new products or services, or expand current ones. The key aspects include market research to identify opportunities and potential risks, financial analysis to ensure feasibility, and the development of a detailed expansion plan. This plan outlines the steps, resources, and timeline needed to achieve growth objectives. Business expansion planning is crucial for sustainable growth and helps companies make informed choices to seize new opportunities while managing potential challenges effectively.

Ever wonder why some businesses soar while others stall? The secret sauce for small businesses often lies in strategic business expansion planning to explore new opportunities and improve profit margins across multiple industries. It’s not just about growing; it’s about scaling smartly and sustainably with successful business expansion strategies and a solid business expansion plan to ensure market expansion. In this bustling marketplace, carving out a path for growth through business expansion strategies requires foresight, adaptability, and seizing opportunities for small businesses. We’ll dive into the essentials of mapping your company’s future business expansion plan, ensuring every move in business operations is calculated for market expansion to keep you on the upswing without overextending your resources through thorough market analysis.

From assessing market opportunities in your industry to aligning diversification with your core capabilities and business operations, we’re here to guide small businesses through the maze of expansion strategies that can make or break your next big leap.

Understanding Business Expansion Plans

Growth motivation.

Businesses often expand to grow. Companies may see increased market demand or want to diversify products and services to expand their customer base as part of a business expansion plan. It’s crucial to identify clear reasons for expansion. This helps set goals that align with the business vision and reach the target customer base for small business services.

Expansion can be exciting, but it must be strategic. For example, a popular small bakery might implement a business expansion plan due to customer lines out the door every morning, indicating market expansion and increased revenue. This signals strong market demand and potential for growth .

Capacity Assessment

Before expanding, assess your current business operations capacity. Can you handle more work without compromising quality? Scalability is key in expansion planning.

A tech company might evaluate their server capacity and costs before offering new digital services as part of their business expansion plan to increase revenue. If they don’t have enough bandwidth, service quality could suffer during peak times, increasing costs and requiring help to manage the pros and cons of different services.

Timing Importance

Timing can make or break an expansion plan. Market trends and business readiness are essential factors here.

Imagine launching a beach resort with a business expansion plan right before winter; poor timing and costs could lead to initial losses despite future potential success and help during summer months with increased services.

Key Components of a Business Expansion Plan

Clear objectives.

Defining clear objectives is vital. Your business must set specific targets for expansion. These should be measurable and achievable. For example, increasing production by 20% or entering two new markets within a year as part of our business expansion plan to help extend services.

Goals give direction and purpose. They help teams focus on what’s important for growth.

Required Resources

Expansion needs resources. You must outline what your business requires to grow.

  • Financial: budget for new equipment, marketing , or hiring.
  • Human: skilled workers to manage increased demand.
  • Technological: updated systems to support larger operations.

Think about each part carefully. Every resource plays a role in successful expansion.

Risk Assessment

Risk assessment is crucial in planning. Identify potential problems that could derail your plans. Contingency planning prepares you for the unexpected.

Consider market changes or supply chain disruptions as examples. Have backup plans ready to help keep moving forward with business expansion despite challenges.

Crafting a Comprehensive Business Growth Plan

Market research.

Market research is vital. It provides insight into customer needs and market trends. This data informs your growth strategies . Use surveys, interviews, and competitor analysis to gather information.

Research helps you understand the market landscape . You can identify opportunities for expansion or improvement. For example, if customers express a need for faster delivery, consider investing in logistics to help with business expansion plans.

Vision Alignment

Your growth and expansion plan must reflect your business’s mission and vision and help achieve them. Aligning them ensures consistency in actions and decisions. Your team will have a clear direction.

When goals, such as business expansion plans, mirror core values, they resonate more with employees and help drive engagement. They become motivated to achieve these objectives because they see how their work helps in the larger picture of the company’s future business expansion plan.

Milestone Setting

Set short-term and long-term milestones to track progress effectively in your business expansion plan. Smart goal-setting for business expansion involves creating specific, measurable objectives that are achievable yet challenging in the plan.

For instance, aim to increase market share by 5% in one year as a short-term goal in your business expansion plan; launching in three new countries might be a long-term milestone set for five years down the line. Review these business expansion goals regularly to ensure you stay on course with your plan or make necessary adjustments based on performance or changing market conditions.

Choosing the Right Business Expansion Strategy

Organic growth.

Organic growth in business focuses on increasing output and enhancing sales internally as part of a strategic expansion plan. This business expansion plan is often slower but can be less risky than other strategies.

Businesses might invest in marketing or introduce new products to plan their organic growth and expansion. Pros of this business plan method include a solid foundation for long-term success and control over the expansion pace. Cons are that it requires time and may limit rapid business expansion.

Leveraging Market Penetration and Development

Marketing intensification.

To deepen market penetration , businesses must intensify marketing efforts. This involves understanding the current market to tailor business expansion strategies that resonate with the existing customer base. For instance, a business might use data analytics to track buying patterns and launch targeted campaigns as part of their expansion plan.

  • Improves visibility among current customers
  • Increases profit margins through repeat sales

Businesses should focus on building brand loyalty. By engaging more closely with audiences, businesses can encourage repeat purchases, referrals, and support expansion plans.

Market Exploration

Exploring new markets is crucial for business development. Conducting thorough market analysis helps identify untapped areas where demand exists but supply does not yet meet it fully, which is essential for a business expansion plan. Here are key steps:

  • Research potential markets.
  • Analyze competition and audience needs.

Companies adapt their business services or products to fit these new markets’ unique demands, sometimes creating entirely new revenue streams in the process of expansion as outlined in their business plan.

Adaptation in business expansion could mean changing product features or altering service methods to align with cultural preferences or regulations in different regions.

Diversification and Product Development for Growth

Product expansion.

Broadening product lines is a strategic move. It reduces reliance on single products. Diversification means adding new items to the business’s offerings. This can lower market risks. For instance, a tech company might add smart home devices alongside its existing computers as part of its business expansion.

A diverse product range caters to more customer needs. It helps stabilize revenue during market shifts.

Innovation Drive

Innovation fuels growth and expansion with new products that complement core business activities. Creating cutting-edge solutions keeps companies ahead of competitors. A clothing brand could innovate its business by using sustainable materials, attracting eco-conscious consumers and considering expansion.

Investing in research leads to breakthroughs that open up fresh markets and drive business expansion.

Industry Ventures

Entering new industries spreads risk across different sectors. Unrelated diversification involves expansion by investing in completely different fields from the core business operations—like a food corporation starting an IT division.

This business strategy can tap into multiple revenue streams, making the company resilient against industry-specific downturns and favorable for expansion.

