By the time you start to see some tangible growth in your business, it’s already beyond the ideal time to put into place the best practices for the anticipated growth. It’s never too late though, with the general message being that the sooner you do it, the better!
Business development is a process that involves defining, planning, and implementing a company’s growth strategies. From entrepreneurs to employees, business development is an important factor that can lead to company growth and new opportunities. And that is true for businesses across different industries. Say that a budding entrepreneur launches a law firm. He would need to put together a plan and implement it regarding acquiring the funds to kickstart the business, hiring employees, and attracting customers (for this, he might need to consider CRO for lawyers that can increase the conversion rate of those who visit the website). However, doing this all alone might be a bit overwhelming, which is why hiring a dedicated business development officer might be of help. The officer can help focus on goals and resources for potential growth. Using CTO services for your company is a great way to shore up the tech side of things and make sure you’re being as efficient as possible. Besides this, getting help from other successful entrepreneurs can be the best tool for writing a growth plan.
Know that sometimes adding the human factor to your growth strategy can help your business move forward, like setting up a clearly-defined executive personal assistant to CEO role, as early as possible. As the business grows, so too will the responsibilities of the CEO and the responsibilities of the executive PA, by extension.
The best growth strategies are those that are constantly changing and adapting to the needs and goals of your business. Or you can develop an aggressive growth strategy that will lead you to create a more flexible organizational structure that can adapt to new markets and rapid growth. Planning and executing a growth strategy to tap into new markets and expand your business before the current market levels off will not only help your business weather tough times, but can also give you a significant edge over your competitors.
Fighting competition is of course a key aspect of a business, but it’s important that your long-term growth plans include strategies to keep existing customers and acquire new ones, no matter what your competitors are doing. It’s important to always keep an eye on your competitors, but it’s equally important to focus on what your business does well and how it can continue to meet customer expectations. Before you can even think about your company’s growth trajectory, you need to make sure you have a reliable workforce that can help you get there. In fact, you should also be prepared for the changes that you may need to make as soon as success walks in. For instance, if you have a product-based company, you may need a bigger warehouse to fulfill the customers’ demand. Similarly, if it is a software-based firm, then you may likely have to look for colocation services to move your data center without downtime. With all your planning, resources, and goal-setting complete, you will be ready to execute your business growth plan and deliver results for your organization.
Once you reach your first set of goals, reposition your company, set new SMART goals, and continue to develop a growth strategy that will help you achieve those goals. Once you’ve reviewed your progress and identified the key growth areas you want to target, it’s time to revise your business plan and turn it into a roadmap for the next phase of your business. Specifically, your business plan should cover strategies to improve existing sales and processes to achieve expected growth. Essentially, a strategic growth plan is just a business plan, but it focuses on the strategy you need to implement and the milestones you need to reach to grow your business.
A growth strategy is a detailed action plan designed to help your business grow, i.e. increase sales and revenue over a period of time. If you’re developing a growth strategy that will move your business in the right direction, start developing a growth strategy that aims to deliver the tangible results you’re looking for from the point of view of a brand-new start-up. Alongside, also keep the preparations of handling the success handy. Based on the type of business you run, you must be prepared for a switch to a larger office, bigger warehouse, or a more sustainable data center (you may wish to look at how Walt Coulston or his likes can be of help to you).
Sometimes the best growth strategy a company can employ is to differentiate itself from other businesses in its field by merely offering a unique experience, rooted in making each customer or partner valued.
Infographic created by Factor8 – virtual sales manager training
