Key Growth Strategies – Jennifer Bridges, PMP, has been an entrepreneur and business owner for nearly 20 years. During that time, she learned a lot about creating successful business growth strategies, which she shares in this video.
As mentioned, Jennifer has been an entrepreneur and business owner for a long time. He says that he has seen good results but admits to failure as well. But it was these experiences – good and bad – that taught him the best strategies and tools to facilitate business growth.
Key Growth Strategies
He began by outlining seven steps for small businesses to determine their growth strategy and business plan:
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If you are a business owner, how can you develop a winning growth strategy? Jennifer had a few places to use.
Jennifer closed with an example of the strategy used by the Amex Open Forum. These four points apply beyond American Express and provide guidelines for successful business growth:
Pro-Tip: To grow, you must have a business case. This document helps sell your idea to stakeholders and helps solidify the strategy as a sound investment.
Today we are talking about important business development strategies for new businesses. Well, being an entrepreneur and business owner for 20 years now, this topic is near and dear to my heart.
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Although I have had great success, I have had great failures and costly lessons learned. So now what I want to do is share three resources for not only information, but strategies that can be used.
So the first thing I want to talk about is SmallBiz. There are stages that they have, like, if you see this, maybe in a start-up or start-up mode, but also growth.
So first, you want to come up with a business proposal. What value are you putting out there? What do you know and how can you meet the needs of the market?
Number two, identify your ideal customer. Sometimes people assume that everyone is a customer, but that’s how you can use a specific customer, their profile, their buyer behavior, what they’re interested in, and what problems or issues they have.
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You also want to define your key indicators. How do you know you are ready to grow? How do you know this is your location? How do you know that you can serve this and how do you know that customers even need or ask for this?
You may also want to look at your income stream. What are your sources of income? Which one was the most successful? Perhaps, which one should you let go, close and have an opening for another area? This will also give you an idea of where the gaps may be. You can see where you have the opportunity to add new services.
You also want to check your competition. So with this, you want to see… what are they doing? What are they doing too? If the business is growing, there may still be a market segment for you to enter and offer a service or product. So understand your position and fit in that market.
You might also want to see, you know, maybe look at your competition, maybe their business location if they’re closing. So if they close, it might be because, like, the market isn’t there, maybe the demand isn’t there anymore. So you don’t want to enter or launch a growth strategy in an area where the market is dying.
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You also want to focus on your strengths. So you may have a growth strategy to launch a new revenue stream, product or service, but if it’s not your strength, it could be an opportunity for you to learn and lose.
Then the seventh is to invest talents. So if you’re growing in a certain area, you know, what kind of talent do you need to support that?
So here is another one. One of my favorites is Entrepreneurship, like Entrepreneur Magazine, Entrepreneur Online. But here are five strategies.
So think about this, again, maybe you’re growing and you’re looking, you’re new, but you’re also looking to grow in a different area. So we look at market penetration.
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So what is this, maybe you have a niche defined and you want to get more into that niche. This is market expansion. So there may be an area or a market that you have in serving you well, but maybe you can go to other verticals, other markets to be served well and then product expansion.
So if you’re a technology company and maybe you’re offering software, maybe there’s an opportunity for you to offer, you know, hardware or some kind of online platform or some kind of training for your software, so that gives you an opportunity to develop. other products.
Also, a hybrid strategy. Sometimes, using technology as an example, so if you’re a software company and there seems to be a lot of competition, you might want to differentiate, again, with a differentiation strategy. Maybe you need to train people how to use the software, so you don’t leave yourself vulnerable if a lot of competition comes along or for a certain product or service, demand dies or decreases.
So is the acquisition strategy. So you can grow by acquiring other companies. Back to the technology example. If you’re a software company and you say maybe there’s a smaller company that also has software that might be similar to what you’re offering or maybe free, then you can buy another company.
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So those are some strategies, and then I like this. This is the American Express OPEN Forum. So here are four things that they say have stood the test of time. It’s almost like a best practice focus for growth because they say that if you’re not growing, you’re going to die.
Well, the first thing is to be ready to change with the times. Sometimes companies want to hold on to a product or service that they are very good at, but the market is dead but they want to hold on to it. So you must be ready to let those things go and start changing with time.
Number two is, make innovation one of your strategies. So always look to the future, look to the future and consider that you know where the market is, where the market has the potential to grow and can provide other innovations, other new ways of doing things that can change the game.
Also, focus on customer relations. The stronger your customer relationships are, the more frequently they will inform you of how and where to grow your business. So if your customers keep asking you for certain things, then sometimes if you follow what they ask, they can help guide you where you need to grow.
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And the fourth is, give back to your community. By being visible in your community, you only make more connections. There’s a lot, you know, what gives often comes back.
So these are my three favorite growth strategy resources and if you need a tool that can help you with your growth strategy, then sign up for our program now at .Staying afloat is a myth. Making a minimum, having constant income and looking stable, is against the law of dynamics. You may want to stay where you are, but the world around you is growing, and if at any time you find yourself dissatisfied, you will either drop out or be crushed!
This old thinking is itself a false proposition. Not being willing to grow and do better every day leads to more effort, and the time lost in this process is enormous. Look at the feelings of Tesla, Elon Musk manages his multi-billion dollar company more easily than the 9 to 5 hardworking employees who are stuck and ordinary.
So, what is this secret ingredient that makes the rich richer? It is a spirit to grow and be better than yesterday. In fact, the person himself is the voice and face of his brand. That’s why Tesla’s $550 billion market cap is fueled by a marketing budget of $0!
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It requires a well-planned strategy to stay on top. Again, the word “up” is subjective because competitors and business challenges will bring you down.
If you’re at a crossroads with these questions too, we’ve drawn a road map for you. Let’s dive in!
Simple: Imagine a challenging goal, map out a road map to achieve it, measure your successes and failures, and keep updating your strategy until it clicks right. This focuses on the working principles of the marketing growth strategy, the company’s growth strategy, or for general business operations.
Additionally, growth strategies are tracked on the Ansoff grid which categorizes actions into low, medium and high risk. In this, the product and the market should generate four types of cases
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