From statistics, it’s been found that most startups never see the light of the day in their early years due to a poor business growth strategy which consequently means that they are liable to fail. But what could be the cause of these failures when most of what they need to survive are readily available.
That brings us to the reason for this post.
Hi everyone my name is Timileyin and in this post, i will be talking to you about 7 key steps to preparing a business growth strategy that works.
When talking about a growth strategy, there’s more to it than just having a mental picture of the success of your business in the long run, it entails things like having a sound business plan because not having one can make you lose customers and that mental picture you have won’t come to reality.
You have to be intentional about your business growth strategy which insinuates that you need to find out what slows down your business in terms of skill or material needs and add more effort on it.
To have a growth strategy for your business, you need to follow these steps and they go as follows.
1. SET OUT YOUR VALUE PROPOSITION
This is when you find out what your business sets to offer, what makes your business different in terms of the value it adds.
Ask yourself this question, if i was the customer, why would i want to patronize this business ?. This will lead to a series of answers and in the process find out more about your business and other areas you think you can add value.
Take an example from the hotel industry, hotels serve a general purpose which is to make their customers comfortable but the comfort they have to offer differs and that is what makes them stand out.
The same as the restaurant business, they have different delicacies which makes them more valuable than those with less to offer. It’s purely dependent on the value being added.
Find out what you set to offer and draft them out so you can uniquely pitch them to your investors, customers and workers. That way you are set for growth in your business.
2. IDENTIFY YOUR TARGET MARKET
This area is all about knowing who your real customers are and knowing how and where to get them.
If your business is about news and information dissemination then you know you should focus on the media industry because that’s where you will find your target market and you can also find willing investors too.
Once you have found your target market as in your ideal customers you can then turn them into your business audience which in turn will generate income for you, growth and also to further opportunities.
3. KNOW WHAT YOUR KEY INDICATORS ARE
Your key indicators refers to how some specific changes affect your business, when they affect your business and to what level are those changes.
It’s all about being able to measure changes in your business and finding out if those changes are good for your business or not. If you are not able to adequately or accurately measure changes then you won’t know if your business is actually growing or not and the rate at which those changes are being made.
Knowing this will also make you to be aware of what to do and how to direct your funds to those areas that needs it.
4. KNOW YOUR REVENUE STREAM
While growing your business or attempting to grow your business, you need to identify your revenue stream and also find ways to increase your revenue stream. Once you can identify a potential revenue stream you need to ensure that the revenue stream can be sustainable in the long run.
Be careful when selecting your revenue streams because not all the opportunities that may appear to you may be the right one for your business especially in the long run.
5. LOOK INTO YOUR COMPETITORS
Irrespective of your industry, there are others excelling in that field, you can always look into them and find out how they handle some certain situations that seem to be common among businesses in that market niche.
Don’t be scared or too full of yourself not to ask questions especially from people who have gone ahead of you. Just as Sir Isaac Newton said, ” if i have seen any further, it’s because i’m standing on the shoulders of those that have gone ahead of me “.
6. FOCUS ON YOUR STRENGTH
When trying to grow your business, it’s best to lay more emphasis on your area of strength as part of SWOT analysis to fully gain ground as it relates to your business. It helps you take full advantage of opportunities by harnessing them towards your strength.
7. INVEST IN TALENT
One of the quotes of one of the greatest entrepreneurs of time Sam Walton says and i paraphrase; there’s one boss who can fire anybody from the CEO down the chain of command simply by not patronizing him.
This quote is a pointer to the importance of customers in a business. For this reason, it is expected that you have to find potential employees who can interact well with customers and are also compelling in nature so you can always harvest customers every time and consequently also lead to an increase in the growth of the business.