Implementing Effective Marketing and Promotion Strategies

Digital outreach.

Utilizing digital marketing channels is crucial. Businesses can reach a broad audience quickly. Social media, email campaigns, and search engine optimization are key tools for business expansion.

These platforms allow for targeted outreach . They enable businesses to focus on specific demographics. For example, a company might use Facebook ads to target users interested in fitness if they sell sports equipment as part of their business expansion.

Tailored Campaigns

Developing promotional campaigns is essential. These should resonate with new customer segments. The message must align with the values, interests, and business expansion goals of these groups.

A brand known for outdoor gear could launch a campaign highlighting sustainability when targeting environmentally conscious consumers. This would create relevance and foster customer loyalty .

Strategic Partnerships

Building partnerships offers significant advantages. Business collaborations can lead to cross-promotional benefits which expand reach without substantial costs.

Imagine two brands—one in fashion, the other in beauty—teaming up for a joint giveaway contest on Instagram; this can attract followers from each brand’s target audience while promoting both products simultaneously.

Businesses should set clear objectives before starting any marketing initiative. They need to understand what they want out of their business efforts—be it increased sales, enhanced brand recognition, or deeper market penetration.

Effective promotion strategies consider current operations too. A business expanding its product line needs marketing that supports both old and new offerings without confusion among customers about what the business stands for or offers.

Overcoming Challenges in New Market Expansion

Legal hurdles.

Businesses face legal challenges when entering new regions . They must understand local laws to avoid penalties . This requires thorough research and possibly legal counsel .

Navigating these regulations ensures compliance and smooth operations. For example, a business might need specific licenses to sell products abroad.

Crafting a business expansion plan is akin to charting a course for an adventurous voyage. You’ve now equipped your business with the essential tools and strategies—from understanding the basics to overcoming the hurdles of new market territories. Think of your business as a ship; with a solid plan, you can navigate through the choppy waters of growth and diversification, steering clear of common pitfalls. Your compass? The comprehensive growth plan tailored to your unique vision.

As you set sail on this thrilling business journey, remember that the horizon is just the beginning. Keep your eyes peeled for business opportunities and be ready to adjust your sails as needed. It’s your turn to take the helm. Are you prepared to embark on this expedition? Share your thoughts, or better yet, take that first step today towards expanding your business horizons. Let’s make waves!

Frequently Asked Questions

What are the essential elements of a business expansion plan.

A solid business expansion plan includes market research, financial planning, a marketing strategy, and an operational roadmap. It’s like your GPS for business growth—guiding you through new territory.

How do I choose a suitable business expansion strategy?

Selecting a business strategy hinges on understanding your market position, resources, and goals. Think of it as picking out the right business outfit—it needs to fit well and suit the occasion.

Can diversification help my business grow?

Absolutely! Diversification in business is like adding more flavors to your ice cream shop—it attracts different customers and spreads risk across various products or services.

What role does marketing play in expanding my business?

Marketing is pivotal for your business; it’s your megaphone that announces your presence in new markets. Without it in business, you’re winking in the dark—no one knows what you’re doing!

How can I penetrate new markets effectively?

Business market penetration starts with knowing customer needs better than they do. Like being the best host at a business party—you make guests feel heard and catered to.

What challenges might I face when entering new markets?

Expect cultural nuances, regulatory hurdles, and stiff competition—the usual suspects in business when stepping into someone else’s backyard for a game of soccer.

Is product development crucial for business growth?

Indeed! Continuously improving or creating products keeps your business ahead in the race. Think of it as continuously sharpening your tools—a must for any craftsman aiming for excellence.

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How to Plan a Business Expansion

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Types of Operational Projects

Types of management goals, how to determine a strategic plan for your long-term objectives.

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Small businesses become big businesses through expansion. In most cases, business expansion occurs due to an increase in demand, an increase in efficiencies, new production lines, more diverse or international markets and the need to bring certain functions, such as logistics or manufacturing, in-house. Planning for expansion is a strategic exercise which involves identifying the exact need for expansion. After this, you can focus on the need and develop more defined estimates of the time and capital required to implement expansion efforts.

Identify exactly what needs to be expanded. Expanding for the sake of expanding might lead to increased inefficiencies. Determine exactly what parts of the business you wish to expand. Producing more product does not necessarily translate into a broad expansion across the board. This approach does not take economies of scale into consideration. That is, you may not need to expand administrative functions and/or move into a larger building. Perhaps you need only hire more staff and/or purchase additional equipment.

Determine the effect of the expansion on personnel. Consider hiring part-time workers until the need for full-time work is certain. Also, remember that payroll for increased personnel should come from the increase in revenue, not outside funding.

Develop training programs for employees. Communicate expansion efforts and goals with employees through training sessions. Train a few of your best employees and then have them train others. If purchasing new equipment, have the seller provide training to staff.

Consider expanding through the Internet. Brick and mortar (traditional building space) costs a great deal more than the cost of maintaining a website. This is also a great way to reach overseas clients while extending your hours to 24/7.

Purchase or lease additional space only if necessary. This poses a significant investment and should be analyzed carefully. Until then, consider efforts to maximize the physical space of your current location.

Determine new routes and plans for logistics. With additional customers comes the need to service a broader customer base. Identify those logistical needs that need to be augmented.

  • Entrepreneur: Cash Shy? Try Bootstrapping
  • Reference for business: Business Expansion

Working as a full-time freelance writer/editor for the past two years, Bradley James Bryant has over 1500 publications on eHow, LIVESTRONG.com and other sites. She has worked for JPMorganChase, SunTrust Investment Bank, Intel Corporation and Harvard University. Bryant has a Master of Business Administration with a concentration in finance from Florida A&M University.

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Business Expansion Plan Template

Business Expansion Plan Template

What is a Business Expansion Plan?

A business expansion plan is a strategy that organizations of all sizes and industries use to plan for their growth. This plan lays out goals and objectives, and outlines the steps to achieve them. It helps organizations understand what resources are needed, and how to allocate them to reach their expansion goals.

What's included in this Business Expansion Plan template?

  • 3 focus areas
  • 6 objectives

Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.

Who is the Business Expansion Plan template for?

The Business Expansion Plan template is designed to help organizations of all sizes and industries plan for their growth and expansion into new regions and industry categories. It is ideal for businesses that are looking to increase their presence in new markets, gain market share, and build their customer base.

1. Define clear examples of your focus areas

A focus area is a broad area in which you want to achieve business goals. Examples of focus areas include expansion into new regions, new industries, and new products. For each focus area, you will need to set objectives, actionable projects, and measurable targets.

