How Will You Grow Your Business?
By Fallon Consultants
On November 19th, 2014
Having a vision for your company is important, but that alone doesn’t guarantee success. Long-term business success requires that the business must grow — and for that, a growth strategy is essential.
Some entrepreneurs are fortunate enough to start their businesses with a winning idea that takes the market by storm; other businesses offer a useful product or service that’s reaching only a fraction of the target market that it could. Despite these differences, both types need a growth plan: the first to manage and sustain growth, and the second to drive growth and move the business from surviving to thriving.
Frame your growth strategy
In a Harvard Business Review blog, Roger Martin counsels business leaders who are formulating a growth strategy to ask themselves key questions such as these:
- What are your broad aspirations for the business, as well as your concrete, measurable goals?
- What is the playing field upon which your business will compete?
- How will your company prevail over competitors?
Pondering such questions will help you define a broad strategy, which you can then use to determine a more specific approach to business growth. The next step is assessing your organization’s current state (in terms of how the company is performing and whether it is meeting business goals), your vision for the company’s future, and your plan for getting there.
The “getting there” part can be accomplished in different ways. For example, in his book “The Breakthrough Company,” Keith McFarland says that a company can grow by improving its market penetration, selling more products, expanding into a related market, developing new products, or selling in new channels. Alternatively, says McFarland, a company can grow by merging with or acquiring another company.
Any business that seeks long-term sustainability and profitability must plan for growth. Invest time in developing a smart growth strategy — or get help from an expert in formulating a growth strategy that meshes with your business vision and goals. To learn more about improving your business growth strategy, contact Fallon Consultants via our website or at 845-624-3504.