How to create a growth strategy.
How to create a growth strategy.
Most business owners think they have to make massive changes to create explosive growth – explosive growth has to come from fiery action, right? Business development strategies are small, incremental improvements in certain areas of the company that are lacking. You will go through many growth strategies as you grow your business, but several principles apply to them.
What is the growth strategy?
A growth strategy is a plan that businesses follow to gain market share. This is usually a long-term plan, and can even sometimes come at the expense of short-term profits. This is because some types of growth strategies require businesses to divert funds from their normal operations to focus on new areas, which may not see an immediate return.
What is explosive growth?
Noun. The growth is rapid and explosive. exponential growth.
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Market penetration strategy
This means focusing on your existing product or introducing and expanding its use in your current market. Since you are not developing new products or entering new markets, this is the lowest risk strategy. You can increase the marketing budget, lower your prices, or bundle products to gain market access.
Market expansion strategy
This is when a business moves its existing product or offering into a new market. Businesses often do this when growth opportunities are limited in the current market. Most businesses eventually need market expansion – if you don’t find new markets, revenue will always be limited.
Product development strategy
This means focusing resources on improving existing products. This growth strategy is a part of continuous and strategic innovation and provides more value than any other.
Businesses must find new ways to meet customer needs and develop better, faster, cheaper technology – or be left behind.
Takes the most risk. This is when a company decides to create an entirely new product – a dog food company starts making bandages or a paper company makes printers. When markets are related, it is called horizontal diversification. If the markets are unrelated – such as an auto manufacturer entering the telecom industry – this is called collective diversification.
Why do I need a growth strategy?
Creating a growth strategy is the best way to focus your energy on what’s most important to your business: growing revenue and acquiring new customers. Continuous improvement and optimization – Force #6 of Tony’s 7 Forces of Business Mastery – is about going back to the core processes of your business and determining what is holding back your growth.
A development strategy also allows you to mobilize your team towards the same goal. When you provide a vision for your company that directs its energies toward a specific outcome, the ease of achieving organic yet explosive growth can be surprising.
Take serial entrepreneur Lawrence Hallier. He developed and delivered more than $1 billion in real estate projects in the 2000s, then founded Show Media, a leading provider of digital interactive advertising screens in taxi cabs. His company has been named to America’s 500 Fastest Growing Companies three times.
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How did he achieve this phenomenal growth for his business? Lawrence knows how to leverage business growth strategies. He has attended Tony Robbins’ Business Mastery numerous times, each time taking back different insights and action items on business model innovation. Hear Lawrence talk more about the impact of the event:
How to create a growth strategy.
Six Steps to Creating a Business Development Strategy
What does Lawrence know that others don’t?
1. Develop a growth mindset.
Marketing expert Jay Abraham says an incredibly important part of geometric growth is business owners getting out of their way. Jay has worked with many entrepreneurs who have limited growth potential because they have assumptions about what their businesses can and cannot do. These assumptions are built on limiting beliefs that prevent them from moving beyond a certain point.
When you realize that your potential as a company is greater than you imagined, it disrupts your old way of thinking. Jay recommends using a combination of meditation, neurofeedback, and exercise to calm your mind to address these limiting beliefs and create an environment to foster a growth mindset.
2. Be a leader.
The most successful achievers go beyond developing a growth mindset. They can focus, mobilize, and impressively lead others. This is because they have clarity of vision – they attack their goals and are committed to preparing for the “game”. Study the competition’s strengths and weaknesses and then develop a game plan that uses their skills and expertise to achieve the desired results. They recognize the strengths of their specific skill sets and apply those skills when it matters most.
They also have a mission or purpose that is greater than themselves. They share their vision with passion and set an example by living their cause every day. Getting into that winning mindset — for yourself and your team — is essential when trying to achieve explosive growth.
3. Choose your growth strategy.
The four business development strategies discussed above are generally considered in that order: market penetration, market expansion, product development, and then diversification. Since strategies are in order of risk, it makes sense for small businesses to start with the lowest risk and work up to high-risk, high-investment strategies like diversification. As you implement one growth strategy and find success, market boundaries will require moving on to the next strategy.
4. Promote a productive work environment.
As a business leader, you know that high-performing organizations foster successful innovators thanks to the alignment of several key forces. A culture of innovation, effective business processes (including fostering strong company values), powerful performance systems, and team competencies and behaviours all work in harmony within the world’s top companies. Keeping your team happy is key to getting them in the right mindset to generate explosive growth. If your employees are unhappy at work, they won’t have the drive and passion needed to execute your growth strategy.
Agility is also important. To be a continuously evolving organization there must be flexibility at all levels. A business that thrives in balance with geometric growth. Explosive growth can be a game-changer for your business, but intentionally building your brand through well-thought-out steps that you can repeat will lead to greater success in the long run.
5. Measure and optimize.
Opportunities to optimize can be found in almost every area of business: lead generation, sales, and prospecting, sales conversions, changes to your offerings, and more. You can’t manage what you don’t measure. Determine measurable indicators of success and document all your processes, then analyze your results.
Jay recommends that you also analyze your team members during this stage of the process. He developed the Performance Enhancement Quotient (PEQ), a study and development method that extracts best practices from your team’s top performers so they can be quantified and taught to others in the field. . Their research shows that, in most companies, 20% of employees are achieving 80% of the results. With PEQ, you can dramatically increase the results of everyone in the company, which also improves company culture because everyone is recognized and elevated instead of just high performers.
What is a growth plan?
Your growth plan is essentially your game plan to reach your growth targets and is an important step in growing your business. A growth plan clearly states your objectives and the steps and activities you plan on implementing to achieve these objectives.
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6. Learn from your experience.
Everyone fails sometimes, whether it’s a championship game or a business. Don’t be afraid of failure. Instead, take stock of your successes and failures and mentally prepare to create new growth strategies.
• If you lose, how do you continue to develop your behaviour?
• What important decisions have you made, for better or for worse?
Being a fluid company helps you learn from your mistakes and make changes that don’t disrupt your geometric development, Jay says. In the past, many leaders believed they needed to make dramatic pivots to overcome overwhelming obstacles. However, laying off half your team or making major changes to your business models led to failed growth strategies more often than successful ones. Although Jay believes that no one and nothing stays constant, he advocates that building a cross-functional team and taking other steps to stay flexible will require you to completely rethink your business development strategies. will allow responding to economic changes and customer demand without
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