Every CEO or director’s goal should be to grow their company. When you start a business or launch a company, you don’t intend for the company to remain in the same position after five years or more. This is because you have an idea of where the company ought to grow to and probably beyond. However, most companies fail to grow because the managers have no idea on the right growth strategy or strategies to implement.
Do you want to learn how to grow your company? Then read on.
How to Choose a Strategy
There are so many growth strategies available but they can be confusing and if as a business leader, you don’t pick one that best suits your business, then growth is impossible.
So you must first know how to choose a growth strategy before you go ahead and select one.
Why Do You Want to Grow
Have you asked yourself this question? Or why are you running the business campaign? These questions are very important and must be answered if you want to grow.
Forbes informs that there are four steps in a business/ sales process; attention, interest, desire, and action. If the growth strategy doesn’t support or align with any of these steps, then it’s not for your business.
What’s Your Budget
You must prepare your mind towards spending because to grow, you have to spend. However, the amount you’ll spend is dependent on the strategy you will choose which is also a function of your available budget.
The idea is to grow not recede. Do not pick a strategy that will stretch your finances thin or put your business in a compromising or bad financial situation.
Don’t rush growth, take it a step after the next. After attaining a certain level, you’ll be able to fund the expenses for the next level of growth so don’t jump the ladder and end up suffering your finances.
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Know Your Audience
Your audience are your income because they are your target market. They’re the ones that will bring in the money to patronize your products or services.
So while choosing a growth strategy, ensure that it favors your audience or at least considers them.
If you are not sure about a particular strategy, do your research, ask questions, meet a consultant to help out because you can’t afford to get it wrong at picking growth strategies.
There are many growth strategies available but choosing the right one depends on the aforementioned areas; audience, budget and goal of the campaign. Once you have all these put together, choosing a suitable growth strategy would be an effortless process.
Which Strategies Are Essential to Grow
Before Implementing growth strategies, you have to know the essential business strategies that you ought to improve or grow. Here are a few:
This is an important strategy that must always be improved upon. Customers are your income, so to keep your income coming to you, then you must improve the relationship between them.
Look for ways to grow this strategy and don’t stop trying to improve at it. Once could say this is the most essential strategy that you must grow consistently.
It’s possible that you are not the only business in your niche offering similar products or services so you must try as possible to promote the growth of this strategy.
This strategy involves looking for new ways to offer your product or services to customers in different states or country. The idea is to break into the market in different geological regions.
If you want to grow your business, you must take this strategy seriously.
Inc.com terms this as a classic strategy because it involves developing new products to promote and sell to your existing and even new customers.
Focusing on the growth of this strategy is important as it means that you have more to offer your customers and keep giving them new and quality products.
How Employees Should Be Involved in These Strategies
As a manager, Yes, you have the final say on choosing and on how to implement a growth strategy. However, your employees should also be involved in these strategies because you can’t do it all.
So how then can they be involved in these growth strategies selection and implementation?
Ask for Feedback
You could ask your staff to identify things or areas they feel are working best and also areas that are underperforming and direly need growth. This way, you can correctly focus your strategies in the areas that need growth most.
Entrepreneur.com advises that you go ahead and brainstorm with your employees to figure out how your company can effectively implement a growth strategy.
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Build a Plan off Their Ideas
Sometimes, you don’t have to pick a preset or already designed growth strategy because business dynamics differ and there might not be an actual strategy that perfectly suites your business. What can you do then?
You can be creative and create custom growth strategies off your employees’ ideas. Utilize their input, ensure that they see your strategy and agree with it. Also accommodate corrections if they offer.
Be open to modifications if they don’t go well with the strategy.
Have Them Develop Growth Strategies
You can ask your staff to establish growth strategies and business plans for your company. Then collate them all together and see which best fits the company.
For example, in marketing, they can propose a benchmark on the number of leads that must be generated during the campaign and other campaign-related things.
Accommodate all their strategies, then go ahead and select the best fit.
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