Business growth strategy is the pillar of your business. 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? Create a business growth strategy. No! The answer is to create a growth strategy that suits you and your business’ needs.

Follow the steps below to create a Powerful Business Growth Strategy that is tailor-made for your business:

  1. Determine What You Want From Your Business

I am a firm believer that you own a business so it will support the lifestyle you want to lead – otherwise, it is a whole lot easier to work for someone else.  So when planning for the future of your business, create your business growth strategy that will support your vision of the life you want to lead. Start by answering the following questions: 

Once you have your answers ready, you will be able to figure out if you should start your own business or if you would be happier working for someone else. The answers to these questions become the start of your vision for the business.  Then create your business growth strategy with that outcome in mind.

  1. Determine What Your Business Has To Look Like For You To Live That Lifestyle

If your goal is to have the prestige of a large business with many employees then you need to build a business that can scale to support your entire team. Build strategies and tactics to support that vision. On the other hand, if your goal is to live a simple life but travel a lot then you need to build a business that allows you to work from anywhere. You may hire talented remote staff or outsource your work. It really depends on how you want to live your life. When you design your business to allow you to live the lifestyle you want to live, you will be happy owning your business.

  1. Identify The Gap

Look honestly at where you are currently with your business, and what your vision is for your business, then identify the gaps. What do you need to change to achieve that vision?  

  1. Plan For The Future

Now that you have the initial steps figured out, you can work on planning the future of your business to work towards your goals. Break those goals down to what you will do this year, this quarter, this week, and what you will do today to keep you focused on your goals. Your goals should be specific and actionable and have a timeline so you have something to work towards. Set up a few small habits that take you automatically towards your goal.

  1. Track Progress

Planning and execution are wasted if you are not monitoring your progress. Choose several areas to measure weekly that gives you a regular pulse on what is happening in your business.  

Want to know more about developing business growth strategies for your business? Contact us here.