2. Think about the objectives that could fall under that focus area

Objectives are specific goals you want to achieve in each focus area. They should be measurable and achievable, and should also be linked to your company's overall strategic plan. Examples of objectives include increasing presence in new markets, increasing brand awareness, and increasing market share.

3. Set measurable targets (KPIs) to tackle the objective

KPIs (Key Performance Indicators) are metrics that measure the performance of objectives and projects. Examples of KPIs include increase product penetration in new regions, increase brand recognition in new regions, and increase market share in new industries. Every KPI should have an initial value, target value, and a unit to measure it.

4. Implement related projects to achieve the KPIs

Projects are actionable steps that will help you achieve your objectives and KPIs. Examples of projects include launching new product lines in new regions, increasing marketing campaigns to new regions, and introducing new products to new industries. Every project should have a measurable outcome and timeline.

5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy

Cascade Strategy Execution Platform helps organizations achieve their growth and expansion goals faster. It provides tools and resources to set objectives, set measurable targets, and track progress towards your goals.

The 6 Best Strategies For Business Expansion

  • May 26, 2023

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Table of contents.

All successful businesses or startups ultimately face the challenge of whether they should expand their business or not. Business expansion can bring many benefits to business owners. From increasing market share and customer base to decreasing costs and improving operations, the benefits of expansion are abundant. 

However, it is also fraught with perils and, if not managed properly, business expansion can spell doom for a struggling business. It can be a scary process, especially when you are not equipped with the right tools to make your business goals a reality.

As such, it is important for a business owner to know what business expansion is and how they can go about it in order to maximize their chances of succeeding.

In this article, we discuss some of the best business growth strategies and explore how expansion can benefit your business.

examples of business expansion plans

What Is Business Expansion?

Business expansion typically occurs when a company has reached a point of growth and is actively seeking out additional opportunities to generate greater profits.

Business expansion takes on different forms. It includes purchasing new assets, opening new units, adding sales personnel, increasing advertising, adding franchises, entering new markets, providing new products or services, and more.

There are a number of reasons why small businesses face the problem of expanding their operations. One of the most common reasons cited by experts is the lack of resources. The presence of too few employees in a given company can be quite a deterrent to expansion efforts as they would have to spend a lot of time training new people who may not necessarily have the same skill set or expertise as those who’ve been working for the company for a while. 

Another factor cited by business owners is the slowing down of sales due to economic factors. 

Entrepreneurs need to be aware of business-related market trends. In fact, a large segment of new small businesses are started by entrepreneurs who do not have a clear idea of what is trending and what is not. 

In order to expand their ventures, many of these entrepreneurs must conduct research on what is currently selling well in the market. This research is especially crucial if the business relies on traditional marketing like direct mail or television ads.

Before any entrepreneur can embark on an expansion program, they must first formulate a sound business expansion plan . Most entrepreneurs fail to expand their ventures owing to the absence of a sound business expansion plan. Without a well-defined business expansion plan, a business owner may end up doing more harm than good to their company.

The process of expanding a business involves careful planning, business analysis, and the use of financial resources. To expand a business, it would be best to first develop a well-defined vision, mission, and business plan. It is important for entrepreneurs to determine what type of expansion they want to carry out. Once these are determined, they can then proceed to develop a suitable business expansion plan.

After developing a business expansion plan, entrepreneurs must determine what steps they will take to implement their new business plans. For example, they may engage the services of experienced professionals such as financial experts and operations planners. These individuals can provide them with detailed business plans and financial forecasts. Alternatively, they can also contact business mentors for advice regarding issues related to business planning and operations planning.

How Can Small Companies Benefit From A Business Expansion?

As the previous paragraph explains, business expansion is that stage when companies seek out solutions to reach more customers, increase brand awareness, and increase profits.

There are many benefits associated with the expansion of business, and it is something that small and medium businesses should think about when deciding to expand their operations, especially in other countries.

But before taking a look at the benefits, it is important for every entrepreneur to analyze the market conditions. The entrepreneur has to identify which markets are likely to show growth. 

If the market conditions suggest that market competition will be on the rise, it is important to expand your business before others can grab the opportunity to take advantage of your expanding market.

Below you can see the main benefits associated with a business expansion:

1) Concentrate On New Product Development

One important reason why business expansion is positive for small businesses is that it allows them to concentrate on new product development . This is crucial for maintaining a competitive edge over competitors in the market. By expanding globally, small businesses can tap into new markets and offer new products to existing customers, while also reaching new customers.

In addition, expanding your business globally helps ensure that new products are accessible to as many consumers as possible. If done correctly, this can result in increased sales and profits for your company. Small businesses can begin developing new products at any time and introduce them to the public as soon as they are ready. This flexibility allows businesses to stay ahead of the curve and meet changing consumer demands.

Furthermore, expanding your range of products and services globally can enable you to maximize your profits. By diversifying your product offerings, you can tap into new revenue streams and mitigate risks associated with relying on a single product or market. This can help to strengthen your business and make it more resilient over the long term.

2) Increase Brand Awareness Internationally

Expanding abroad is an important step for many small businesses, as this can lead to increased and diversified brand awareness. 

Expanding your business internationally allows you to tap into previously untouched consumer demographics — and you can use this to your advantage. By attracting consumers from other countries, you can use their markets to promote your products and services.

Furthermore, having a diversified brand awareness can prove to be a crucial strategy for small businesses, which often suffer from limited resources, less access to capital, and low profit margins. International business expansion, on the other hand, allows you to diversify markets in ways that may lead to increased profits.

Increased brand awareness is not only positive in terms of increased consumers, however. By taking your brand awareness to the next level, you may also gain new opportunities to partner up and cooperate with other businesses. Or, even better, you may gain new investors, helping you market your products or services in other countries. 

3) Increased Economies of Scales

Economies of scale refer to the cost advantages that a business can gain as it increases its level of production or output. These advantages can come from a variety of sources, such as purchasing raw materials in bulk, spreading fixed costs over a larger volume of output, and taking advantage of specialization and division of labor.

For small businesses, expanding their operations can provide them with the opportunity to benefit from economies of scale. For example, as a small business grows, it may be able to negotiate better deals with suppliers because it is buying larger quantities of goods or services. Additionally, it may be able to reduce its per-unit production costs by investing in more efficient machinery or processes, or by spreading fixed costs (such as rent and salaries) over a larger volume of output.

