If you have an already operational business and you wish to diversify your activities by launching new products or services, you can follow a well-devised diversification path.
1. Examine your business
The first step is to take stock of the situation.
2. Define the Potential of Your Development Plan
You will have to draft a development plan along with its strategy. From the strategy you will define the driving decisions of your initiative that will allow you to reach the goals of your plan.
3. Define your goals, strategy and development actions
Once you have defined the goals of your development plan, you need to define and describe in detail the main actions you need to implement to achieve them, striving to identify for each of them the costs you will have to bear.
4. Make your financial plan
Subsequently, a financial plan needs to be created. This document will allow you to quantify the financial resources you need to realize the development plan. This check will allow you to see if your project is achievable with the resources at your disposal or if you need to look for additional resources.
5. Define the development project’s operational program
Once you have a project, you must break it down in a sequence of activities you will need to perform to implement your development plan. Defining specific tasks individually allows you to understand how to organize the resources and staff.
6. Economic and financial results of the development project
As a last step, you need to quantify the results of your business, which will make easier to set realistic development goals and to check that the plan is developing according to expectations.
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