Sometimes, we get so daunted by the overall business target that we neglect to objectively examine/evaluate how to achieve it. Supposing, a $1M company has set itself a goal of reaching $50M in the next 4-5 years – at first glance, it looks like an uphill task. However, by doing detailed business review and mapping out strengths and gaps, one can chart a course to achieve the $50M. This will involve assessing market opportunities in your areas of expertise, understand what the market is looking for as well as what competition is doing/planning. With this understanding, the business will have a fair idea of what to focus on in the next 4-5 years and need to pen it down through a business plan.

As I’m working on a similar exercise for a client, I’m amazed at how much planning can help. Breaking down of the target into smaller achievable components is eminently possible as it distributes responsibility across various quarters. Emerging and mid-sized companies will do well to embark on such a exercise and the efforts will definitely pay off.

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