By taking advantage of these cost savings, small businesses can improve their profit margins and become more competitive in their markets. They may be able to offer lower prices to customers or invest in marketing and advertising to grow their customer base. Ultimately, expanding their operations can be a positive step for small businesses that want to grow and succeed in the long term.

examples of business expansion plans

What Are The 6 Best Strategies For Business Expansion?

Below, we introduce the 6 best strategies that can help your business expand into the international market. Before jumping in, however, a word of advice.

It is important to acknowledge that business expansion strategies are not a one-size-fits-all kind of deal. They can change and develop along with your own company’s goals, objectives, and specific circumstances. These strategies can also vary depending on the type of expansion you are contemplating. If you are expanding into a new market, for example, the strategy you will employ will be different than if you were to simply expand your company’s presence to a new location. Ultimately, it is up to you to figure out which business expansion strategy will best meet your company’s needs.

With that in mind, here are the 6 best strategies we have identified for business expansion:

1) Market Penetration Strategy

Market penetration is a business strategy aimed at increasing the market share of a company’s products or services in a particular market. The objective is to increase the number of customers who use the company’s products or services, thereby increasing the overall revenue and profitability of the business. This strategy typically involves targeting a specific market segment and increasing the intensity of marketing efforts to reach potential customers who have not yet used the company’s products or services.

Examples of market penetration strategies include offering promotional discounts, increasing advertising spend, expanding distribution channels, improving product quality, or offering additional services to existing customers. By employing these strategies, businesses can effectively increase their visibility and appeal to potential customers, resulting in increased market share and revenue. 

One of the main benefits of this approach is that it allows companies to leverage their preexisting products/services to increase sales instead of investing in product development. Furthermore, market penetration can also lead to increased market shares while reducing your competitors’ share. 

This type of expansion is well suited for small businesses looking to establish themselves in a competitive market and companies with an already strong consumer base, as they offer a cost-effective way to expand their customer base and drive sales growth.

2) Marketing And Promotion

Another strategy to expand your business is to have a solid marketing and promotional strategy in place in order to maximize your market share. There is no one single formula for achieving success when it comes to marketing, and what works for one brand may not work the next. One strategy, however, is to empower your business through marketing and promotional strategies that create strong customer loyalty to your business. 

Customer loyalty may be achieved through a variety of means. Running deals and promotions, having a rewards system, or fostering a strong social media presence are just a few ways you can capture customer loyalty. 

By increasing your marketing and promotional efforts, you will create a strong brand image that allows you to establish yourself in your industry as a dominant force and become instantly recognizable to consumers.  

3) Expansion Into A New Market

When a market becomes saturated with one type of product or service, that market may begin to dry up. You may have noticed the traditional business trend where businesses have expanded into areas where they were previously unable to do business as a result of market saturation. This is what we refer to as market expansion . Market expansion refers to the process of a business entering new markets or expanding its reach in existing markets. It typically involves expanding a business’ product or service offering as a means to promote growth. 

Market expansion is typically ideal for those that have reached a plateau in their existing markets and are looking for new opportunities for growth. It is for those businesses that have successfully penetrated their existing markets and have a strong customer base and brand identity are often in a good position to explore new markets.

4) Expand Your Business Abroad with EOR solutions

At some point, for businesses, the local market becomes saturated, and the only way to expand is to go abroad. This is a step that many companies are afraid of because it comes with challenges, but also many opportunities because you are able to sell your products or services to more users.

Expanding abroad may mean mixing up your business strategy or learning new things. For example, international business expansion may require you to think about hiring a remote workforce and the benefits of having one , and you may have to learn how to effectively manage a remote team . 

In addition to this, international expansion means that you must now deal with HR and payroll in new countries, understand their labor regulations, and understand how to stay compliant.  In this situation, a EOR, short for Employer of Record , may be the best solution for your business, as it allows you to outsource HR and payroll abroad without the risk of breaking local laws and regulations when hiring and managing employees abroad. Using an EOR provider, such as NNRoad , provides an efficient and no-risk solution to hiring employees and teams overseas to bolster overseas expansion efforts.

How to hire remote employees overseas?

Hiring overseas remote employees can be approached in three main ways:

Hire through your own company in the country: This involves establishing a legal entity or subsidiary in the target country to directly employ remote workers. Pros include greater control and alignment with company culture. However, it can be expensive and time-consuming due to legal and administrative complexities.

Hire through an employer of record (EOR): EOR services are third-party organizations that handle employment and payroll on your behalf in the foreign country. This method offers flexibility and compliance, but it comes with a pay as you go service cost, although it is more economically and time efficient than establishing a company overseas.

Hire an independent contractor: Contracting remote workers as freelancers or independent contractors can be cost-effective and simple, but it may lead to less loyalty and control over the work process, potentially risking compliance issues in some cases. misclassifying employees as contractors is subject to harsh penalties in many countries around the world as it undermines countries’ labor laws and social security schemes.

Each approach has its advantages and drawbacks, so it’s crucial to weigh these factors based on your specific business needs and priorities when hiring overseas remote employees.

5) Start A Franchise

Expanding a business through franchising can be an effective way to grow and increase revenue. When a business decides to franchise, it allows others to open and operate their own location of the business under the same brand name, operating system, and guidelines as the original business.

Starting a franchise offers several benefits to businesses. Firstly, it allows for rapid expansion into new markets with lower financial risk for the franchisor. The franchisee is responsible for financing the opening of the new location, which can reduce the burden on the franchisor’s financial resources. Secondly, it can increase brand awareness and recognition as the franchisee invests in marketing and promoting the business in their local market. This can ultimately drive more customers to the original business and the other franchise locations.

Additionally, franchising provides a controlled environment in which the franchisor can maintain consistent branding and operational standards across all locations. This helps to ensure a positive customer experience and build customer loyalty. Franchisees are also given training and support from the franchisor, which can increase the likelihood of their success and ultimately contribute to the success of the entire franchise system.

6) Enter A Joint Venture Or Acquisition Agreement

Entering into a joint venture or acquisition agreement with another business can be a powerful strategy for business expansion. A joint venture involves two or more businesses coming together to collaborate on a specific project or business venture, while an acquisition involves one business acquiring another business.

By entering into a joint venture or acquisition agreement with a larger, more established business, you can gain access to their resources, including technology, expertise, and customer base. This can help to reduce the time and cost required to expand your business into new markets or to develop new products or services.

In a joint venture, both businesses bring their unique strengths to the partnership, which can create a synergy that benefits both parties. For example, a small tech startup might partner with a larger corporation to develop a new software product, combining the startup’s technical expertise with the corporation’s resources and market reach.

In an acquisition, the acquiring business gains ownership of the acquired business and its assets. This can be a more straightforward way to expand into new markets or industries quickly, by leveraging the acquired business’s existing customer base, brand reputation, and expertise.

