Are you thinking of the right strategies to grow your company? Directing and leading the growth of an organization is not an easy task. Those who run businesses know that achieving business growth consistently and sustainably is fraught with many challenges and challenges.
It does not matter if you run a small, medium, or large company, your duty as a manager is to plan a strategy that allows the company to take advantage of the opportunities and face the threats that exist in the economic environment; customers, suppliers, competitors, new products, etc.
To meet these challenges, the organization’s CEO must develop a business growth plan that allows the company to increase sales, improve internal processes, and ensure customer retention and satisfaction. This is the point often raised by Tiffani Bova, an expert on the subject of business growth and marketing and sales.
The author of the Wall Street Journal and 800-CEO-READ bestselling book GROWTH IQ: Get Smarter About the Choices that Will Make or Break Your Business (Portfolio) brings her competitive analysis on what are the determinants for business success in the modern age. Although they may sound basic, they still form the ground of a business’ success story, as termed by Bova.
With that being said, Bova, having noteworthy experience up her sleeve, advising Fortune 500 firms on the subjects of business growth, she shares her exclusive insights in this article.
That is why we have prepared this comprehensive guide for those who are responsible for leading and driving their companies’ growth. We will always say that the growth of a company is a process through which it will increase its size as a direct relationship to increased sales.
When a management team spends time planning and executing growth strategies, they move on the right path.
When the business growth plan is achieved, the company’s profitability increases, the risk of closure decreases, it expands and consolidates, thus achieving more significant participation in the market.
Digital transformation
When a company takes advantage of technology to reinvent itself, involving all areas of the organization to increase the productivity and efficiency of its processes, and this, in turn, leads them to innovate their products and services, the company is entering a term that we had never before imagined hearing “digital transformation.”
Digital transformation refers to new business strategy opportunities that arise thanks to the emergence of technologies.
Likewise, this change is technological, but it brings with it new skills both in people and in the reinvention of organizations that affect the traditional global market.
The technological revolution, or Fourth Industrial Revolution, is creating disruptions throughout the economy and is forcing companies to innovate their strategies and business models to attract and conquer more demanding, critical, and information-empowered customers thanks to the internet.
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Strategic planning
Strategic planning is a process that allows organizations to jointly determine the objectives and goals that a company needs to achieve, as well as the strategies that will allow it to achieve those strategic objectives.
The strategic plan must be developed and executed by a team 100% focused on this work. A crucial part of this work focuses on involving and aligning all organization areas to impact it.
The strategic planning process must have an active participation on the part of the company’s management.
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Goals and budgets
Defining growth goals and the budget to achieve them should be a priority for the companies’ CEOs. The reason is that the budget must be defined based on the projected growth of the company.
In this way, we ensure that we have all the economic, technological, and human resources available to meet the goals and objectives set. Investing in the growth of the company is a way to invest wisely.
Many companies plan the annual budget without considering what they need for business growth. Most of the companies that need to grow have as main objectives:
- Position the brand
- Generate leads
- Increase income
- Improve profitability
Therefore, when allocating resources, the goals and strategies needed to grow the company should be prioritized, instead of adjusting to a budget that only limits the business’s growth.
Then, having well-defined goals and a budget that guarantees the allocation of the necessary resources to execute the key strategies will allow the company to generate a return on investment of these resources (ROI). Thus, results justify the budget invested.
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Marketing and Sales
Once you have defined your business’s strategic objectives and the budget to achieve it, you need to identify and reach your target market to generate income through the sales of your products or services. And it is logical. You need to generate resources to finance the entire operation of the company.
To achieve this, you need two fundamental ingredients in your growth plan; marketing and sales.
Without these two departments, it is impossible to identify who to direct your products to, your advertising, the distribution channels, the price at which they should be sold, and finally, generate income through your products’ sales.
