Business Growth Strategy 2020 requires lots of planning, preparation, brainstorming from yourself and your core team to get the best path possible for your business to grow faster.
Most small companies have plans to grow their business and increase sales and profits. However, there are certain methods companies must use for implementing a growth strategy. The method a company uses to expand its business is largely contingent upon its financial situation, the competition and even government regulation. Some common growth strategies in business include market penetration, market expansion, product expansion, diversification and acquisition.
Business Growth Strategy 2020
“Focusing solely on what you can potentially do better than any other organization is the only path to greatness.” - Jim Collins
Every business faces the existential threat of competitors. Patent filings, market dominance, and even financial resources can’t shield them from this inevitability. So, what lessons can we take from companies that have endured and even prospered for centuries despite the fierce competition?
There are some successful business growth strategy. Some of the most common growth strategies in business include :
1. Align your Core Team
The first thing before you jump into your core business strategy it is critical to align your core team first so they are in the best position to understand this whole process and contribute in their best capacity. It has been seen that all the fortune 500's has one thing is common that their core team is well synchronized with the vision, mission and goal statement of the company. They keep themselves charged and accountable for the growth of their company and create an atmosphere of learning and development across the boarder. They are open for challenges and they understand that the company is on their shoulders to make it a huge success and more often they do so.
2. Value Proposition
It’s a promise of value to be delivered, communicated, and acknowledged by the business. It builds credibility in our product/services our customer like our offerings if we are able to give them the value they are the best brand ambassador for our business. Business Strategy must focus on the value proposition in the beginning so our product/services can be better and loved by our customers. A company's value proposition communicates the number one reason why a product or service is best suited for a customer segment. Therefore, it should always be displayed prominently on a company's website and in other consumer touch points. It also must be intuitive, so that a customer can read or hear the value proposition and understand the delivered value without needing further explanation.
3. Market Share Penetration & Segmentation
Perhaps, you don’t know precise numbers, but with a little digging around, you can usually come up with some rough idea. Use this to identify weaker competitors who might have significant market share that you can start to chip away at. It also gives us the idea of which part of the market has not been served well by our competitor and there is a lot of business there by segmentation we must focus on the underserved market portion to grow our business.
4. Diversification & Acquisition
If your business is too much into specific market or limited segmentation then its time to diversify your offerings by introducing new products/services or starting new sub brand to attract the new market. This can be done by acquiring new companies also search for a weaker company but has future potential this will help your business to expand and scale to new market. By adopting the right business strategy you can dominate your market and lead the industry forward.
5. Strong Partnerships or Alliances
The key word here is "strategic" — you need to find someone who works as hard as you do to achieve common goals. The idea is for all partners to benefit, and benefit equally, for the duration of the alliance. Another term for alliance here is "symbiotic relationship." If the alliance is not working for both partners, then it is not truly strategic. Are there other companies or influential people in your industry that you can align yourself with to grow your revenues. Typically, these aren’t your industry leaders since they don’t need your help in return. But if you can find a company or person that has a certain level of success and needs others to create a win-win scenario for both organizations, then by all means do it.
6. Operational & Financial Planning
The most important part of the business growth strategy is to streamline the operational & financial planning. Business must apply the model like six sigma, lean, trainings to avoid the operational challenges, supply chain, inventory issues etc in the same manner business need to make a solid financial model to avoid any future economic crises by maintaining cash flows, reducing expenses, P&L statements etc so to make company future proof.
7. Get a Strategic Coach
Business Growth Strategy is a process that needs an expert to conduct the same, a strategic coach can help you to run business growth strategy process flawlessly and impactful. It has been advised that having a strategic coach can not only help you in making business blow but also for brainstorming critical processes like diversification or mergers etc.
Business Growth Strategy
“A vision without a strategy remains an illusion.” - Lee Bolman
Successful business growth strategies are the product of engineering, marketing, leadership, design, and product management. Whether your team consists of 2 co-founders or a skyscraper full of employees, your growth hacking strategies will only be effective if you’re able to affix them to your organization, apply a workflow, and use the results of experiments to make intelligent decisions.
In short, there's no plugin for growth. To increase your product's user base and activation rate, your company will need to be methodical and tailor the strategies you read about to your unique product, problem, and target audience.