What’s Next?

Your business’s success depends on understanding and leveraging the best strategies for business expansion. Regardless of the business expansion strategy you choose, remember that it is important to remain competitive. 

By investing in new technology, processing data more efficiently, and using other tools such as social media, your company will remain at the forefront of its industry. 

If you stick to a proven business expansion strategy, such as those outlined above, your company can continue to grow and prosper for years to come.If you need help to hire employees abroad or manage payroll, contact us and we will be happy to help!

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  • What is Strategy?
  • Business Models
  • Developing a Strategy
  • Strategic Planning
  • Competitive Advantage
  • Growth Strategy
  • Market Strategy
  • Customer Strategy
  • Geographic Strategy
  • Product Strategy
  • Service Strategy
  • Pricing Strategy
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GEOGRAPHIC STRATEGY

The big picture on geographic strategy.

1. Prerequisite - Amazing Value Proposition If you try to scale in competitive geographies, you better have an amazing value proposition.

2. Most Companies need to Focus or Densify If you don't have an amazing value proposition, first fix it and your go-to-market, then densify.

3. Synergies is the Key to Geographic Strategy Target new geographies where there are high customer, go-to-market and operational synergies.

4. Develop & Execute a Strong Business Plan Commit enough resources to win in a new geography, since most companies don't.

THE TRUTH - MOST COMPANIES AREN'T READY FOR GEOGRAPHIC EXPANSION

If you aren't winning in one geography, don't think you're going to kill the competition in another geography. According to McKinsey, 4 out of 5 attempts to enter a new market fail. With limited resources, first, focus on creating an unbelievable value proposition and go-to-market strategy. Then use the geographic expansion rocket ship to scale.

A QUICK STORY ABOUT GEOGRAPHIC STRATEGY

Both Walmart and Kmart were launched in 1962. Most people don't know that after 15 years, Kmart was 20 times the size of Walmart. In 1977, Kmart posted $9.9 billion in revenue versus Walmart's $479 million. Kmart's CEO summed it up, "We are a company in a hurry...we are already in 196 of the country’s 261 standard metropolitan districts."

While Kmart focused on geographically expanding at a breakneck pace, Walmart was perfecting its value proposition, go-to-market, and operational efficiencies. After 15 years, Walmart had ~100 stores all within 350 miles of their one distribution center.

Comparing Walmart and Kmart's 1988 financials tells the story (graphic below). Kmart was still much larger than Walmart in total sales but look at the 2X sales per store of Walmart vs. Kmart. Total operating profit is the same but look at the marginal economics . For every $1 of sales, Walmart was generating 50% more operating profit, with 30% less operating expenses. They also spent more on merchandise expenses, which translates to ~10% lower prices for Walmart customers vs. Kmart customers. They had a superior value proposition, go-to-market and financial model.

kmart walmart economics

In 1988, while Kmart was in all 50 states, Walmart was in 22 states. Only after Walmart developed a superior business model , did it turn on the geographic expansion lever. Below are the historical revenues of Walmart vs. Kmart.

walmrt growth

Below is one of the most impressive videos on geographic expansion outlining the historical growth of Walmart stores from 1962 to 2010 and $400 billion in sales. It showcases Walmart's deliberate geographic expansion strategy.

THERE ARE 3 MAIN OPTIONS WITH GEOGRAPHIC STRATEGY

The strategic decision on which way to grow always comes down to opportunity cost , which comes down to the fundamental question, "with limited resources, what strategies and actions will create the most value?" As you think about strategic growth opportunities, think about the big picture. First, focus on the value proposition and go-to-market until you create more customer and financial value than the competition . Once you back those up with robust functional and organizational strategies and execution , then the business has the blueprints for scaling geographically, or in new markets or new customer segments. When it comes to geographic strategy, there are three strategic options ; focus (eliminate unsuccessful geographies), densify (grow in existing geographies), and expand (grow in new target geographies).

FOCUS (Too many geos)

  • Lack of synergies and competition winning
  • Hard decision to make, but typically the right one
  • Will help focus the organization and decision making to improve the value proposition

DENSIFY (Room to grow)

  • What most companies should do and typically provides the most synergy with existing business
  • Typically, create a superior value proposition, GTM (go-to-market), profit structure, and high market share, before expanding

EXPAND (Ready to scale)

  • The prerequisite to scale is a killer value proposition
  • Opportunity to create superior value proposition in new geography, while generating substantial go-to-market and operational synergies
  • In more centralized business, geographic scale may be necessary to drive operational scale

THERE ARE TWO MAIN OUTPUTS TO A GEOgraphic EXPANSION STRATEGY

If your company is ready to scale through geographic expansion, then focus on creating two main outputs. The first output is a prioritized list of target geographies and rationale. The second output is the expansion plan that details the goals, budget, and major initiatives needed for the value proposition, go-to-market, and organization to be successful in the new geo(s).

PRIORITIZED TARGET GEOgraphies

Expansion plan.

If you want to talk about your geographic strategy with an experienced strategy coach, set up some time with Joe Newsum , a Mckinsey Alum, and the author of this content and website.

There are 4 main steps to creating a geographic expansion strategy

In practice, companies too often approach geographic expansion strategy with less rigor than the potential opportunity and risk warrant. Geographic expansion can quickly take down a company as it siphons off critical resources from existing geographical battlefields to fight new battles, in new geographies, against often new competitors. So, whether you have a team spend a few weeks or months creating a geo expansion strategy, build in the necessary rigor to create a robust strategy to win in the new geographies. The four main steps outlined below will help you ask and answer the right questions to drive that rigor in your project.

Typically, companies start off with too many potential expansion geographies, and the first step is to do the necessary customer, competitive, and market research to help prioritize down to a reasonable number of target geographies. The second step is to do a deep dive by geo on the competitiveness of the value proposition and go-to-market while outlining the necessary changes across the business model to win in each geo. The third step is to utilize a decision matrix to score and prioritize the actual target expansion geographies. The last step is to develop a comprehensive expansion plan to drive a high level of execution and success in the expansion geographies.

Step 1: Target Research & High-level Prioritization

The first step of target research and high-level prioritization is necessary to whittle down all of the potential geographies to expand into to the ones that make sense based on customer synergies / opportunity and competitive intensity.

CUSTOMER RESEARCH What is the size, growth, density, and needs of target customer base in target locations, regions, states, countries?

Typical analyses include: - Market Research - Demographic Research - Geographic-Demographic Models

MARKET & COMPETITIVE RESEARCH What is the market size, maturity, dynamics in the target geos? What are the competitive dynamics and intensity?

