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Business Growth Strategy Pdf
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I often find that at the end of the year my sense of perspective increases and I generally feel more motivated and excited about the future.
Part of that feeling comes from knowing that a new year is upon us, which means a fresh start in dealing with any personal or business challenges. As a result, this is the perfect opportunity to start planning your growth goals for the coming year.
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But one of the challenges that comes with planning our growth strategy is setting realistic and ambitious expectations of what can be achieved.
As it turns out, there are very effective strategies for setting and achieving your growth goals, and by following these strategies, you can predict exactly what you’re likely to achieve.
I want to walk you through the process of not only defining those goals, but also how you can break down the actions necessary to achieve those goals. I’ll also give you some helpful growth strategy templates that my team and I use to make the journey easier.
You can also check out some other process infographic templates that can help you map out different growth strategies. Or create a business plan using our drag-and-drop online tool – no design experience required.
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By the end of this five-step process, you should not only have a very clear idea of what your goals are for this year, but you’ll know exactly what it will take from you and your team to reach them.
Visually documenting the path to achieving your business goals not only helps you better understand the specific factors that affect growth, but also provides your entire team with a simple and easy-to-follow growth strategy roadmap.
(Oh, and did I mention we have tons of roadmap templates to help you visualize your growth strategy?)
Writing down the steps is helpful, but showing them can help everyone visualize the path in question.
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As humans, we tend to start all journeys at the beginning. And it certainly makes sense. After all, if the story we’re reading starts at the end, wouldn’t that defeat the purpose of the trip?
Imagine if you started reading the Harry Potter series and J.K. Rowling begins the story with:
Or if the Star Wars series begins with Luke having Darth Vader as his father? Doesn’t it kill the mood and anticipation that comes with reading or listening to a story?
Well, the journey to product growth and business development works a little differently. In fact, it’s almost more beneficial to start at the end and work backwards, especially when you’re planning for growth.
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If you know exactly how much revenue your company will make long before you start, wouldn’t that help you determine the best growth strategy to achieve it?
It always helps to start with high and ambitious goals. Many successful and fast-growing companies do this, and they all have different terms to refer to these high-level goals.
Shopify calls it BHAG, which stands for Big, Hairy, Audacious Goals. These business goals are usually meant to be a little crazy.
Brian Balfour takes a more practical approach and refers to setting high-level goals as using a top-down approach to inform your development model.
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And of course, we only call our “high-level” or “long-term” goals. But the point is that you should start by planning your long-term goals, like your 10-year goals.
Where do you see yourself and your company at that time? How much do you need to grow your business? How much revenue do you expect your company to make? How many do you see yourself as?
This is a high-level Growth Objective for a hypothetical company called StartUp Masters. Their mission (“Providing startups with affordable project management techniques to achieve rapid growth”) is clearly stated and their goals reflect where they see themselves in 10 years, 5 years, 3 years, and ultimately 1 year. , are distributed.
In 10 years, the company expects to generate 100 million in revenue, and they expect to achieve this with 120 employees. They also indicated the number of daily active users to reach.
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In addition, they have listed several necessary steps to achieve the goal. When you look below, you can see that this is actually a very bold business goal, considering where the company can start.
By working backwards, it’s easier to create more realistic goals that the company needs to be in 5 years, 3 years, and 1 year to reach that 10-year goal.
Okay, so you’ve set your high-level goals, now you can clean up your hands and finalize your growth strategy, right?
This is only a small part of the process. The next step is to determine how you can reach your 1-year goal, and this means understanding the most important indicators to improve the big impact on growth.
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Andy Grove’s book “Managing for High Performance” is one of the most useful resources for building a high-performing company and, of course, a productive company.
In this book, he uses the analogy of the breakfast plant to help explain the importance of all the small actions (or inputs) that affect the successful operation and growth of the plant (its output).
What this means is that for every goal you set, there are key metrics and outcomes that will help you determine whether or not you’re actually achieving that goal. And of course, there are specific growth strategies you can follow to help you move the needle on these key metrics.
One of the first measurements you need to determine is the Metric North Star. This metric is often described as a number that best represents the core value your product delivers to your customers.
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For example, if we take Airbnb as an example, the North Star Metric is the number of nights booked. why
If more nights are booked and the number increases, it means more customers have a positive experience with Airbnb and therefore return to the platform to book their stay.
In , our North Star Metric is the number of completed infographics.
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