Sadly, only 50 percent of startups will make it past the five-year mark, with only 10 percent still being around a decade after launch. That’s why it’s so important to create a growth strategy that ensures the company is sustainable in the short and long-term.
Here are some simple tips to help you create a growth strategy that will work for you now and in the future:
Work Out Your Company’s Value
If your business is to be successful in the short term AND the future, it needs to offer value to the consumer. So, first of all, you need to work out what you have to offer that the competition doesn’t and use that information to convince your customers. A good example of this would be Whole Foods, who have established themselves as an authority on healthy organic foods and nutrition; another would be Apple who offers innovative design to the masses.
Work Out Your Dream Customer
If you’re in business, chances are you believe you can fix a particular problem for a certain section of society. Work out who that is and adjust your company so that you are serving them if you aren’t already.it is only when you are delivering the right product to the right people that your business will flourish.
Know Your Key Indicators
You can’t change your business to make it better if you don’t know how well it’s performing, which is why you should consider working with a business management consulting company like ASCEND to determine the indicators that impact your business, ideally by using A/B testing. This is the best way to work out what you’re doing right and what needs to be improved.
Review Your Revenue Streams
At least once a year you should review your revenue streams to see which are working for you, which is more trouble than you’re worth and which new ones you could implement to boost your bottom line.
Keep an Eye on the Competition
In order to create an effective growth strategy, you need to always have one eye on the competition. If they’re doing something better than you or bringing out innovations that leave you behind, it could be time to call in a business innovation expert, like ECOTEC, to help you better compete. If you ignore the market, you will eventually fall behind, so don’t let it happen!
Invest in Talented Employees
Your employees will, to a large extent, make or break your business. It doesn’t matter how good your products might be or how innovative your company is, if you don’t have the right people to support and deliver your vision, get the customers onboard and ensure that things in the office are running smoothly, there’s little hope that you’ll still be trading and thriving a decade from now.
Of course, although the above is sound advice, every business is different, and you may need to go through a little trial and error before you hit upon the formula that works for you and ensures that everything you do now and in the future, contributes to your company’s growth. Good luck.