Typical analyses include: - Market & Competitive Research - Adoption Curves, PESTLE Analysis , Porter’s Five Forces

PRIORITIZE INITIAL TARGET GEOS Out of the potential target geos, what are the priority geos to deep-dive into based on customer & market opportunity?

Typical analyses include: - Decision Matrix - Prioritization Matrix - Problem Solving Workshop

Step 2: Business Model Research

The goal of the business model research is to assess the competitiveness of your value proposition and go-to-market, and the necessary changes to the business model needed to compete and win against the competition in a new geography. The level of research and analysis often ranges from a quick high-level scan to costly and complex geographic data and analytic models.

VALUE PROPOSITION ASSESSMENT In the prioritized geos, how does the value proposition (product, service, pricing ) compare to the competition? What changes or improvements are needed to enter and drive better customer value ?

Typical analyses include: - Competitive Benchmarking - Market & Regulatory Research - Surveys

GO-TO-MARKET ASSESSMENT In the prioritized geos, what are the go-to-market (distribution sales, marketing ) dynamics? Are there potential partners go-to-market partners (especially for new countries)?

Typical analyses include: - Market Research - Consumer Research & Surveys

ORG & FUNCTIONAL NEEDS ASSESSMENT For the prioritized geos, what are the high-level organizational and functional needs, investment, and costs to win? What are the risks?

Typical analyses include: - Internal Analysis - Supply Chain & Regulatory Research - Problem Solving / Brainstorming

Step 3: Score & Prioritize Target Geographies

Step 3 of a geographic expansion strategy is to ultimately decide on the expansion geographies. Follow an objective process utilizing a decision matrix, an insightful fact base, and collaborative deliberation. Decision-makers need to be entirely behind the final prioritized targets.

You solve the size and investment of a geographic expansion strategy within the broader context of the overall business model strategy. A geographic expansion creates opportunity cost by taking potential funding, resources, and time away from investing in other strategies such as targeting new markets, and customer segments, improving the value proposition and go-to-market, and driving the efficiency and effectiveness of the organization and functions.

SCORE POTENTIAL TARGET GEOS What dimensions will be scored? Weighting? Scoring criteria? What are the objective scores for each potential target geo?

Typical analyses include: - Decision Matrix - Problem Solving - ROI Analysis

DELIBERATE WHICH GEOS WILL CREATE THE MOST VALUE What is the governance for deliberating the scores, targets and overall expansion? Who needs to be involved?

Typical analyses include: - Facilitated Workshops - Business Case & ROI Analysis - Goal Setting & Scorecard

CHOOSE TARGET EXPANSION GEOS Who are the ultimate decision makers and how will the decision be made, communicated, funded, etc.? What are the ultimate expansion goals? Time line? Initial resources?

Step 3 Output - The Target Geographic Decision Matrix

The output of step 3 is a decision matrix utilized to deliberate and decide on the expansion geographies. Below is a good example of a geographic expansion decision matrix, with criteria covering each dimension of a business model.

Step 4: DEVELOP GEOgraphic EXPANSION PLAN

Once you determine the target expansion geographies, then the last step is to create robust plans to enter, grow, and ultimately win in the expansion geographies. The key to this step is to align and involve the functional and geo owners that will drive the success of the expansion. Furthermore, it is important to assess potential partners or acquisitions that may help in scaling the new geographies.

VALUE PROPOSITION IMPROVEMENT PLAN What changes or improvements need to be made to products , services, and pricing to drive better customer value than competitors in new geo(s)? What is the necessary funding, resources and timing?

Typical analyses include: - Product Strategy Toolkit - Service Strategy Toolkit - Pricing Strategy Toolkit

GO-TO-MARKET STRATEGIC PLAN What are the distribution, sales and marketing strategies and necessary resources to gain target share in the new geos?

Typical analyses include: - Distribution Strategy Toolkit - Marketing Strategy Toolkit - Sales Strategy Toolkit

ORGANIZATIONAL & FUNCTIONAL PLAN What are the organizational, functional, people, process, infrastructure and resource needs of the new geos? Are new partners needed?

Typical analyses include: - Organizational Strategy Toolkit - Functional Strategy Toolkits

STEP 4 OUTPUT - THE ONE-PAGE GEOgraphic EXPANSION PLAN

You should synthesize the geographic expansion plan should into a one-pager that outlines the goals, budgets, and strategic initiatives necessary to win in a new geography. Of course, there will be supporting analysis and details, but the one-pager is critical to help align leadership , stakeholders, and the organization behind the expansion strategy.

final thoughts on geographic expansion strategy

Geographic expansion strategies can scale a company to the next level, but they can also quickly drive a company to financial distress. Before considering geographic expansion, ensure you have the prerequisite of a killer value proposition and go-to-market strategy to beat out the competition in a new geography. As you develop a geographic expansion plan, do it in the broader context of the overall company strategy, since it will siphon off critical resources from other potential value-driving strategies. Moreover, if you decide to expand geographically, allocate enough resources and time to win in the new geographies.

download the geographic strategy templates

To get you started on your geographic strategy, download the target geographic decision matrix and the one-page geographic strategy plan.

DOWNLOAD STRATEGY PRESENTATION TEMPLATES

168-PAGE COMPENDIUM OF STRATEGY FRAMEWORKS & TEMPLATES 186-PAGE HR & ORG STRATEGY PRESENTATION 100-PAGE SALES PLAN PRESENTATION 121-PAGE STRATEGIC PLAN & COMPANY OVERVIEW PRESENTATION 114-PAGE MARKET & COMPETITIVE ANALYSIS PRESENTATION 18-PAGE BUSINESS MODEL TEMPLATE

THE LEADERSHIP MATURITY MODEL

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STRATEGY COACHING MANAGEMENT COACHING BUSINESS TRANSFORMATION STRATEGY WORKSHOPS LEADERSHIP TRANSFORMATION

CUSTOM PROGRAMS PRESENTATION SKILLS CAREER COACHING STRATEGY TRAINING CONSULTANT COACHING

EXPLORE OTHER TYPES OF STRATEGY

BIG PICTURE WHAT IS STRATEGY? BUSINESS MODEL COMP. ADVANTAGE GROWTH

TARGETS MARKET CUSTOMER GEOGRAPHIC

VALUE PROPOSITION PRODUCT SERVICE PRICING

GO TO MARKET DISTRIBUTION SALES MARKETING

ORGANIZATIONAL ORG DESIGN HR & CULTURE PROCESS PARTNER

EXPLORE THE TOP 100 STRATEGIC LEADERSHIP COMPETENCIES

TYPES OF VALUE MARKET ANALYSIS PROBLEM SOLVING

OPTION CREATION ANALYTICS DECISION MAKING PROCESS TOOLS

PLANNING & PROJECTS PEOPLE LEADERSHIP PERSONAL DEVELOPMENT

550+ Business Plan Examples to Launch Your Business

550+ Free Sample Business Plans

Need help writing your business plan? Explore over 550 industry-specific business plan examples for inspiration. Go even further with LivePlan , which harnesses AI-assisted writing features and SBA-approved plan examples to get you funded.

