Did you know that less than half of startup businesses survive an average of five years and that only a third of them make it to ten? What rates like these, what can you do to ensure that your company is readily sustainable?
Developing a growth strategy for your business involves more than just envisioning your long-term success. In fact, without a strong plan, you may actually lose business and increase of the chance of falling to the competitors.
Follow these seven steps to making your growth strategy work instantly.
Step 1: Establish Valuable Propositions
If you want your business to endure the long-term growth, it is important to understand what it takes to set your brand apart from your competitors. What does your business have that makes it different, relevant, and credible? Decide why consumers should negotiate business.
For example, most companies compete with authority. Starbucks is the most well-known shop to buy coffee. Others such as Jamba Juice compete on healthy juices. Figure out what benefit only your company can provide. Once you begin to stray from the proposition, you will only risk devaluing the authenticity of your business.
Step 2: Determine Your Target Market
Does your business solve a market issue for a particular audience? Who exactly is the audience? Is that specific audience your target customer? Determine who your ideal customer is and adjust your business to build a reputation.
Step 3: Define Key Indicators
Understand that chance is inevitable for any business. If you’re unable to grasp change, you will have a part of uncertainty with knowing whether it is effective. It is important to identify the key indicators and how they will affect the overall growth of your brand. Be sure to take consideration with time and money and make necessary changes over time to meet the demands of your target market.
Step 4: Verify Revenue Streams
Do you know what your current streams of your revenue are? Is there something that you could add to your sources of income to increase the profit of your business in the long run? Once you identify and determine the potential for new sources of revenue, consider if they’re able to sustain in the long term. While there are plenty of ideas out there, not every product or idea will gain sources of income. There are many great products, but be careful to understand the main differences between a successful design.
Step 5: Check Out Your Competitors
No matter what industry you’re in, the competition is highly likely to excel at something you may be struggling with in the industry. Consider what your company lacks and look towards businesses in your competition that is successfully growing in unique ways to transform the entire strategy. Don’t hesitate to ask for advice. Without it, your company will lack growth and will never continue to increase. Ask yourself what is it about your competitors that have made them fail or success, how they have made individual choices and how their actions came out.
Step 6: Focus on Strengths
While you must look towards other businesses in the competition, it is important also to focus on the strengths of the business rather than improving your weaknesses. This will help you establish your business growth strategies. Play with the industry to meet your strengths and build your business upon them to help your company continue to grow.
Step 7: Make Quality Talent an Investment
Your employees have more of an opportunity to direct contact with customers. This means that you should hire those who are inspired and motivated by the valued proposition of your company. Consider quality over quantity. Hire the necessary employees and pay them above the minimum wage.
Choose the best ones that will stay along, especially if you need to cut back during a slow period. Creating a growth strategy doesn’t mean it is a one-size-fits-all procedure. In fact, changing marketing conditions by making strategic decisions from another company’s success does not mean you will acquire the same success. Using a cookie-cutter plan will not build sustainable growth.
The data of your company relies on the strategic decisions you make, especially when you use key indicators and streams of revenue to build and create a strategic growth plan. Using a one-size strategy will lead to vague signs, but a specific plan will fit your growth strategy. Creating a growth strategy specifically for your business and target market will fulfill the demands of your customers, which will keep them constantly coming back for more.
Follow these seven steps to making your growth strategy work instantly and set your business on the path to success. Have these steps helped you grow your business? Don’t forget to let us know what you think!