7 Key Steps to Creating a Business Growth Strategy That Works
Your business needs a business growth strategy, especially if you are a small or medium-sized business. The statistics are clear, startup businesses are risky, but a quality growth strategy can help. As Entrepreneur Magazine elucidates, “If only half of startups survive more than five years and only one-third make it to 10, what’s the one thing you could do to ensure your company is sustainable? The answer is to create a growth strategy for your business, of course.” Business growth strategies are vital for well-established businesses as well, and they can (and should) change as markets shift, customer priorities change, or labor markets respond to cultural change. But a business growth strategy is much more than hoping for the best. The best growth strategy has a framework, and a detailed plan for how you get from where you are to where you hope to be. We’ve established a list of 7 key steps to creating a business growth strategy that works. Determine areas for growth Any effective business growth strategy must begin with identifying the target area (or areas) for growth. HubSpot explains, “It’s great that you want to grow your business, but what exactly do you want to grow? Your business growth plan should hone in on specific areas of growth.” They go on to suggest…