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Example business plan format

Before you start exploring our library of business plan examples, it's worth taking the time to understand the traditional business plan format . You'll find that the plans in this library and most investor-approved business plans will include the following sections:

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally only one to two pages. You should also plan to write this section last after you've written your full business plan.

Your executive summary should include a summary of the problem you are solving, a description of your product or service, an overview of your target market, a brief description of your team, a summary of your financials, and your funding requirements (if you are raising money).

Products & services

The products & services chapter of your business plan is where the real meat of your plan lives. It includes information about the problem that you're solving, your solution, and any traction that proves that it truly meets the need you identified.

This is your chance to explain why you're in business and that people care about what you offer. It needs to go beyond a simple product or service description and get to the heart of why your business works and benefits your customers.

Market analysis

Conducting a market analysis ensures that you fully understand the market that you're entering and who you'll be selling to. This section is where you will showcase all of the information about your potential customers. You'll cover your target market as well as information about the growth of your market and your industry. Focus on outlining why the market you're entering is viable and creating a realistic persona for your ideal customer base.

Competition

Part of defining your opportunity is determining what your competitive advantage may be. To do this effectively you need to get to know your competitors just as well as your target customers. Every business will have competition, if you don't then you're either in a very young industry or there's a good reason no one is pursuing this specific venture.

To succeed, you want to be sure you know who your competitors are, how they operate, necessary financial benchmarks, and how you're business will be positioned. Start by identifying who your competitors are or will be during your market research. Then leverage competitive analysis tools like the competitive matrix and positioning map to solidify where your business stands in relation to the competition.

Marketing & sales

The marketing and sales plan section of your business plan details how you plan to reach your target market segments. You'll address how you plan on selling to those target markets, what your pricing plan is, and what types of activities and partnerships you need to make your business a success.

The operations section covers the day-to-day workflows for your business to deliver your product or service. What's included here fully depends on the type of business. Typically you can expect to add details on your business location, sourcing and fulfillment, use of technology, and any partnerships or agreements that are in place.

Milestones & metrics

The milestones section is where you lay out strategic milestones to reach your business goals.

A good milestone clearly lays out the parameters of the task at hand and sets expectations for its execution. You'll want to include a description of the task, a proposed due date, who is responsible, and eventually a budget that's attached. You don't need extensive project planning in this section, just key milestones that you want to hit and when you plan to hit them.

You should also discuss key metrics, which are the numbers you will track to determine your success. Some common data points worth tracking include conversion rates, customer acquisition costs, profit, etc.

Company & team

Use this section to describe your current team and who you need to hire. If you intend to pursue funding, you'll need to highlight the relevant experience of your team members. Basically, this is where you prove that this is the right team to successfully start and grow the business. You will also need to provide a quick overview of your legal structure and history if you're already up and running.

Financial projections

Your financial plan should include a sales and revenue forecast, profit and loss statement, cash flow statement, and a balance sheet. You may not have established financials of any kind at this stage. Not to worry, rather than getting all of the details ironed out, focus on making projections and strategic forecasts for your business. You can always update your financial statements as you begin operations and start bringing in actual accounting data.

Now, if you intend to pitch to investors or submit a loan application, you'll also need a "use of funds" report in this section. This outlines how you intend to leverage any funding for your business and how much you're looking to acquire. Like the rest of your financials, this can always be updated later on.

The appendix isn't a required element of your business plan. However, it is a useful place to add any charts, tables, definitions, legal notes, or other critical information that supports your plan. These are often lengthier or out-of-place information that simply didn't work naturally into the structure of your plan. You'll notice that in these business plan examples, the appendix mainly includes extended financial statements.

Types of business plans explained

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. To get the most out of your plan, it's best to find a format that suits your needs. Here are a few common business plan types worth considering.

Traditional business plan

The tried-and-true traditional business plan is a formal document meant to be used for external purposes. Typically this is the type of plan you'll need when applying for funding or pitching to investors. It can also be used when training or hiring employees, working with vendors, or in any other situation where the full details of your business must be understood by another individual.

Business model canvas

The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.

The structure ditches a linear format in favor of a cell-based template. It encourages you to build connections between every element of your business. It's faster to write out and update, and much easier for you, your team, and anyone else to visualize your business operations.

One-page business plan

The true middle ground between the business model canvas and a traditional business plan is the one-page business plan . This format is a simplified version of the traditional plan that focuses on the core aspects of your business.

By starting with a one-page plan , you give yourself a minimal document to build from. You'll typically stick with bullet points and single sentences making it much easier to elaborate or expand sections into a longer-form business plan.

Growth planning

Growth planning is more than a specific type of business plan. It's a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, forecast, review, and refine based on your performance.

It holds all of the benefits of the single-page plan, including the potential to complete it in as little as 27 minutes . However, it's even easier to convert into a more detailed plan thanks to how heavily it's tied to your financials. The overall goal of growth planning isn't to just produce documents that you use once and shelve. Instead, the growth planning process helps you build a healthier company that thrives in times of growth and remain stable through times of crisis.

It's faster, keeps your plan concise, and ensures that your plan is always up-to-date.

Download a free sample business plan template

Ready to start writing your own plan but aren't sure where to start? Download our free business plan template that's been updated for 2024.

This simple, modern, investor-approved business plan template is designed to make planning easy. It's a proven format that has helped over 1 million businesses write business plans for bank loans, funding pitches, business expansion, and even business sales. It includes additional instructions for how to write each section and is formatted to be SBA-lender approved. All you need to do is fill in the blanks.

How to use an example business plan to help you write your own

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How do you know what elements need to be included in your business plan, especially if you've never written one before? Looking at examples can help you visualize what a full, traditional plan looks like, so you know what you're aiming for before you get started. Here's how to get the most out of a sample business plan.

Choose a business plan example from a similar type of company

You don't need to find an example business plan that's an exact fit for your business. Your business location, target market, and even your particular product or service may not match up exactly with the plans in our gallery. But, you don't need an exact match for it to be helpful. Instead, look for a plan that's related to the type of business you're starting.

