Whether your company is a new business or well-established, here are five ways to jump-start your business growth strategy over the next 12 months, curated by https://usplayercheck.com/best-payout-online-casinos/.
- Use a growth strategy template
Don’t hit the ground running without planning out and documenting the steps for your growth strategy. We recommend downloading this free Growth Strategy Template and working off the included section prompts to outline your intended process for growth in your organization.
- Choose your targeted area of growth.
It’s great that you want to grow your business, but what exactly do you want to grow?
Your business growth plan should hone in on specific areas of growth. Common focuses of strategic growth initiatives might include:
Growth in employee headcount
Expansion of current office, retail, and/or warehouse space
Addition of new locations or branches of your business
Expansion into new regions, locations, cities, or countries
Addition of new products and/or services
Expanding purchase locations (i.e. selling in new stores or launching an online store)
Growth in revenue and/or profit
Growth of customer base and/or customer acquisition rate
It’s possible that your growth plan will encompass more than one of the initiatives outlined above, which makes sense — the best growth doesn’t happen in a vacuum. For example, growing your unit sales will result in growth in revenue — and possibly additional locations and headcount to support the increased sales, courtesy of experts from the new casino online.
- Conduct market and industry research.
After you’ve chosen what you want to grow, you’ll need to justify why you want to grow in this area (and if growth is even possible). Researching the state of your industry is the best way to determine if your desired growth is both necessary and feasible. Examples could include running surveys and focus groups with existing and potential customers or digging into existing industry research. The knowledge and facts you uncover in this step will shape the expectations and growth goals for this project to better determine a timeline, budget, and ultimate goal. This brings us to step four…
- Set growth goals.
Once you’ve determined what you’re growing and why you’re growing, the next step is to determine how much you’ll be growing. These goals should be based on your endgame aspirations of where you ideally want your organization to be, but they should also be achievable and realistic – which is why setting a goal based on industry research is so valuable. Lastly, take the steps to quantify your goals in terms of metrics and timeline. Aiming to “grow sales by 30% quarter-over-quarter for the next three years” is much clearer than “increasing sales.”
- Plan your course of action.
Next, outline how you’ll achieve your growth goals with a detailed growth strategy. Again – we suggest writing out a detailed growth strategy plan to gain the understanding and buy-in of your team.
