Do you need funding?
How much?
Growth planning assists in pinpointing the precise funding required and the optimal strategy to secure it.
How should you use your
funds right now?
Growth planning empowers you to confidently navigate crucial spending decisions
What's the right
go-to-market strategy?
Growth planning guides you in grasping the essentials for your startup to gain traction
STEp 1: Plan
Formulate a basic strategic blueprint
Write a one-page plan: 30 minutes
Agility is the key to early-stage startup success. This is why crafting a flexible one-page strategy, as opposed to a rigid 40+ page business plan, is an essential first step.
Start by outlining the most important aspects of your business
Problems worth solving
Solutions you provide
Estimated target market
How you're different than competitors
Sales and marketing activities
Revenue and expenses
Why this step is important
According to research in the journal Small Business Economics, entrepreneurs equipped with a plan are 129% more likely to advance their business beyond the initial startup phase and foster growth.
Smarty: Follow the guided questions in the Smarty Pitch to create a one-page plan and outline the most important aspects of your business
STEp 2: forecast
Set your financial goals
Explore your potential: 1-2 hours
Evaluate your startup's potential considering all aspects from step 1. Don't stress about achieving perfection; aim to establish practical goals to the best of your ability.
Consider the following:
Expenses such as software, marketing and payroll
Revenue metrics like: sales, profit and cash flow.
Once sales start rolling in, tangible numbers will guide your understanding of your startup's direction.
The funding dilemma: Can your startup maintain self-sufficiency, or is external funding required to close the gap between expenses and revenue? Formulating several 'what if' financial forecasts is instrumental in addressing these queries.
Why this step is important
Studies indicate that startups with well-defined financial objectives are more inclined to attract funding and attain elevated levels of performance.
Smarty: Let our AI-Powered Assistant suggest revenue streams and typical expenditure specific to your business
STEp 3: review
Monitor the numbers
Reflect on your performance: 1-2 hours
Your startup is up and running! Sales are gradually coming in, expenses are being incurred, and your team is attentively monitoring the figures.
Now, you have the opportunity to compare your real-time sales and expenses with your monthly projections. Pay attention to any substantial variances between your anticipated outcomes and the actual numbers.
Did your revenue perform better or worse than expected?
Did you spend more or less than you thought?
How is your cash flow being impacted by this?
Your team should review your forecast once per month.
Why this step is important
Documenting and assessing your goals boosts your likelihood of achieving them by 40%, according to a study by the Dominican University of California
Smarty: Connect FreeAgent, Quickbooks or Xero to Smarty to pull in your actual results. Compare your forecast vs actuals using analytical visualisations
STEp 4: refine
Implement rapid changes
Strategic updates: time investment varies
Time to act swiftly. Revise both your plan and forecast in light of insights gained during your review. This could involve:
Revising your business model
Adjusting your financial goals
Increasing or decreasing prices
Moreover, you're establishing foundational data for future performance benchmarks. This empowers you to swiftly make strategic adjustments, offering your startup optimal opportunities for success.
Why this step is important
Engaging in an iterative planning process enables you to identify and promptly address potential issues that could jeopardize your startup. These may encompass financial challenges, failure to achieve product-market fit, or the development of an unsound business model.
Smarty: Make quick updates based on what you have leared using the Smarty AI-Powered Assistant to
ensure that your business plan remains a living document that you review each month