In the Business world, only half of the startups are able to survive for a period of more than five years, while only one-third are able to make it above 10 years. What is the most important thing that you need to do in order to ensure that your company can sustain the challenges? Definitely, you need to establish a growth strategy for your business to be successful. A growth strategy entails more than focusing on the long-term goals of a business. When you fail to have a great plan, then you’re losing on business or you might be increasing the chances of losing the business to your competitors.
The secret to any growth strategy is to be considerate and careful. Find out what are the rate-limiting steps in your development and put in as much efforts as possible. If you want this to be of great benefit to you, you’re required to embrace the following steps as discussed below:
When your business is able to sustain a long-term growth, you should identify what distinguishes it from other competitors. Also, understand the reasons why customers come to you for a product or service. Know what makes you to be relevant, unique and credible? Make use of your answers to explain better to customers on why they should do business with you. For instance, some of the companies compete on authority – Whole foods Market is the classical place to purchase healthy, organic foods. Some like Walmart, they compete on price. If you can identify a unique benefit that only you can give to your target market, and then pay less attention to everything else. If you accomplish this, your business will grow and become successful instead of trying to do everything else.
Everyone gets into business in order to solve a problem for a particular audience. Who is your audience that drove you to start your business? Is that audience your target customer? If it’s not, who are you serving? Note down your ideal customers, and come back to this audience as you change the business to induce growth.
When making changes, they should be measurable. If you lack ways of measuring a change, you cannot be in a position to know whether it’s effective or not. Look out for the major indicators that affect the growth of your business, and then invest your time and money in those areas. Furthermore, A/B test properly by making changes over time and make comparisons of historical and present results that are not reasonable.
What income channels do you have currently? What other revenue channels would you add in order to make your business become more profitable? Immediately you discover potential sources of new income streams, ask yourself whether they are able to sustain you in the long run. Some of the wonderful thoughts or great products don’t necessarily have revenue channels attached. Be keen to set apart and comprehend the difference.
It doesn’t matter what industry you’re in, your competitors are definitely excelling at something that your company is facing challenges with. Pay a close attention to similar businesses that are developing in new and different ways to change your growth strategy. You should not be afraid to ask for advice where you feel necessary. Also, ask yourself why your fellow competitors have made alternative choices. Are your competitors wrong? Or is your business placed differently? To just assume that you’re smarter is seldom correct.
Sometimes, if you pay close attention on your strength rather than trying to better on your weaknesses can help you create growth strategies. Re-organize the playing field so that it can fit your strength and build upon them in order to develop your business.
The people you employ have a direct contact with your customers. Therefore, you’re required to employ people who are encouraged and inspired by your company’s value proposition. Don’t spend so much on office furniture, marketing budgets and holiday parties. Employ just few workers, but pay them very well. The best employees will definitely stay around when you require cutting down their compensation at a slow period.
Creating a growth strategy is not a one-time process. As a matter of fact, the current ever changing market conditions cannot be depended on, hence, coming up with strategic decisions on the basis of someone else’s success is deemed to be a dumb move. This does not mean that a person or firm cannot learn from another firm, but by following them blindly and implementing a bad plan will not build a sustainable growth.
You are required to familiarize with your plan to smooth out weak areas in your business, re-invent its strong areas and better suit your customers who might turn out to be absolutely different than those from an obscure all inclusive strategy.
The data of your company should manifest in all your strategic decisions. To be more specific, the data that you obtain from key indicators and revenue channels to build a personalized development plan. Through this process, you are better positioned to comprehend your business and the difference of your customers which will naturally lead to growth.
An all inclusive strategy means vague indicators. But a more specific plan is a successful plan. Also, when you direct your growth strategy to your business and customers, you will be able to fulfill their wants and needs, which will make them come back to you always.
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