Balanced Business Growth

Why has Your Business Growth Stalled?

The world is more complex and volatile today than at any other time in our history.  

The tools of our modern existence are getting faster, cheaper, and smaller at an exponential rate, transforming every aspect of society, from business to culture and from the public sphere to our most private moments.  

The old methods no longer cut through. 

  • How do we cope with accelerating innovation?
  • How do we become as quick and innovative as we can?

The technologies that are the source of the problem can be the solution to the problem if we are open to emergence.

You need a Growth Strategy!

Growth Strategy

Develop the right Growth Strategy

Why?

While many companies are able to achieve a period of fast growth in their early years, the vast majority will find themselves stalling once they mature. 

If you want to continue scaling, you need a Growth Strategy

Successful growth strategies are what drive companies like Nike, Facebook and Starbucks to not only dominate their markets and become worldwide brands but to actually continue growing.

What?

A growth strategy is a plan of action designed to help businesses capture a larger share of the market, even if it comes at the expense of short-term profit. The type of growth strategy a company implements will depend heavily on factors such as their finances, target market, and the industry they occupy.

Levers of Business Growth

  • Market Penetration – The most straightforward growth strategy, and one most founders will be familiar with. The goal of Market Penetration is to sell more products to its target customers. Broadly speaking, the majority of growth and marketing “hacks” you come across will fall under this category.
  • Market Development – In contrast, Market Development is all about finding new markets and customer segments that you can serve with your products. This can include things like opening new retail locations, developing new marketing messages to target different demographics, or even adopting a different pricing structure.
  • Product Development – As the name implies, the goal of Product Development is to increase your market share by developing more products for your target market. This can be as simple as adding new features to an existing product or developing entirely new products.
  • Diversification – The last and most risky growth strategy, Diversification aims to develop entirely new products for entirely new markets. Businesses typically achieve this by acquiring or partnering with pre-existing companies to offer a greater range of services.
Created by Igor Ansoff 1960. Essential Marketing Models
Source: https://bit.ly/smartmodels

The real question is how do you know what growth strategies you should be investing in?

CORE – ADJACENT or TRANSFORMATIONAL

Achieving growth is not about relying on any single growth strategy rather a combination of several.

While investing all your resources into Market Penetration will only get you so far, focusing your efforts solely on diversification would be far too risky.

The real question is…

How do you know what growth strategies you should be investing in?

Your Growth Target is Setting Process Goals, not Product Goals.

Product goals are where you set a target and work towards it without any real strategy behind it. You just keep working and hope you get closer to it.

Process goals are where you work towards the inputs that create the goal. You break down the big goal into the processes needed to get to the product. Revenue and profit are only the results of inputs or processes.

For instance your revenue consists of Average transaction value x Average number of transactions per client per year x Total number of clients.

But When Can You Start?

When to start?  What a great question.  

In our opinion, the right time to start was yesterday, the next best time to start is now.  

Are You Ready?

Is anyone ever really “100% ready”?

We are here to help!

Our Services

We offer the following services, amongst others, for the growth of your business…

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