1. Bring your top staff together to brainstorm opportunities.
  2. Narrow your options down to a manageable list.
  3. Create a business plan for each option.
  4. Create a detailed financial forecast going out three to five years.
  5. For each venture, factor in timing of the launch, initial outlay, cash flow and financing.
  6. Put your decision into action, assigning deadlines and responsibilities for each project.
  7. Break down the forecast into one-year timeframes. Track progress and update the forecast as needed.

Read the full article from BDC here