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How To Create a Business Growth Strategy
Are you frustrated with where you’re at in your business? In this video, I want to teach you how to execute your business growth and get in touch with your mission.
If you want to grow your business, you need a goal, a strategy, and a way to review and monitor your progress. It’s a rhythm for success. That’s what I want to teach you today. Probably the easiest way to plan, schedule and manage your business growth… even if you’ve failed to follow through on every new productivity hack, system, or planner you swore would be “the one”.
No crazy fancy spreadsheets… just a simple paper and a pen and a few calendar entries with a simple game plan. Your business growth is waiting for you in this video. At a high level, the strategy looks like this…
1. Have a vision
2. Set a high-level 3-year plan
3. Define a detailed 12-month schedule
4. Review quarterly
5. Meet weekly
6. Connect daily In the video I dive deeper into each, and how to design and manage them for maximal “stickability” and momentum.
How to Develop a Business Growth Strategy
Growth strategies resemble a kind of ladder, where lower-level rungs present less risk but maybe less quick-growth impact. The bottom line for small businesses, especially start-ups, is to focus on those strategies that are at the lowest rungs of the ladder and then gradually move your way up as needed. As you go about developing your growth strategy, you should first consider the lower rungs of what are known as Intensive Growth Strategies. Each new rung brings more opportunities for fast growth, but also more risk. They are:
1. Market Penetration. The least risky growth strategy for any business is to simply sell more of its current product to its current customers-; a strategy perfected by large consumer goods companies, says McFarland. Think of how you might buy a six-pack of beverages, then a 12-pack, and then a case. “You can’t even buy toilet paper in anything less than a 24-roll pack these days,” McFarland jokes.
2. Market Development. The next rung up the ladder is to devise a way to sell more of your current product to an adjacent market-; CREATIVE GROWTH PLANS offering your product or service to customers in another city or state, for example. McFarland points out that many of the great fast-growing companies of the past few decades relied on Market Development as their main growth strategy. Read more. Click here!
“Out of your vulnerabilities will come your strength.” – Sigmund Freud
“Motivation is the catalyzing ingredient for every successful innovation.” – Clayton Christensen
“Every problem is a gift — without problems we would not grow.” – Anthony Robbins
“Conformity is the jailer of freedom and the enemy of growth.” – John F. Kennedy
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