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Growthink Blog

We Just Made $94 Billion Dollars... Now What?

Print Written by Andrew Bordeaux on Tuesday, May 13, 2008
Categories:


Q: We just made $94 billion dollars this year. What should we do next?


A: Create a new business plan.



It's never too late to update your business plan.

Car manufacturer Nissan (NASDAQ: NSANY) demonstrated that fact this morning when they announced a new five-year business plan. With a projected mix of market expansion, cutting-edge technologies, and growing product lines, Nissan will strive to significantly increase per-share dividend, and achieve five percent revenue growth on average over the next five years.

The new strategy plan is called Nissan GT 2012, with "G" representing growth and "T" for trust. In addition to their product development goals, Nissan is also shining a light in-house, and will put effort into improving management, brand and service quality.

Typically, business plan creation is associated with up and coming ventures, or existing companies eager to expand into uncharted waters. Why then would Nissan, a company with clear expertise in the automobile arena, and which raked in over $94 billion last year, commit to such an intense overhaul?

Well, for starters, a business plan is a static document. There is no doubt that business plans are integral to the proper conceptualization of your business, the mapping of your desired financial trajectory, and the fabrication of the strategies you will implement and execute upon day in and day out. Much like your favorite jeans from high school, however, it is possible to outgrow your current business plan. In fact, it might be time for you to re-evaluate your current business strategy today.

While especially crucial for technology companies in industries like automotives or computer hardware, where revolutionary progress is made at a break-neck pace, even companies in more traditional areas might be in need of a refresher. For instance, a bank that did not create a strategy to institute secure online banking as an option for their customers may be in danger of losing customers to more tech-savvy competitors.

A new business plan can be just what's needed to refresh your approach and effectively restructure your business to gain competitive edge.


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Internet Business Broker says

I think this is a great reference for small companies and entrepreneurs to model even if they are not a $100 billion company. Drafting a business plan forces a company and executives or entrepreneurs to focus their vision of the companies direction. It makes you clarify short and long term goals, re-visit and solidify the mission statement of the company, review the past as a reference to the future, analyze the competitive landscape and set timelines to execute new initiatives. A business plan can also bring to light opportunities and weaknesses not recognized prior to the exercise. David Fairley
Posted at 10:48 pm
Bendz says

Hi, Everyone needs to restructring their business. It's for their growth. It's must for all. :-)
Posted at 9:48 am
Doug says

I sure could use a couple million. That is no joke either. Otherwise I will never get out of debt...the American dream for me..struggle struggle..God Save Me Some How!
Posted at 3:11 am
Lakiesha says

There’s a secert about your post. ICTYBTIHTKY
Posted at 1:15 pm