Business Growth And Strategy – Despite what many people believe, the overall growth strategy isn’t just about getting more customers and selling more stuff. I mean, getting customers is very important, but there is much more
If you want to learn about different ways to target more customers and grow your existing business, I recommend downloading a free copy of my book.
Business Growth And Strategy
I’ll explain how established businesses and startups are using AI and other technologies in their sales capabilities.
From Stressed To Focused
But if you’re looking for a comprehensive strategic growth plan, you’re on the right page and read on.
As we explained in the principles of our business strategy, the first order of business for any manager is to control the main business, which means that the company’s products and services occupy a profitable and profitable market place.
Once you’ve achieved that, you can turn your focus to growth and start thinking of different ways to increase the value of your business in the future.
In an ideal world, we’d expect executives to only promote growth initiatives that benefit their company, but in reality, we’ve all seen how pressure from shareholders and investors, as well as misguided incentives, can sometimes drive a company. To track progress.
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In general, we say that a development strategy is comprehensive if the following combination of conditions are met.
For this reason, you should always consider the “cost” of your development efforts (both financial and non-financial) and how sustainable you expect the efforts to be in the long run.
In this article, we’ll explore the different ways you can grow any business and offer some ideas to help you create your growth plan. Here are some of the things we cover:
We’ve included some charts, links, and other references to help you better understand what a good growth strategy is. We’ve also created a mind map of all the development options we’ll cover so you can download and take notes as you go through this article.
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This mind map is a visual representation of the strategic choices you need to make as a business executive creating a new growth strategy.
) or “free cash flow” (commonly known as FCF), concepts we review in detail in our Financial Analysis section.
As a business executive, your job is to explore how this list relates to your organization and make educated decisions about which channels you believe will have the greatest impact.
A set of self-selected paths is an integral part of your growth strategy, along with your strategic positioning plan and execution system, giving you everything you need to create and implement your company’s strategy.
Business Growth Strategy
Although growth strategy can generally be defined as a group of business initiatives aimed at increasing the company’s bottom line, I prefer to speak in terms of executive planning.
The development of the organization that contains the initiatives chosen by the executive team to increase value in the future.
Not all development methods will have the same impact on the business, and for that you need to narrow the universe of activities.
Go for the handful that will give you the most impact in a limited amount of time with the least amount of effort and resources.
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That’s why your growth plan should be strategic in nature, because at the end of the day, no company has unlimited resources or management bandwidth to take advantage of all the opportunities presented to it, so you have to choose your spending carefully. attention and resources.
That translates into a growth plan that seeks new ways to do more of what it does, get better at it, and create new value, resulting in a synchronized and balanced approach to growth.
I find this category useful in clarifying sources of growth in executive meetings and making better resource allocation decisions.
But beyond identifying growth opportunities, the fundamental problem you often face is choosing which growth initiatives to focus on.
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The best way to start a growth plan is to assess the growth “gap” we need to fill new businesses.
For example, let’s say you’re planning a strategy for the next five years and your goal is to grow 15 percent per year. If your business is expected to generate $100 million in net income this year and you expect it to grow at a 9 percent annual rate, you can easily calculate the amount of revenue your new business will need to generate each year.
Having an indicative number for the income gap will help you better understand the growth initiatives you want to pursue.
For example, in the above scenario, you may know that your chosen growth strategy initiatives will generate $47 million in net income by the end of the fifth year, which will help you prioritize and simplify your choices.
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A good way to consider actionable initiatives is to ask simple questions that go through each of the growth paths we mentioned earlier.
Then, develop ideas that show more potential, about the type of profit they will make, the level of investment required, partnership and building capacity, etc.
There is no perfect approach to selecting strategic growth opportunities because the selection must be consistent with the company’s various preferences (including returns) and meet current strategic objectives.
Our recommendation is to “fill the growth gap” by starting with the most important investment metrics for your company (eg net income, required investment, returns, stock picks, or just for strategic reasons) and then with initiatives that deliver success. The best on these parameters until the gap is closed.
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Ideally, you’ll end up with a balanced growth strategy across all three McKinsey groups (expansions, innovations, and upgrades), but you may have a strong bias toward one category based on your actual strategic goals. For now purposes, that’s fine in our experience.
The next step is to work on your 5-year template, which is the subject of the next section.
A mindset where you want to maximize the value the portfolio creates over a period of time, usually five years.
It provides you with a 5-year growth template, which helps you balance efforts across all business units and make better capital allocation decisions.
Business Strategy Map Inforgraphics
Putting all your eggs in one basket is always a risk, and while it is true that many companies make big bets on new products and technologies, there is a difference between betting “big” and betting “all” on growth initiatives.
Your development initiatives that cover multiple markets, business units, or products that may be launched at different times in the future.
By creating such a map, you can easily monitor all the opportunities in your chain, balancing the best resources in each.
Unless you communicate how each effort contributes to your organization’s growth, you won’t get the most out of them. You know, as Peter Drucker said
Growth Strategy Powerpoint Template
By understanding how each business unit, product, or optimization experiment contributes to your organization’s growth, you can double down on what’s working, focus on what’s not working, and find opportunities for improvement.
, created by Michael Tracy and Jim Sims, allows you to create a good waterfall that shows how your income will break down over a period of time, which is very useful for measuring growth efforts and redirecting resources.
We describe this tool in detail in the book where we give a step-by-step process for creating a waterfall.
You can do the same profit or net income analysis if you have enough information to allocate expenses and offset some accounts, but this sales statement gives us a good starting point to understand where our profit comes from.
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A mindset where you seek to maximize the strategic growth that the portfolio as a whole generates over a period of time.
This helps you balance better efforts across all business units and make better capital allocation decisions that result in a better growth strategy.
You can do this by placing business units in a four-by-four matrix based on their competitiveness and the strategic growth potential of their markets.
Introduced by the Boston Consulting Group (BCG) in its early days, we used competitiveness and market potential as proxies for the core dimensions.
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Following the BCG naming convention for each quadrant, we can define each business segment as one of the following:
To choose where each company is located in the matrix, you can evaluate its competitiveness based on its ability to defend a profitable position.
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