Standing still in business is no longer an option. With technologies continuing to evolve and businesses offering new services, you can’t remain stagnant in a market that’s changing rapidly. Given the current climate, attempting to grow just for the sake of growth is unsustainable. To build intentional, scalable and enduring momentum, strategic growth is crucial.
What are the differences between strategic growth and growth?
In general, growth refers to reactive or near-sighted plans focused on short-term gains. Strategic growth refers to a well-planned, long-term expansion strategy that outlines specific processes, steps and tactics needed to achieve goals.
For example, if a business wanted to develop and launch a new product, it’d create a proactive plan for strategic growth with actionable steps. If a company went viral and experienced a surge in sales out of nowhere, they’d have to make a reactive plan to handle the sudden revenue increase.
The key principles of strategic growth goals:
An effective goal for business strategy for growth should align with these five key principles, best known to those in the business as S.M.A.R.T.:
- Specific: To be effective, the goal should be as specific as possible, answering the who, what, where, when, why and how questions for what you’re trying to achieve.
- Measurable: The goal must be quantifiable, typically with data that can clearly show when the desired outcome has occurred.
- Achievable: Setting goals within reach will prevent team upset and maintain high morale as you work collectively towards strategic growth.
- Relevance: All goals should align with the current wants and needs of individuals, teams and the organization.
- Time-bound: Each goal should include a deadline to help keep workers on track.
Why does strategic growth matter?
Building a business strategy for growth provides a clear roadmap to achieving your company’s long-term goals. This type of plan examines external factors, such as competitors, by identifying your business’s unique capabilities and identifying untapped markets. This enables you to seize market opportunities and sustainably increase your revenue over time.
Business strategies for growth also strengthen your company-customer relationships. By listening to feedback, you can determine actionable ways to create more personalized and consistent experiences for your loyal clientele.
Challenges that impede strategic growth:
- Lack of actionable insights
- Noncollaborative teams
- Relying on guesswork
- Resource-draining inefficiencies
- Poor communication
- Resistance to change
- Unclear goals
What is a strategic growth plan?
A strategic growth plan is the detailed blueprint a business can use to achieve long-term growth. This type of plan outlines the clear goals and specific actions needed for sustainable expansion and affirms that all business efforts are aligned towards the same objectives.
5 necessary components for a strategic growth plan:
- Overall vision: A clear picture of what the company will look like once the goals are accomplished
- A thorough analysis: An assessment of your company’s internal strengths and weaknesses, as well as the market’s opportunities and threats
- Defined goals and objectives: Long-term outcomes the company wants to achieve, as well as actionable steps that support said goals
- Proper research allocation: A detailed understanding of all financial, human and operational resources required to execute the plan
- Performance measurements: Specific KPIs that track progress and success
How to find the best business strategy for growth for your business
While there’s no shortage of business strategies for growth, the reality is that not every approach will work for every kind of organization. To find a growth strategy that works for your business, leadership should define clear goals for the company, analyze your current market position and browse the different methods used to aid your specific industry.
3 Resources that help create strategic growth within your business
Strategic growth for businesses is often most successful when leveraging existing strategies, technology and operations. Work with a business consultant to determine which of these resources would be the most helpful for your growth.
- Digital transformation: Leverages technology that allows your team to take the guesswork out of building a business strategy for growth. With digital transformation tools, you can predict future trends, base decisions on updated information and gain a deeper understanding of your customer’s needs as you work towards goals.
- IT modernization: Professional IT modernization provides a technological backbone to your business strategy for growth. These systems support agility, efficiency, innovation and data-driven decision-making at each step of your plan.
- AI: Artificial intelligence turns complex data into clear outcomes by identifying new opportunities, solving complex problems, predicting possible trends and finding competitive advantages.
The value of management consultants for strategic growth
When it comes to creating a business strategy for growth, hiring an expert from outside your organization comes with perks. These management consultants are trained to improve performance, resolve complex issues and implement lasting change. When their job is done, they move on—and your business prospers.
3 benefits to hiring management consultants:
- Fresh perspective: Though your team may have a deep understanding of the company’s information, they’re too close to the problem. Consultants are free from biases and workplace politics and can provide an impartial view of the organization, resulting in unconventional solutions.
- Expertise and experience: Management consultants often have years of experience in specific industries. When creating a business strategy for growth, they can utilize their past understanding of methodologies and functions to create the best possible plan for your company.
- Implementation support: When an organization tries to take on business strategies for growth on its own, it rarely has access to proper resources. Hiring outside consultants ensures there are people focused solely on driving the change initiative and seeing the plan through.
Our path to strategic growth
Developing business strategies for growth should be a top priority for every company, regardless of its industry. However, in a volatile business environment, C-level executives face numerous challenges. With us as a partner, enterprises can drive measurable efficiencies, reduce costs and reinvest savings to fuel future expansion. Connect with our business consultants to prepare the best business strategy for your growth today.
