Business Growth Strategies
Many companies are under constant pressure to continue growing and expanding – and many businesses have struggled under this pressure. That’s why strategic marketing, marketing planning, and business growth strategies have never been more important.
Without strong growth strategy, focus, and relevance, many businesses fail to achieve their growth objectives, fulfil their full potential, diversify into fields and industries where they lack strengths, or don’t address their core competencies, which may change, as they grow.
However, with strategic marketing, marketing planning, and business growth strategies, it is very possible to break into new markets, improve your differentiators and benefits over your competition, and discover untapped potential in order to achieve smart, sustainable growth for years to come.
With a true understanding of your company and how best to grow it, your board can help you determine the best arenas to compete in, as well as how to scale up and increase your market presence without hitting an oversaturation point.
Using tools such as Ansoff’s Box, the board analyses growth options, looking at four key metrics:
- Market development
- Product development
- Market penetration
Additionally, right now, digital marketing has become more important than ever before for many organisations.
Your board will help you develop and understand how to position your company to succeed online, conduct a review of your most successful competitors to determine what they’re doing right and what you can do better, assess your SEO to improve your rankings, and audit your social media channels to help grow your community and better engage with both customers and prospects.
The Essential Guide to Scale-Up Challenges
Learn about how to overcome 16 challenges when scaling up your business
Other strategic challenges you may be facing:
❖ Strategic Direction – creating a strategic direction for growth means having a plan to follow so the whole team is working towards clear goals. You can measure business performance against your objectives so you know if you are on the right path and if you are not taking the necessary action.
❖ Business Planning – ensure you have a clear understanding of all aspects of your business and can present your business to investors or debt funders when you need to. Make sure your business plan includes all the essential elements you need so you don’t lose out on great opportunities.
❖ Monitoring Performance – having measures of success in place is essential to the implementation of your growth strategy. Using hard numbers in your mission means you can work backwards to see exactly what changes you need to make to take the steps you need to achieve your goals.