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An expansion plan

 An expansion plan is a roadmaps that defines the strategy that a company must follow to achieve its clearly defined growth goals, and includes aspects such as: bolts

• Characteristics of the plan and measures appropriate to the needs of the business.

• Analysis of the viability of the procedures performed.

• The framework in which its development will take place.

Growth is the goal of any company. So, if your business is already operational and profitable, you may have started to consider expanding. To avoid unnecessary risk, ideally you have detailed planning for how you are going to achieve this growth. This is known as an expansion plan, a document that, in addition to analyzing the potential development of a company, also includes an assessment of its viability in relation to its characteristics and the environment in which this growth will take place. If you want to come up with a good expansion plan that will enable your company to successfully enter new markets, keep the following key points in mind: techwadia

Choose the best expansion strategy

When thinking about taking a step forward in your business, you have four paths (as established by the Ansoff matrix):

• Market penetration: current markets tend to consume more current products.

• Product Development: This is about introducing new products to the markets in which the company operates today.

• Market development: consists of offering current products to new markets, increasing the audience and therefore potential customers. You can reach new audiences or sectors or expand your geography.

• Diversification: the company is focusing its efforts on developing new products in new markets. This is the most risky expansion strategy.

To develop a plan for expanding your business, you must have a clear idea of ​​the strategy that you will follow and, based on this, work on its implementation, taking into account all the resources that you will need in the process. There are many companies in this panorama that are betting on conquering foreign markets as an expansion strategy. And the point is, internationalization is not only a pathway for your company's growth, but also for its integration and diversification.

Information about the company

Your expansion plan should include a synopsis of your company with an overview, describing your business model and goals, as well as functional aspects such as the number of your employees, how it is organized, what type of products and services. ... Offers. how you work every day ... You should also indicate the reasons why you are planning the expansion and the chosen growth strategy, as well as general information about the project.

In case you are about to jump into overseas markets, this information will be very useful in assessing your company's export capabilities, as well as what structure and resources it has to withstand an international adventure.

What are the strengths of your business?

Before embarking on any growth strategy, it is very important to know the advantages of your company over the competitors, as well as all those factors that made it profitable and stable. Of course, this will not be a single topic, but everything should be reflected in the expansion plan. For example:

• Analyzing the products or services that made your company's success possible.

• Your advantages over competitors, that is, those characteristics that make your business unique in its sector.

• Those commercial goals and successes that have been achieved since its inception.

• Information about your management team: People are the people who run the business, so you should highlight the benefits your company has in this regard. Make a detailed presentation about who they are, what their training and skills are, or the achievements they have achieved in the company.

Description and market research

The expansion plan should consider what market the company is going to operate in, what challenges it might face, or how best to sell in it. And what could be better than studying it, including describing demographic variables and analyzing competition. All this information will help you develop a positioning strategy for your product and find out which place is most suitable for it.

If you decide to internationalize your company, one of the key points will be choosing the market in which you want to work, which is not always easy as you have more than 200 countries to choose from. There is no single response to this, and it is best to base your decision on objective data and analysis of potential markets.

At this point, prioritization is another aspect you should consider when exporting. Focus on one or two markets and plan for internationalization.