As business owners, entrepreneurs and even CEOs, we build a lot of strategies. We think of the various things our business needs to to grow. This may include manpower, leadership, organizational, marketing, sales and even financial strategies. But we often times forget that we forget the key strategy to building our businesses. A strategy that will determine where you are going and how to get there. Your business needs a growth strategy.
Your business needs a growth strategy, regardless of your role, size of your business, revenue volume, and even time in business. A growth strategy takes where you are now in business, the good and the bad, and creates a strategy to take your business to the next level. Knowing where you want to go in your business is the start of your growth strategy. There are several components to your growth strategy. This includes how to take your business to the next level. Below we discuss the top 3 elements of your growth strategy.
1. Current Status
Your current business status, the good, the bad, and the ugly are how you determine where you need to go. You can’t determine where your business needs to go, if you don’t know where you are currently. You won’t know what direction you need to go and the steps you need to take to get there. Do an inventory of your business, the areas where you excel, the areas where you struggle, the areas that are just barely getting by, and most important the areas that are missing. This will help you to determine where to improve to get your business to the next level.
2. Fix the Areas that Need Improvement
A key component of your growth strategy is to focus on the areas that need improvement. You can’t take your business to the next level if you have areas of your business that are struggling and not keeping up with the growth of the business. These areas will slow you down, if not hold you back completely. If you need to put new people into the mix, whether it be support contractors, employees or even executive level employees, do it. Fixing the stronghold on your business is a critical component of this strategy. Without it, you won’t go anywhere. And has difficult as this sounds, admitting you need help will be the difference in staying where you are (or failing), or growing into the plan you have for the business.
3. Determine Where You Want to Be
If you have your current place, and the areas of improvement, you can then determine where you want to be in your business. This is the final element to your growth strategy, because you have the destination. With the destination known you can now create the path to get where you want to be. Having a growth strategy will help you to determine the next steps to getting to that end destination of your business. I don’t mean the end as in your done, I mean the end of THIS particular growth strategy. Don’t aim to high. Be realistic in the next phase of your business. You can always adjust next year, or even when you reach this milestone.
With these three elements you’ll have a solid growth strategy, a strategy that takes into account everything necessary to take your business to the next level. As you plan out your next steps and directions for your business, incorporating a growth strategy is the key to success. As we enter into Q4, and start our planning for a new year, reach out and schedule your strategy consultation. Taking your and your business to new heights in 2023 is going to be the difference between staying where you are, and getting where you want to be.