Business Growth Strategy & Planning Guide -Juiciest Deals

Business Growth Strategy & Planning Guide

Every business wants to grow, but as every business owner knows, it is easier said than done! Both the Genus team at SHORTS and our friends at Lucidity are ardent advocates for developing smart business strategies that help your company grow in a sustainable way. These are the best sitecore solutions.

This blog will introduce you to advanced growth planning and execution for your business.

The following information, and additional context, commentary and analysis, can be seen by watching our recent Webinar on business growth strategy.

What does SWOT tell you about your business?

The chances are you are already familiar with SWOT analysis.

SWOT stands for StrengthsWeaknessesOpportunities and Threats. A SWOT analysis is a technique for assessing these four key areas of your business. This should be the bedrock of any growth strategy – but it must be approached in a detailed, honest, and realistic way to succeed.

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  • What are your genuine strengths? Remove any vanity factors from this and consider your company’s strengths as objectively as possible.
  • What are your honest weaknesses? Do not try and sugar coat legitimate weaknesses or try to position weaknesses as strengths.
  • What opportunities are there? Is this representative of the market, or does it just apply to your organisation?
  • What are the biggest threats? Have you considered all possible challenges/challengers, both now and in the short-and long-term future?

What do you want to achieve?

Consider SMART objectives. Much like a SWOT analysis, you may already be familiar with SMART objectives, which are specificmeasurableachievable (or sometimes ‘agreed’), realistic (sometimes ‘relevant) and time-bound.

But, like SWOT, this fundamental model is vitally important, no matter how ambitious your strategic vision is.

When setting your objectives, remember an objective is not a strategy, nor is it a tactic. For instance, “growing Facebook reach” by 10% is not an objective, but a tactic.

Here are some examples of SMART strategic objectives:

  • Get back to breakeven by 31 March 2021.
  • Grow sales by 5% by 31 May 2021.
  • Grow market share by 10% by 30 September 2021.

How do you achieve these objectives?

Once your objectives are set, you need to formulate a strategy that is going to help you achieve them. For this, it is very important that you do not put all your eggs in one basket.

Ideally, you should come up with three alternative strategies with the same strategic objectives in mind.

This allows you to approach the challenge from different directions. There will often be more than one successful approach to meeting any objective. You should carefully appraise each of these options, as objectively as possible before making your decision.

Ansoff’s Growth Matrix

Ansoff’s Growth Matrix is a simple but very useful framework that helps you identify business growth strategies, with multiple approaches and risk levels. This includes the following areas.

Strategy Type What it means Risk level
Market Penetration This is where you are looking to provide the same product or service (potentially with modifications) to roughly the same audience, but with more penetration within the segment LOW
Market Development This is where you take the same product or service to a new sector. A common example of this is exporting goods and services to an overseas market. MEDIUM
Product Development If you have a good relationship with your customers and they trust your brand, you may offer new products and services to the same customers. Examples of this in practice include Sainsburys Bank and UberEATS. MEDIUM
Diversification This combines new market developments with new products or services. HIGH

Evaluating your strategic options with SAFe analysis

SAFe analysis helps you evaluate your strategic options based on their suitability, acceptability, and feasibility. With a SAFe analysis, you can rank, appraise, rate and evaluate your strategy in the context of your organization and its objectives.

So, what does this mean in practice?

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