- Elon Musk, Investor & Entrepreneur
10X is boring! If you are looking to 20X your business, income and life you have come to the right platform. However, no business growth is complete without having a clear strategy to get from point A to point B. Keep reading to know how to create a business growth strategy that is clear and easy for your team to follow.
Having clear cut business strategies in place will separate you from those who are running around in circles and chasing after shortcuts (we don’t recommend this). Our tips below are based on the learnings from our amazing Business Experts in our community!
Whether you are a one-woman business show or powering forward with nearly 100 employees, there is always an opportunity to take your business growth to new heights.
What is a growth strategy in business?
A growth strategy is basically a plan that you sketch out to grow from your current size to something larger (this can also include taking your current revenue to greater numbers).
For example, if you are making $10,000 a month in sales, a good growth strategy can take you to $20,000, $50,000, or even $100,000 a month. For this to happen, you need to have a long and hard think about the 80/20 rule to pinpoint where you are actually raking in the cash!
For example, what 20 percent of your products consist of 80 percent of your revenue? From here, you might want to simply eliminate what isn’t performing very well and get it off the market, put money into improving it, or, put money behind advertising the hell out of that 20% of products that are bringing in your revenue!
The reality is that your current progress should help you determine whether there is room in the bank account for you to start focusing on business growth. A steady increase in sales will serve as a good indication.
What should you include in your business growth strategy?
To write your business growth strategy, you need to think like an entrepreneur!
Product or service ideas
The needs and wants of your customers are guaranteed to change over time, that’s just life! Rather than panic, a shift in the market will actually allow you to adapt and evolve your offering to move with the changes in customer pain points.
Most of the time, many answers will be found upon an analysis of the market, which is why you need to keep a tab on the latest trends at all times.
If you don’t keep your eyes peeled, chances are your competition are already planning their next big move! More products and services will get introduced to the market and it will be even harder to find a unique selling point. Stay two steps ahead with your services or you’ll quickly get left behind!
On the plus side, your loyal customers will be curious about your latest product changes and are a great source of feedback.
Potential ideas to hire new people
If the numbers (i.e – money) allow it, you could afford enough to hire more people. It all depends on the talent you are looking for and what they are willing to do to meet your business goals. When the business grows, so does the number of employees working for you.
Again, you’ll want to be careful with how many people you are willing to bring on going forward. You don’t want to over hire and get rid of people because you cannot cover the expense of paying them. It also gives you a good opportunity to go over your hiring strategy to determine whether applicants are a good fit.
Expanding to other locations
If you are a physical business, you may consider expanding to another location. Expanding comes with some necessary costs (you need to hire more people, purchase the space where they operate, and so on).
As scary as it is, another store or office location will ultimately mean more sales for your business!
Think of all the new talent and clientele base that you could get your hands stuck into in another state or country, the world is your oyster my friend!
If you need to expand (like the office is getting a bit crowded), but you don’t have the resources or funds to do so, consider implementing a hybrid workspace and expanding in the online world instead.
How to track results
It is vital to start tracking the results once you have your growth strategy in place. The main ones to keep an eye on are:
- Team size
Your results should be travelling on a positive trend with more sales predicated for the future! You’ll also be able to see how your new hires are performing.
These numbers are a barometer for future business success and will give you another opportunity to grow expand again in the future.
Talk to an Expert
For your business to grow, you need to put the right strategies in place. If you are looking to expand but don’t know where to start, our Lisnic Experts are here to help.
In fact, feel rest assured that our Business Experts have grown and scaled million dollar enterprises and have extensive experience working in the world’s biggest companies.
Don’t grow your business without a clear business growth strategy!
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Thought leaders & celebrities share their tactics for success on the Lisnic podcast by Lisa Teh & Nick Bell