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When you're growing your business, it's important to have a strategy for growth. This can involve choosing the right path for your business, which is different for every company.
If you are in a business that is growing, the first question to ask yourself is: "How do I grow?" The second question is: "How do I sustain that growth?" The third question is: "What do I do next?" This article will help you answer those questions and determine the best way forward for your company or organisation.
The first step in answering these questions is to identify how much money and time you have available to invest in your business. For example, if you are bootstrapping your business with personal funds, then hiring new employees may be out of the question because it will take away from your current revenue stream. However, if you have enough cash on hand for payroll expenses then it may be a good idea to hire someone who can help with sales or marketing - even if it's just temporary until a full-time hire can be made later down the road.
If you're in a growth phase, you need to be strategic about your choices. Here are five steps to help you choose the right path to growth.
1. Identify the problem or opportunity that's driving your need for growth.
2. Consider what success looks like for your business and how you'll know when you've achieved it.
3. Think about why this opportunity matters and how it fits into your overall goals for your company or career.
4. Make sure the solution aligns with your business model and culture, taking into account factors like scalability, market fit, cost and ease of implementation.
5. Look at all alternatives before making any final decision — research as much as you can, evaluate thoroughly, and then decide which plan or strategy that are more aligned with your path towards sustainable growth and to achieve the desired opportunities.
We understand that sometimes, trying to grow your business can feel like a jungle. You’re surrounded by options and have no idea which one to take.
You might be tempted to explore every option on the table, but that’s not always a good idea.
In fact, strategic planning can help you evaluate your options and choose the one that will get you where you want to go most effectively.
So what is strategic planning? It’s a process used by businesses to create a vision for the future and create an action plan for how to achieve that vision.
Strategic planning helps companies focus on achieving their goals by:
Defining what they want (a vision)
Setting clear objectives that align with the company’s overall goals
Identifying resources needed and opportunities available to achieve those objectives
Why do you know to prepare a strategic growth plan in advance?
The strategic growth plan is a combination of the goals, objectives and strategies that will be used to achieve the organisation's long-term goals. It answers the question: "How do we get there?" This document also provides information on what resources are required to achieve the goals and how these resources will be allocated over time.
A strategic growth plan outlines where your company wants to go in the future, who will take you there and how they will do it. It helps you determine whether your business is ready for expansion or if any changes need to be made before moving forward.
You need to plan ahead and prepare in advance if you want to grow your business. Here are some reasons why you must prepare prior in advance a strategic growth plan:
You can track your performance better: By preparing a strategic growth plan, you will be able to track your performance better and identify areas where changes need to be made. This is because you will have a clear idea about what you are doing and how it will affect the overall performance of your business.
You will be able to find new opportunities: When you prepare a strategic growth plan, it helps you identify new opportunities which can help improve the overall profitability of your organisation. This makes it easier for you to expand into new markets or even enter into new industries altogether.
It helps you get rid of problems: By preparing a strategic growth plan, you will be able to get rid of problems which were affecting the financial health of your organisation earlier on. This way, you can make sure that there are no obstacles which could stop the progress of your business in future too!