Boost Up Your Business in 10 Days.
If only half of startups survive more than five years and only one-third make it to 10, what’s the one thing you could do to ensure your business growth? The answer is to create a growth strategy to boost up your business, of course. A growth strategy involves more than simply envisioning long-term success. If you don’t have a tangible plan, you’re actually losing business or you’re increasing the chance of losing your business to competitors.
5 Core Lessons for business growth. (If you are planning to start a new business, Please read it here)
The key to any business growth strategy is to be deliberate. Figure out the rate-limiting step in your growth, and pour as much fuel on the fire as possible. But for this to be beneficial, you need to take the following steps:
Establish a value proposition.
For sustaining your business to long-term growth, you must understand what sets it apart from your competitors. Identify why customers come to you for a product or service. What makes you relevant, differentiated and credible? Use your answer to explain to other consumers why they should do business with you. For example, some companies compete on “authority” Whole Foods Market is the definitive place to buy healthy, organic foods. Others, such as Walmart, compete on price. Figure out what special benefit only you can provide, and forget everything else. If you stray from this strategy, you’ll only run the risk of loosing your business.
Identify your ideal customer.
You got into business to solve a problem for a certain audience. Who is that audience? Is that audience your ideal customer? If not, who are you serving? Nail down your ideal customer, and revert back to this audience as you adjust business to stimulate growth.
Define your key indicators.
Changes must be measurable. If you’re unable to measure a change, you have no way of knowing whether it’s effective. Identify which key indicators affect the growth of your business, then dedicate time and money to those areas. Also, A/B test properly — making changes over time and comparing historical and current results isn’t valid.
Verify your revenue streams.
What are your current revenue streams? What revenue streams could you add to make your business more profitable? Once you identify the potential for new revenue streams, ask yourself if they’re sustainable in the long run. Some great ideas or cool products don’t necessarily have revenue streams attached. Be careful to isolate and understand the difference.
Look to your competition.
No matter your industry, your competition is likely excelling at something that your company is struggling with. Look toward similar businesses that are growing in new, unique ways to inform your growth strategy. Don’t be afraid to ask for advice. Ask yourself why your competitors have made alternate choices. Are they wrong? Or are your businesses positioned differently? The assumption that you’re smarter is rarely correct.
Focus on your strengths.
Sometimes, focusing on your 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.
Invest in talent.
Your employees have direct contact with your customers, so you need to hire people who are motivated and inspired by your company’s value proposition. Be cheap with office furniture, marketing budgets and holiday parties. Hire few employees, but pay them a ton. The best ones will usually stick around if you need to cut back their compensation during a slow period.
Developing a growth strategy isn’t a one-size-fits-all process. In fact, due to changing market conditions, making strategic decisions based on someone else’s successes would be foolish. That’s not to say that you can’t learn from another company, but blindly implementing a cookie-cutter plan won’t create sustainable growth. You need to adapt your plan to smooth out your business’s inefficiencies, refine its strengths and better suit your customers — who could be completely different than those from a vague, one-size-fits-all strategy.
Your company’s data should lend itself to all your strategic decisions. Specifically, you can use the data from your key indicators and revenue streams to create a personalized growth plan. That way, you’ll better understand your business and your customers’ nuances, which will naturally lead to growth. A one-size-fits-all strategy implies vague indicators. But a specific plan is a successful plan. When you tailor your growth strategy to your business and customers, you’ll keep your customers happy and fulfill their wants and needs, which will keep them coming back.
One development system in business is showcase infiltration. A little organization utilizes a market entrance system when it chooses to showcase existing items inside a similar market it has been utilizing. The best way to develop utilizing existing items and markets is to build piece of the overall industry, as per private company specialists. Piece of the pie is the percent of unit and dollar deals an organization holds inside a specific market versus every single other contender. One approach to build piece of the overall industry is by bringing down costs. For instance, in business sectors where there is little separation among items, a lower cost may enable an organization to expand its offer of the market.
A market extension development technique, regularly called showcase improvement, involves offering current items in another market. There a few reasons why an organization may consider a market development technique. To start with, the opposition might be to such an extent that there is no space for development inside the present market. In the event that a business does not discover new markets for its items, it can’t expand deals or benefits. A little organization may likewise utilize a market extension technique in the event that it finds new uses for its item. For instance, a little cleanser merchant that pitches to retail locations may find that assembly line laborers additionally utilize its item.
A little organization may likewise grow its product offering or add new highlights to expand its deals and benefits. At the point when little organizations utilize an item extension technique, otherwise called item improvement, they keep offering inside the current market. An item extension development technique regularly functions admirably when innovation begins to change. A little organization may likewise be compelled to include new items as more seasoned ones end up old fashioned.
Development systems in business additionally incorporate enhancement, where a little organization will pitch new items to new markets. This kind of procedure can be extremely hazardous. A little organization should design painstakingly when utilizing a broadening development methodology. Advertising research is fundamental in light of the fact that an organization should decide whether buyers in the new market will conceivably like the new items.
Development methodologies in business can likewise incorporates a procurement. In securing, an organization buys another organization to grow its tasks. A little organization may utilize this sort of system to extend its product offering and enter new markets. A procurement development technique can be hazardous, however not as unsafe as an enhancement methodology. One reason is that the items and market are as of now settled. An organization must know precisely what it needs to accomplish when utilizing a procurement procedure, for the most part in light of the huge speculation required to execute it.