You want to grow your business but you don’t know how or where to start. We get it, we have all been there. If you are looking to grow your small business by generating the right leads, converting them more efficiently and need to develop a growth strategy, then you should keep reading this article.
What is a Growth Strategy?
A growth strategy is a detailed plan of actions for overcoming current and future challenges designed to help your business grow – that is increase sales and revenue over some time. It involves more than simply envisioning long-term success. If you don’t have a tangible plan, you’re putting your business at risk and you’re increasing the chance of losing business to competitors.
What are the Three Key Steps to Growth?
1. Create A SMART Goal:
You can’t grow if you do not where you are growing too. What are SMART goals and how do they apply to your business?
- Specific: What exactly do you want to achieve with your business growth? What are the plans to get there?
- Measurable: What are the things you want to measure success with?
- Attainable: After conducting your market analysis, are your business goals attainable? Dream big but ensure your dreams are achievable.
- Relevant: Are these goals relevant in the grand scheme of things?
- Time-bound: There will be no achievement if the goals are not time-bound, there is no deadline to success but we can still measure them using some timelines.
Establish Your Unique Value Proposition:
You must understand what sets you apart and makes you different from your competition. You should also identify why they come to you for a particular product or service. What makes you relevant, and why do they choose you above your competition?
Once you have the answers to these questions, you can leverage that information to explain or reach out to more potential customers to do business with you.
Invest in Talent and Strategies that will grow the Business:
One way to grow your business is to invest in the right team. If you want to go fast, go alone but if you want to go far, go with people; like-minded people. Your team have direct contact with your customers, so you have to hire people who are motivated and inspired by your business value proposition.
Developing a growth strategy is not a one-size-fits-all process. In fact, due to changing market conditions, making strategic decisions based on someone else success is not a smart decision. You can evaluate what your competitors are doing but do not copy them blindly.
Finally, you have to implement your plans. Once you are with planning then you need to take action. Acting without a plan is not a wise decision, also planning without taking any action is also a waste of time.