For example, if you want to start a vegetarian restaurant, a plan for a steakhouse can be a great match. While the specifics of your actual startup will differ, the elements you'd want to include in your restaurant's business plan are likely to be very similar.

Use a business plan example as a guide

Every startup and small business is unique, so you'll want to avoid copying an example business plan word for word. It just won't be as helpful, since each business is unique. You want your plan to be a useful tool for starting a business —and getting funding if you need it.

One of the key benefits of writing a business plan is simply going through the process. When you sit down to write, you'll naturally think through important pieces, like your startup costs, your target market , and any market analysis or research you'll need to do to be successful.

You'll also look at where you stand among your competition (and everyone has competition), and lay out your goals and the milestones you'll need to meet. Looking at an example business plan's financials section can be helpful because you can see what should be included, but take them with a grain of salt. Don't assume that financial projections for a sample company will fit your own small business.

If you're looking for more resources to help you get started, our business planning guide is a good place to start. You can also download our free business plan template , or get started right away with LivePlan .

Think of business planning as a process, instead of a document

Think about business planning as something you do often , rather than a document you create once and never look at again. If you take the time to write a plan that really fits your own company, it will be a better, more useful tool to grow your business. It should also make it easier to share your vision and strategy so everyone on your team is on the same page.

Adjust your plan regularly to use it as a business management tool

Keep in mind that businesses that use their plan as a management tool to help run their business grow 30 percent faster than those businesses that don't. For that to be true for your company, you'll think of a part of your business planning process as tracking your actual results against your financial forecast on a regular basis.

If things are going well, your plan will help you think about how you can re-invest in your business. If you find that you're not meeting goals, you might need to adjust your budgets or your sales forecast. Either way, tracking your progress compared to your plan can help you adjust quickly when you identify challenges and opportunities—it's one of the most powerful things you can do to grow your business.

Prepare to pitch your business

If you're planning to pitch your business to investors or seek out any funding, you'll need a pitch deck to accompany your business plan. A pitch deck is designed to inform people about your business. You want your pitch deck to be short and easy to follow, so it's best to keep your presentation under 20 slides.

Your pitch deck and pitch presentation are likely some of the first things that an investor will see to learn more about your company. So, you need to be informative and pique their interest. Luckily, just like you can leverage an example business plan template to write your plan, we also have a gallery of over 50 pitch decks for you to reference.

With this gallery, you have the option to view specific industry pitches or get inspired by real-world pitch deck examples. Or for a modern pitch solution that helps you create a business plan and pitch deck side-by-side, you may want to check out LivePlan . It will help you build everything needed for outside investment and to better manage your business.

Get LivePlan in your classroom

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With LivePlan, it's not just a classroom project. It's your students planning for their futures. Click here to learn more about business planning for students .

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examples of business expansion plans

IMAGES

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COMMENTS

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  2. Online Business Plan (Example)

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  3. How To Make a Business Expansion Plan (+ Template)

    The Upwork Team Apr 3, 2023 | 9 Min Read Hiring & Management Article Business expansion is the process of growing a business by increasing its revenue, market share, and customer base. While expansion can bring exciting opportunities, it can also be risky without proper planning.

  4. Creating A Business Expansion Plan Template

    What do you do? Outlining a business expansion plan with this free business plan template helps you clearly define your goals, organize teams and leadership, and develops a strategy for company efficiency and motivation moving forward. This sample business plan outlines your strategies for innovation.

  5. How to Write a Business Growth Plan

    1. Think ahead. The future is always unpredictable. However, if you study your target market, your competition and your company's past growth, you can plan for future expansion. The Small Business Administration (SBA) features a comprehensive guide to writing a business plan for growth. 2. Study other growth plans.

  6. Free Business Expansion Plan Template

    Executive Summary An executive summary is a concise statement that provides a high-level rundown of your business, your expansion and how you intend to achieve that vision. It should briefly highlight crucial areas like: Growth targets Projected and current operating costs Funding needs Marketing approach

  7. How to Plan a Business Expansion Using Your Business Plan

    8 min. read Updated October 29, 2023 Download Now: Free 1-Page Business Plan Template Businesses start when their founders see a need for a product or service that they can provide. Businesses expand for the same reasons. You may grow to tap new markets or increase sales in your current markets.

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    8. Document Your Business Expansion Plan. A well-documented business expansion plan serves as a roadmap for your growth journey. It should include the following elements: Executive Summary: This concise overview of your expansion plan provides key information like goals and objectives.

  11. How to Create a Business Plan for Expansion

    Describe the Expansion You Intend. Provide an overall description of what you have in mind for your business expansion. Keep it "high level" at first so that anyone reading the plan will get a ...

  12. Business Expansion Planning: Strategies for Market Growth

    This business expansion plan is often slower but can be less risky than other strategies. Businesses might invest in marketing or introduce new products to plan their organic growth and expansion. ... For example, a business might need specific licenses to sell products abroad.

  13. 21 Examples of Business Expansion

    21 Examples of Business Expansion John Spacey, June 29, 2023 Business expansion is business growth that is achieved by expanding the scope of your products, services or distribution. This can be achieved organically by investing in your business or inorganically by external means such as acquisitions.

  14. How to Plan a Business Expansion

    1. Identify exactly what needs to be expanded. Expanding for the sake of expanding might lead to increased inefficiencies. Determine exactly what parts of the business you wish to expand ...

  15. Business Expansion Plan Template

    1. Define clear examples of your focus areas A focus area is a broad area in which you want to achieve business goals. Examples of focus areas include expansion into new regions, new industries, and new products. For each focus area, you will need to set objectives, actionable projects, and measurable targets. 2.

  16. Write your business plan

    Executive summary. Briefly tell your reader what your company is and why it will be successful. Include your mission statement, your product or service, and basic information about your company's leadership team, employees, and location. You should also include financial information and high-level growth plans if you plan to ask for financing.

  17. The 6 Best Strategies For Business Expansion

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  21. How to Create Your Geographic Expansion Strategy

    Below is a good example of a geographic expansion decision matrix, with criteria covering each dimension of a business model. Step 4: DEVELOP GEOgraphic EXPANSION PLAN Once you determine the target expansion geographies, then the last step is to create robust plans to enter, grow, and ultimately win in the expansion geographies.

  22. 550+ Sample Business Plan Examples to Inspire Your Own

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    A business plan for an founded business serves as a roadmap directive the expansion and continued success of your business throughout its next stages. Business plans guide you along the rocky journey of growings a company. Referencing one will keep it over the path toward success.