How to build an enterprise growth strategy framework
How to build an enterprise growth strategy framework
A well-planned growth strategy is an important aspect of running any business. It provides you with a list of goals and concrete actions that keep you from falling to the whim of market disruptions or a changing user base.
It is a strategic plan of action that helps you identify different possibilities for company growth including acquisitions, added locations, and product and service expansions. Your particular industry will guide you in the ways most suitable for growth, but likely this will include expanding your customer base.
This article will examine the most common types of business growth strategy as well as the 6 best ways to build an enterprise growth strategy framework.
You should first look at your current growth trends and identify areas that could be improved. Consider how your brand can tackle these weaknesses and which growth strategies can facilitate that change. Through the hybridization of several, you will form a growth strategy that is perfect for your company, its core values, and long-term goals.
Be sure to write down your growth strategy clearly and share it throughout your company. This will foster engagement among employees that can lead to new perspectives and ideas.
Growing your business is great, but if you do not plan growth carefully you can end up in a situation where you are unprepared to manage the new expansion. Regardless of the kind of growth you are striving for, be sure to think ahead about what company resources are needed to ensure its success. This can include adding employees to your roster, restructuring teams, or adding automation. Moreover, what new financial obligations may come from your intended growth, and can you afford to take that on.
Whether or not you are looking to expand your share of the market, it is always advisable to keep your eye on the long-term trends. The vitality of your industry market will affect your ability to successfully install the growth you wish to see. Market research will help you determine the need for your desired growth and its present feasibility.
By actively monitoring the real-time changes in your market you will be better prepared to enter in with innovations that grab the attention of new and existing customers.
Any business strategy worth its weight emphasizes the importance of setting and meeting goals. Growth goals give us a constant point of reference to track a company’s milestones and avoid short-term hiccups from discouraging us. You should have short, mid-, and long-term goals that are backed by a solid and realistic plan of action.
That does not mean holding yourself back from dreaming—many successful entrepreneurs can tell you it takes a little imagination to achieve greatness. Still, however grand your long-term plan is, pace yourself by setting small achievable goals that can boost company morale and shore up trust, employee loyalty, and talent acquisition.
Develop a strategic action plan that moves you from goal to goal. A thorough action plan should include a list of to-do items and deadlines, as well as clearly defined roles and responsibilities for both individuals and teams. An action plan is also a place where you begin listing the new resources you will need to attain your growth goal.
Your action plan should be considered a living document that can change as necessary when unexpected disruptions arise. Being too rigid with a plan can create blind spots and inefficiencies that can harm the result.
After all the labor of planning, goal-setting, and preparing, it is finally time to execute your company growth plan and share your success.
Keep your communication open with employees and stakeholders and stay agile. Flexibility will help you adapt quickly and modify your plan accordingly. Chart the real versus the expected growth and be ready to implement any necessary changes.
Lastly, share your company's success both internally and externally. Successful growth strategies made public can generate interest in your brand that can lead to new growth opportunities later on.