A reliable business strategy for growth is not only a marketing method. It is an integral part of your business and its success. How much a business can expand depends solely on the business growth strategy it employs. These growth strategies can include investing in customer acquisition, having new locations, and new product lines. In this article, you will learn the seven vital steps you can employ to shape your business growth strategy.
Create a Value Proposition
If you want your business to maintain growth on a long-term basis, you must identify what will set you apart from your competitors. Recognize why customers patronize your business. Pinpoint what makes your brand credible, relevant, and outstanding. Your findings will help you to know what you will incorporate into your business growth strategy.
For instance, some companies are highly competitive when it comes to affordable prices. Others have the edge when it comes to brand authority. Identify the unique benefits only your business can offer your customers and build your growth strategy. Moving away from this value proposition to join the trends will only devalue your business.
Another crucial way to shape your business growth strategy is to conduct industry and market research. Making research on the state of the industry you are in is an ideal way to identify if the kind of growth you want is possible. You can use various methods to run this industry research. This includes delving into existing and accessible industry research, doing surveys, and running focus groups with potential and existing customers. The facts, answers, and knowledge you obtained from your research will shape your business’s growth goals and expectations.
Set Growth Goals and Define Key Indicators
After you have identified the areas you want your business to grow and why you are growing, determining how much business growth you want is the next step. The growth goals you set must be solely based on the final point – where you want your business to reach.
However, set realistic and achievable goals. To never lose sight of reality, set your growth goals from your market and industry research. Finally, set key indicators to quantify and measure your goals. Pinpoint the key indicators that inhibit your business’s growth. You will know the areas to focus your attention and time.
Plan Your Approach
Using your detailed growth strategy, carefully write down how you will realize your growth goals. Outlining your growth strategy plan in detail will give you a proper understanding of how to integrate your team. When writing your growth strategy plan, focus on your strengths and weaknesses. However, give priority to how you can enhance your strengths to give you an edge in the market. Also, never forget that your growth strategy plan must also contain deadlines, a list of items, your teams, and the resources you would need to achieve your set growth goals.
Establish Your Revenue Streams
Before choosing the growth tools you will employ, you have to establish your revenue streams. Know what your revenue streams currently are and the ones you can add to make more profits for your business. After you have identified potential revenue streams, ask yourself if they are sustainable. Some ideas for new revenue streams are either not achievable or will make you lose more revenue. Ensure you can differentiate these types and completely isolate them.
Choose Your Growth Tools and Requirements
Before you implement your growth strategy plan, determine the requirements and growth tools your team will use when implementing your plan. These requirements are the particular resources that will help you to achieve your business growth goals accurately and swiftly. Examples of these requirements include:
- Software and Tools: identify the technological solutions you will employ to quicken your business growth process.
- Funds: Your growth strategy plan will require capital investment to see it through. Always ensure you know how much you will be spending during this process and allocate a budget for it.
- Services: If you want to fast-track your growth process, you can’t do it alone. You would need external help from designers, consultants, and planners.
Implement Your Plan
After you have completed your planning, researching, and resourcing, the final step is to implement the plan and provide results. During this period, make sure communication channels are open, your stakeholders are held accountable, and compare previous results. This will help you to know if your business growth plan is still realistic or if you need to adjust and change some parts.
When developing your business growth strategy, do away with the one-size-fits-all mentality. Every business has different market conditions they build their business strategy on. Replicating what they do would sink your business. This doesn’t mean you can’t learn from others, but don’t replicate all they do if you want sustainable growth. Use the highlighted tips to build your sustainable business growth strategy.