Since the launch of new products or services requires structured analyses and processes, a precise path of diversification might be very useful to implement the developments of your already started business.
1. Clear the placement of your company
The first step is to take stock of the situation by identifying the following about your business: does my company generate revenue? How do I place on the market? Are my customers satisfied?
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 clearly your objectives, the strategy and the development plans accordingly
Once you have defined the objectives of the development plans, it is necessary to prepare a strategic implementation plan in line with the objectives set. An expenditure forecast will also be necessary in order to have a clear idea of the economic needs essential to the realisation of the new plans.
4. Prepare an accurate financial plan
At a later time, a thorough financial plan will be created: it will be aimed not only towards quantifying the financial resources needed to realise the development plan, but also at identifying the most efficient means of financing (equity, loans, regional contributions).
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. Forecast of the economic-financial results of the new development plan
This is the final step: it is necessary to elaborate a quantification of your company’s economic results. This will allow you to analyse in quantitative terms the impact of the new development plan on the corporate profitability.
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