Businesses of all sizes face a whole variety of challenges as they grow. Understanding who you are and where you want to be is an important analysis for the future of any business.
A business growth strategy will help you identify, outline and communicate where you are headed, and what you hope to achieve. It’s important to involve key stakeholders and staff in this process, having their buy-in and giving them visibility over the bigger picture is essential to achieving your long-term goals.
A growth strategy is different from your marketing strategy or annual forecasts. It goes beyond looking at what is happening in the market today. It makes you think about where you are headed, about the direction and steps you will take, and how you will know when you get there.
In order to grow, you need to extend your reach with existing customers and acquire new ones. Easier said than done? Not really. The answer should come from your value proposition, which outlines what you do and why your customers choose you.
A solid growth strategy will become the foundation on which you make every business decision. It will allow you to define your future, determine the steps you need to take to get there, and measure your progress along the way.
Here are a few essentials to developing a successful business growth strategy:
Know your customer – Understand what motivates your existing customer base, their needs and frustrations, to assist in identifying new target customer segments. Determining how you will adapt and maintain relevance in other segments and markets is vital to any growth strategy.
The importance of your brand – Building a brand that resonates with consumers, that precedes your sales with an expectation around customer experience, that is recognised by your organisation’s values, is key to growth.
Don’t over-extend – Often the trick is not to grow too fast. You need to be ready to expand. New business is great unless you don’t have the resources in place to deliver.
Look and plan ahead - Being successful in today’s market may be short-lived if you have not considered where your industry, or technology is heading. Evaluate the feasibility and potential impact of your strategy, and consider timeframes that align with other business objectives and challenges.
Set realistic goals – Developing a growth strategy that looks great on paper but is not backed by careful strategy and planning can be dangerous. The steps to achieve your goals need to be within your reach or you may go out with a bang.
A successful growth strategy should be a guide for the future. It should help you avoid pitfalls along the way, determine smarter ways to do business, and ultimately realise your business goals.
Developing a successful growth strategy can be difficult and unfamiliar territory. Lift Strategies can help you create a growth strategy that will ensure you are on the right path. Understanding how to recognise and develop the key attributes of a successful business strategy is what sets us, and ultimately you apart.
Any business can grow and succeed with the right strategy and careful planning. If you are wondering what the future holds for your business, Lift Strategies can help.