Conventional wisdom says that in business you’re either growing or declining – there’s no such thing as maintaining the status quo. Striving for growth is necessary to survival. There are different strategies that can be employed to achieve growth and the most important decision in this regard is to choose the best one. Evaluation of risk vs. reward will portray the value of different possible strategies. Resource requirements, time to fruition and future growth potential are the components that support assessment of alternatives. Planning and managing the implementation of growth strategies then measuring their impact are critical factors to success. Following are 5 keys to business growth:
- Identify the Possible Strategies – Choosing the best possible growth strategy is critical. This entails identification and evaluation of possible alternatives. Some different types of growth strategies include market penetration, market expansion, product expansion, diversification and acquisition. Read Full Story >>
- Choose the Best Alternative – Growth possibilities are defined by the size of the target market and potential market share. The cost of growth are marketing, selling and delivering to the desired market. So in order to evaluate the effectiveness of a given strategy these factors must be taken into consideration. Read Full Story >>
- Plan and Implement the Selected Strategy – Implementing a business growth strategy is project oriented in nature. Therefore it requires planning, management and evaluation. Read Full Story >>
- Avoid Common Pitfalls in Growth Strategy Selection and Implementation – Failing to develop an accurate picture of market demand, choosing the option with the greatest perceived impact over the one that will deliver results more quickly, making a decision based on input from the wrong people and relying on the wrong people for implementation can all result in failed strategies. Read Full Story >>
- Take the Appropriate Steps to Increase Market Share – Earning a bigger share of the market requires diligence and close attention to detail. Increasing market share involves assessing the current situation, taking the appropriate steps to earning more business and continuing to interest people in your services. Read Full Story >>
