Shaping a Business Growth Strategy under the New Normal
Companies across all industries have announced that they’ll either cease operations or change their
business strategy to adjust to the pandemic. However, a silver lining for businesses does exist. They’ve
discovered different ways to engage with customers that are better than what they were doing before.
But getting used to this new normal will require time. As the industry adjusts to emerging scenarios,
companies are preparing their personnel for what life might be like. In today’s piece, we’ll discuss 5 key
steps to formulate a business growth strategy in this new normal.
What is a Business Growth Strategy under the new normal?
Economy fluctuations often have a pronounced effect on how companies operate. It happened recently
when the 2008 recession struck. Likewise, economists project a major change is about to occur as
businesses recover in the post-COVID world.
Doing things in a new way, owing to as drastically changed circumstances, is called the new normal. An
example of that is that reluctant in-person customers will lower the demand for products and services.
As companies begin to trade again on a normal basis, they’re regaining their long view instead of the
day-to-day survival mode they have become accustomed to. Companies will need to change and adapt
their operations by using new communication strategies based on new normal business practices.
Why is Business Growth Strategy Important?
Now, a growth strategy and marketing strategy are two different concepts. A growth strategy is not the
blueprint for adopting traditional marketing tactics such as PPC ads, digital marketing, and content
promotion. All of these fall under the broader scope of your marketing plan. Your business growth
strategy is the big picture roadmap that you have developed in order to get your business from here to
where you want it to be tomorrow. Some basic points to remember are:
- It involves not just the marketing department but the other departments as well.
- Considering all the aspects for developing a business such as revenue, employees, etc.
- Marketing strategy is a part of it and not the other way around.
In summary, a growth strategy for a business is a comprehensive plan of action that outlines everything
an organization needs to do to grow. It is holistic, scientific, and analytical. A pivotal clog in your business
machine, without it you will be vulnerable to the unreliable consumer base and market up-downs.
How to Strategize Your Growth Strategy?
Your company’s growth strategy will be based on the kind of brand you are trying to build. It might
consist of features like:
- Addition of new locations
- Investments in the acquisition of customers
- Expansion of product line
- Selling of your product across multiple online platforms
- Franchise building
Thus, strategize accordingly and incorporate into your business plans. Also, your target market has a role
to play on your decision, too. Up next, we’ll discuss 5 key steps to shape a business growth strategy in
this post-Covid new normal time.
5 Ways to Develop a Business Growth Strategy
1. Fix Your Target Area of Growth
It’s great that you want to grow your business, but what exactly do you want to expand? Your business
growth plan should zoom in on particular areas of growth. Some common areas of focus are:
- Growth of worker headcount
- Adding new locations or branches to your business
- Adding new services and products
- Increasing purchase locations
- The growing rate of customer acquisition
There are obviously more. A business development plan usually has more than one of the
abovementioned points. This is only natural as these are interrelated. Implementing anyone will have
spillover effects and impact your overall business.
2. Conduct a thorough Market Research
You may need to justify why you desire to grow this area (and whether it’s possible) after choosing what
you would like to grow. The easiest way to check if the desired goals of your business are both feasible
and necessary is to conduct market research. Examples may include conducting surveys and focus
groups with current and prospective customers and looking into existing industry research.
The facts and knowledge you’ll obtain in this phase will shape the growth objectives. The expectations of
this project will help determine the timeline, budget, and main goal.
3. Set Goals for Growth
The next course in action is to determine how much growing you want to do. Going from where you are
now to where you ideally want to be will help you recognize relevant long-term goals. However, you
ought to make sure your objectives are obtainable and realistic. That’s why researching the industry and
setting goals based on research are so valuable. Winning your goals involves tracking your progress in
metrics and timeframe. Aim to “grow sales by 30% quarter-over-quarter for the next three years” as it is
clearer than “increasing sales.”
4. Set Out with a Definite Course of Action
Next, outline how you plan to achieve your goals with a detailed growth strategy. We recommend you
write down your plan so you can gain your team’s understanding and buy-in. This action plan should
consist of a list of action items, deadlines, teams or individuals responsible for its success, and resources
for securing your goals.
5. Establish Your Requirements
The last stage before implementing your strategy is identifying any applicable requirements for your
team. These resources can help you meet your stated objectives sooner and reach your goals more
accurately. Some examples are sorting out the funding you’ll need and tools or software required for the
process.
Conclusion
There isn’t a magical growth hack that will make your business skyrocket overnight. Consistent
development is best achieved through smart business growth strategies. For professional help, use the
services of Business Growth and Exit Specialists. A management consulting firm based in Sydney, our
team of trained experts can help you grow your business in these trying times.
