When you own your own business, no matter what stage you are at, people will always tell you that you need grow your business. It doesn’t matter if you’re on an executive board of a Fortune 500 company, or if you run a used bookstore that specializes in esoterica, people who are inclined to worry about these things will ask you how it is going to grow. Now, if you’re on the board you’ll probably care about growth. If you’re running a niche small business, maybe not. Depending on the situation you could hire a growth strategy consultant.
It’s true that the best, most profitable businesses have a growth strategy. Some startups and other businesses with lots of foresight will even include it in their business plan. The only people who don’t are either running a business that is a passion project or they just don’t know much about how commerce works. Professionals across many fields, including expert insights consulting, will tell you that most businesses need to grow in order to become and stay successful.
When they’re talking about growth, they’re talking in very wide terms. Growth for a business could mean a lot of different things. Many small businesses might be quite happy with being just a bookstore, coffee shop or hardware store. That’s great if it works for you but, you could still be growing your business. Something like expanding to a new location or a larger space might not be what you’re after, but carrying some bestselling books, a great line of teas, or the most cutting edges of lawnmowers is also a way to grow your business in terms of profits.
Small businesses and large corporations alike should be vigilant about growth opportunities. Therefore, it is often a good idea to bring in a growth strategy consultant. There are many kinds of firms that operate in this field so, any kind of business should be able to find the right fit. Some companies are big players who specialize in working with multiple Fortune 500 companies across many industries. Some are smaller, more bespoke firms that work with small businesses and single industries. Bringing in these pros can give your business new perspectives on what growth looks like for you.
So, what is a growth strategy? A growth strategy is a road map that you and your newly hiredexpert insights consulting firm will create to get your business from where it is now to where you want it in the future. It is a big picture plan to grow every aspect of your business organically and scientifically. It should include every department of your company and should look at your company from every conceivable angle.
One of those angles could be physical expansion into a new space. It could also be expanding your inventory to include new products or pivoting into a new service. It could be as simple as a digital marketing campaign to draw in new customers. The end game of growth is the same no matter the size of your business or the size of the project you undertake. Growth means growing your profits and getting a larger piece of your intended market.
Here is a quick, five step guide for anyone who is thinking about their growth strategy:
- Identify where you want your business to grow. Do you want a new branch or an improved e-commerce store? What kinds of sectors adjacent to the space you currently work in could your business expand into? These are the growth questions you need to answer with the help of expert insights consulting.
- Conduct thorough research. One of the most critical parts of growing is figuring out if, where, and when to do it. A growth strategy consultant can do all kinds of market research for you. Customer surveys and peer reviews can give great insights to help you decide if now the right time for your company to grow is.
- Set attainable goals. Make sure you don’t overreach. This is important to remember if you happen to be running a smaller business. The growth goals any business sets should be realistic and attainable. The research you’ve just engaged in should give you a good idea of your limits.
- Create a watertight plan. No matter which direction you decide to take your company, have a meticulously mapped out plan. Know who is going to do what and when. Know how much money is going to be spent and how much money you can expect to make. Plan for everything, even the unplannable, if you can.
- Be transparent. Growth might come with bumps in the road. If there are mistakes, be honest with yourself and your employees. Make certain you partner with a consultancy firm who holds themselves to a high level of accountability as well.
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