Business growth strategy is a plan for how your business will expand. Part of business acumen is being able to answer these key questions: How does your business grow? Is it geographic expansion? Do you introduce new products? Do you sell existing products to new customers? Do you grow by acquisition? What's your overall growth strategy? This online training video explains these questions and offers examples of them.
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- You have to ask yourself how does your business grow?…Is it geographic expansion?…Are you selling new products?…Are you selling the same products to new customers?…Are you growing by acquisition and buying other businesses?…What's your overall growth strategy?…You need to be able to answer this question.…Look at your historical growth and where it came from.…That's usually a pretty good indicator of how…your organization is going to continue to grow from here.…Pull out your strategic plan and look at your marketing plan…to see where the future growth is expected.…
There are some very common methods for growing…and they all have very different economic profiles.…One way you can grow is acquisition.…The economics of that are you spend…a lot of money up front to buy another company.…You're buying a large piece of the market when you do so…and the way those economics worked out…is you reduce costs by looking at synergies.…So, we bought another company.…We have two HR departments now.…We have two marketing departments.…
- What business are you in?
- What's your market and who is your competition?
- What problem does your business solve?
- How are your products and services created? What are your pricing and growth strategies?
- How do you measure performance?
With the answers in hand, you can be assured your have the knowledge to make the best decisions for your business.