Regardless of whether you are growing a business from scratch or continuing to grow an established business, it is vital that you have a business growth strategy.
Even businesses at the top of their game continue to find ways to grow
– if they don’t they will become complacent and this could be detrimental. But, these successful businesses haven’t got where they are – nor will they get any further – without a strategy.
Before you start determining your own, you need to know what elements must be included.
A long-term vision
Before you do anything else you need to understand the ways in which you want the business to grow. What are your long-term goals? Where do you see the business in 5, 10, 15 years’ time? What does success look like for you?
At the same time, you should consider what sets you apart from the competition, i.e. why do customers come to you? This is valuable information moving forward. You could also look at your competitors – what is working for them and perhaps more importantly, what isn’t.
Once you have a vision for the company, you will have a better understanding of what you need to do to get there and how you will measure success.
Now you are better placed to create short-term goals.
This is ultimately how you find new customers and ensure existing ones continue to return.
Determine how you will measure whether you have achieved the goal and set a date for completion.
This is also your opportunity to determine any factors that could stand in your way and prevent you from reaching these goals, figuring out how to overcome – or avoid – them in the first place.
Crunch the numbers
You can’t hide from the cold hard facts – in terms of business, this is your numbers. Where are your outgoings actually going? Is there anything you can cut back on? Is there anything you can spend less on that isn’t helping your business grow, so that you can then spend it elsewhere - in the areas that can really make a difference?
Determine where you need to invest
A key part of business growth will require you to invest in two main areas, talent and marketing. This could be a significant up front cost but a hugely lucrative one, long-term.
Part of your plan will be determining the roles you need to fill. Hire without a strategy and you could end up with an office full of junior employees who cost the company more in the long-run. However, invest in more specific, senior roles and they will only help the company to grow.
Likewise, marketing is imperative to growth – if no one knows about your company or changes made within, you won’t drive traffic or sales as a result. Even giants such as Apple have a growth strategy and for them specifically, this is focussed around product development. But, this won’t be successful if it doesn’t work alongside a marketing strategy. Invest in the service of content experts, such as Conversion Gods
, to ensure you get this right and that you’re not only generating traffic, but converting it.
Monitor and review
It is important that you monitor the strategy to ensure that the elements you believed would help your business grow, actually are. It is better to know if they aren’t so you can make changes. You should also regularly review and update it, if necessary.
Ultimately, you need to be flexible. No matter how much thought, effort and preparation goes into your business growth strategy, you’ll no doubt be faced with unexpected situations that may require you to deviate from the plan. Monitoring and reviewing it will flag these up before it is too late.