Growing their business is the aim of every entrepreneur, but it is much easier said than done. Businesses of all sizes and scales tend to face challenges that suppress their growth. Steven Rindner says that no matter how good a product or service a company may offer, without a proper business growth strategy to help define, articulate and communicate its goals, the brand would end up struggling to succeed. Unlike what several people think, a growth strategy is not the same as an annual plan of a company. This strategy basically addresses how the firm is going to meet its challenges and progress towards its goals.
Growth strategies of discerning businesses typically start off by identifying and accessing opportunities within a market. This goes beyond the business and marketing plans, which basically highlight how people are going to meet their specific business targets. Steven Rindner says that growth strategies are important as they help a company to work towards its goals beyond the current market scenario. These strategies keep both leaders and employees focused and aligned and compel them to think on a long term basis.
Formulating a proper business growth strategy requires coordination among a cross-functional group of stakeholders, and everyone involved must understand what exactly they are working towards and what they are expected to bring to the process.
Here are certain important components of a business growth strategy as underlined by Steven Rindner:
- Value propositions and business growth steps: For any company to expand, it requires to increase its reach within the existing customers and to attract new patrons. To ensure this, a business must formulate a value proposition that clearly states what it does and why customers require it. It subsequently is vital to create a growth strategy that provides the steps the company is going to take to market its products.
- Brand relevance and customer experience: Even the most popular and widely recognized brands of the world started from scratch at one point. To reach the stage they are today, these brands had to build relevance with customers, and deliver distinctive and integrated experiences to them. Building a brand goes way beyond creating a logo and deciding its theme. A brand should ideally be recognized by its values and the type of experiences it provides to the customers, and both of these elements must be highlighted in the growth strategy of the firm.
- Long term business planning: For any business, being solely focused on the business and making snap decisions about the future would not be a good idea. It is crucial to invest time and energy in the future prospects of a company, and what it means for its customers, partners, employees and so on. The business growth strategy would help people to make smart decisions for the future of their business and ensure its longevity.
No matter the sector a company operates in, a business growth strategy would be necessary for them.
Check out the infographic below for more information on business growth and market expansion!
Infographic created by Excellere Partners, an entrepreneur investment partner
