Determining the Best Growth Strategy for Your Business
Joe Kelly of OTC Global Holdings gives his tailored advice to entrepreneurs wanting to grow their businesses.
For entrepreneurs with a successful startup, business growth strategies are critical to keeping a business thriving. Business growth can happen in various ways, from expanding the overall scope of production to adding new products. With so many possibilities, it can be challenging to determine the best course of action to grow a business successfully, so taking time to develop a well-thought-out strategy should be a high priority.
With the constantly-changing digital landscape, not every growth plan is identical nowadays. However, this also opens unique opportunities for businesses to profit as they implement these innovative techniques. Here are some helpful steps to help decide the best growth strategy for your business.
Select an Area to Target
Business growth encompasses a wide variety of areas, and so the first step in developing a growth strategy is to decide precisely what you want to grow. Do you want to expand the reach of your business by adding new locations, adding new products or services, or growing your overall customer base? These are just a few of the most common growth areas, and you may have several that you want to work on. However, it’s essential to take the time to name the areas you intend to target with your strategy, as that will guide the rest of the process.
Perform Market and Industry Research
The next step is to provide market and industry research. If you want to expand your customer base, start by researching more potential target markets and how you might expand your marketing or introduce new products or features to appeal to new demographics. Researching how established businesses have pursued growth can be a great way to see what works and what might not. This research will help narrow down your growth goals and help you serve your target market more effectively. It might also reveal what sort of competition already exists in the market, revealing ways you can make your company stand out from others and introduce something new to the market.
Set SMART Goals
Once you have a more developed vision of what you want to achieve, it’s time to set SMART goals. SMART goals are specific, measurable, attainable, relevant, and time-based. Just wanting to grow your customer base is a vague goal that is hard to measure–instead, set a goal like “we want to expand our customer base by at least 10% by this time next year.” This will give you a way to track progress as you implement the strategy so that you can see how well it’s working overtime and make adjustments as needed.
Develop an Action Plan
Finally, develop a thorough action plan. Expanding your customer base won’t happen overnight–make plans to roll out those new product features or launch a new, targeted marketing campaign. Decide the exact steps that will need to be taken, who is responsible for them, and what tools you might need to make it happen. To roll out a growth strategy successfully, the whole team needs to be on the same page and dedicated to achieving the goals set, so communicate the action plan well and follow up on the work throughout the implementation.
From the moment a business idea is thought up, plans must be in place to grow it. Most entrepreneurs recognize the need for a strategic growth plan, but not all know how to implement it properly. The first year of business is often the hardest, and it will show whether a business owner put as much effort into their startup stage as was needed. As the years go by, however, your growth plan will continue to need revisiting in order to survive the ever-changing market.
About the author
Joe Kelly operates one of North America’s and Europe’s largest independent interdealer brokers of commodities as Co-CEO and President of OTC global holdings (OTCGH). Discover more at https://joekellyotcglobalholdings.net/!