No matter what stage of growth the business is, it is never easy. Therefore, whether you are a start-up, small business or a medium-sized business, a lot of hard work is required to grow your business. It is necessary to have much more than just a desire to grow to achieve the exponential growth that you plan for your business. As a business owner, you need an excellent and feasible growth strategy to elevate your business to the next level.
What is a Business Growth Strategy?
A business growth strategy is a plan or set of plans that a business aims to accomplish to overcome its challenges and experience expansion. A growth strategy must be realistic, in-depth and cover every aspect of the business for your business to grow.
The perfect time to come up with a growth strategy for the new year is before the previous year ends. Nonetheless, if you have yet to hatch a plan or it is your first time trying to draft one, you can start now and still see great results.
Factors to Plan for a Winning Business Growth Strategy
- Set Your High-Level Goals
First of all, determining your business’s goals is the most crucial part of the planning. A good indicator for this is to think of your business’s end game. What is your business’s biggest goal? Do you want to be the largest supplier of a particular product? Don’t stress too much if you don’t have a big goal yet, start off by thinking where or what you want your business to be in the next 10 years. Subsequently, you can break down the goals into smaller ones which can be achieved over a 5-, 3- and 1-year period. Keep in mind that your goals must be SMART (Specific, Measurable, Attainable, Relevant, and Time-bound).
- Determine Your Key Performance Index (KPIs)
After setting your goals for the year, next is to identify results that will determine the successful achievement of your goals. For example, if your biggest goal is to become the most popular restaurant in the city, how do you plan to measure that? By percentage increase in terms of visitors? By number of meals served? Or level of engagement on social media platforms? These can help to give you a benchmark of how your business is performing.
- Develop Mini Strategies to Achieve Goals
Besides from being easy to achieve, breaking down your goals into smaller steps can also help you to track them closely. Using the same example as above, a good mini strategy could include a plan of getting more visitors than competition. Would you have to create a campaign or run more advertisements? Host free tasting events? Or increase social media interactions? To reach that goal, you might consider breaking these steps further into activities or actions. Small actions are definitely easier to track and make adjustments compared to having a team working blindly towards a larger goal with no direction.
- Consider Customer Feedback
Increasing your customer base is one of the best ways to experience growth in your business. To accomplish this, you will need to satisfy your customers and win their loyalty. Since satisfied loyal customers are more likely to refer your business to their friends and families, this will help you to expand your customer base rapidly. Customer feedbacks are crucial because it will be beneficial to your business in terms of getting to know in-depth of what your customer’s needs and wants is.
- Test, Implement and Monitor
Now that all strategies are planned, it is time to test out the strategies. Of course, instead of trying them on your actual sample size, you can do it on a smaller scale. If it does well during the test run, it might do great when you implement them. However, sometimes it does not turn out the way you imagine, but that’s the whole point of doing a test run right? Tweaking and re-strategizing can be done only implement them when you get the desired results.
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