The wrong strategies lead to the wrong outcomes.
Perfection could be costing you and it is unattainable anyway.
Don’t try and be perfect, create your initial strategies and get on with it. So what if you’re wrong? You can always try again, and you always have options.
In an uncertain world of rapid change, your growth strategies must include room for improvisation. Nothing ventured, nothing gained and it takes a little risk and experimentation to achieve your best growth objectives.
A growth strategy can entail introducing new products and services or adding new features to existing products. Sometimes, a small business may be forced to modify or increase its product line to keep up with competitors and grow their customer base.
The method you use to expand your business is largely contingent upon your financial situation, the competition, the state of the economy and even government regulation.
It’s no good worrying that won’t give you growth
It’s no good worrying about your business stagnating or even going backwards it’s time to take action.
The first thing to do is to understand your purpose, vision, and objectives. If you have those things clearly in your mind you are in a position to put some new strategies in place.
When you are developing your strategies always keep in mind that the wrong strategies lead to the wrong actions being taken and that leads to the wrong outcomes.
How do you create the right growth strategies?
Before you can overcome anything you must analyse your problems and frustrations. Just what is it that is holding you back?
- No time – too many things to do.
- Not knowing where the next sale is coming from.
- Doing the same old marketing and expecting better outcomes.
- Selling against large, well-known and well-resourced
- Doing the same as everyone else in the industry.
- Confusion between marketing and sales
- Making assumptions about the market and customer behaviour.
- Don’t understand best practice.
- No market segmentation and don’t understand personas.
- Don’t have modern tools, information technology, and communications.
- Poor market knowledge, using the wrong language.
- Sending out mixed and confusing messages.
- Poor value proposition.
- Not measuring your marketing effort and just doing ‘stuff’.
Having identified your problems and frustrations you are in a good position to start setting the right strategies for growth while having a higher expectation of success.
Growth strategies and the degree of difficulty
In looking at possible growth strategies, divide them into two parts. The first is called organic strategies which are strategies that are easily and inexpensively put into place and once in place the business keeps growing with good metrics and monitoring.
One the other hand strategic strategies can take much more time and money to implement and the results will not usually be immediate.
Examples of organic growth strategies
When you tailor your growth strategy to your customers, you’ll keep them happy and fulfil their wants and needs, which will keep them coming back. Grow your existing customers and they will grow your business.
- Identify your ideal customer.
- Address your customer problems and frustrations.
- Deliver on the customer wants and needs.
- Upgrade your contact management system (CRM).
- Improve the quality of the website.
- Focus on your strengths.
- Social media.
- Content marketing.
- Improve the customer experience.
- Improve planning practices.
- Focus on your strengths.
- Training program.
- Improve branding and positioning.
- Value chain improvements.
- Utilise new communications.
- Rework competitive strategies.
- Develop powerful competitive advantages.
- Capture the most pressing customer wants and needs.
- Creates a distinct value proposition.
- Improve inventory.
- Implement a customer loyalty program.
- Speaking engagements.
- Workshops, seminars, and conferences.
- Get your business Investor Ready.
Examples of strategic growth strategies
Most small businesses have plans to grow their business and increase sales and profits. However, there are certain guidelines for implementing a strategic growth strategy.
Strategic growth strategies will generally revolve around market penetration, market expansion, product expansion, diversification, and acquisition.
- Strategic partnering.
- Invest in new product development.
- Implement new technology.
- Expansion of your sales force.
- Geographic expansion.
- Vertical market expansion.
- Mergers and acquisitions.
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Almost every day, I hear one thing over and over again; that it’s getting harder and harder to generate new leads and have a predictable flow of new customers. The phone doesn’t ring like it used to and the competition is heating up.
Unfortunately, most businesses start small and stay there, growth is only something they dream about. Acting on their dream rarely happens without an external influence. Successful growth is partly about ‘dream’ and mostly about ‘doing’.