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