How to Create And Sustain a Successful Growth Strategy
It requires a well thought out strategy and a business plan which clearly outlines the short term and long term stepping points for a business to implement
At a time when businesses are undoubtedly following Darwin’s Theory of “survival of the fittest.” To survive, evolve and to sustain is the biggest question on every corporate panels draft list. It requires a well thought out strategy and a business plan which clearly outlines the short term and long term stepping points for a business to implement.
A recently published report clearly mentions that half of the startups survive more than five years and only one-third makes it to 10.
A company therefore certainly needs to work on parameters with strategic policies either moving towards short-term spiral gains followed by a revamp which it considers inevitable, considering the nature of product or consumption pattern vis a vie another company which looks at developing and brewing habits over time, evolving and expanding its footprint slowly and surely enough looking at a long-term horizon of slow turnarounds and margins.
So besides the right intellectual resources, carefully forged alliances, product and/or service development, the creation of a strong marketplace demand and fundamentally a strong operational foundation – to reduce the risks to the business over time.
The big question that still arises is what’s the one thing you could do to ensure your company is sustainable? The answer is to create a well chalked out growth strategy for your business, of course.
The key to any growth strategy is to be deliberate. Figure out the benchmarks in your growth. A growth strategy involves more than simply envisioning long-term success. If you don’t have a tangible plan, you’re losing business or you’re increasing the chance of losing business to competitors.
There are few basic rules which helps one creating and sustaining successful growth strategy which is as follows:
Timelines of Revenue Channels
Identify the potential for new revenue streams and if they are sustainable or not also earmark the possible impediments. Some great ideas or products don’t necessarily have ready takers or markets or they hit the market too early or too late. Be careful to isolate and understand the difference.
Identify Target Audience
A business has to have an audience to cater to. A business either addresses a need or solves a problem for a certain audience. One needs to identify and classify the target segment clearly. Nail down your ideal customer, and revert to this audience as you adjust businesses to inspire growth.
Monitored and Measurable index
Changes must be measurable. If you’re unable to measure a change and it’s the measurable impact you have no way of knowing whether it’s effective. Identify which key indicators affect the growth and are impactful in your business. The cost versus returns on these indices. This may include both time and money costs as separate calculable criteria’s and parameter defines.
No matter which sector or industry you operate in, you have competition. Your competitors is likely excelling at something that your company is struggling with. Learn and evaluate from similar businesses that are growing in new, unique ways to inform your growth strategy. Don’t be afraid to ask for advice.
The ability to lead is an act of courage.Leaders are most likely always visionaries who are highly perceptive, with excellent decision-making skills. They are often great with choosing and selecting Human Resources and train them to become future leaders.
The most successful leaders are instinctual decision makers and thus have the circular vision to form strategies.
Play to your Strength
Focusing on one`s own strengths -- rather than trying to improve your weaknesses -- can help you establish growth strategies. Reorient the playing field to suit your strengths, and build upon them to grow your business.
Training the Talent Pool
Your employees have direct contact with your customers, so you need to hire people who are motivated.Train them regularly to understand products and deliver consistently.
Establish a value proposition
For your business to sustain long-term growth, one must understand what makes it different from the competition. One needs to Identify that why customers come to you for a product or service. Use your answer to explain to other consumers why they should do business with you.
When sustainability becomes part of your organizational central ethos, you’re not only better able to sustain business growth – you’re able to remain five steps ahead of the game.