Does your company need growth strategies? Probably yes. In an unstable economic environment, selling more and expanding can be challenging. But when growth objectives are aligned with a strategic approach, it is possible to find opportunities to achieve positive results.
In this content, we will present 12 innovative strategies capable of helping business growth. Check out the tips and prepare your business to prosper in a planned, predictable and measurable way.
What are growth strategies?
These are all the methods and processes used by companies to leverage the business. When an organization has a solid and well-designed growth strategy, it can see its objectives more clearly and position itself better in the market.
Still, it is normal that during its trajectory a company faces countless challenges. Thus, what will ensure that it resists and thrives are precisely the growth strategies that businessmen, entrepreneurs, managers and leaders devise to overcome moments of crisis.
Therefore, the way to go is complex, but not impossible. First, the company needs to define effective and strategically designed actions, observing the scenario in which it finds itself and envisioning where it wants to be in a given period.
In this sense, these strategies must consider not only the growth opportunities, but also the improvements that the organization wants to implement in its management processes.
But how are growth strategies in practice? In general, the leaders prepare a complete document, with protocols for moments of crisis, challenges and difficulties. They also include an action plan establishing goals, deadlines, persons in charge and other well-defined guidelines that will guide managers in crucial moments.
Therefore, having growth strategies is essential for any level of business, whether you are a consultant, an entrepreneur, manager of a large company or a small establishment.
However, it is important to understand that reaching this set of strategies requires time to achieve the expected results. Furthermore, it requires patience, dedication, resilience, a lot of persistence and a good dose of emotional intelligence , in addition to other skills to achieve prosperity in business.
What growth strategies for a company?
If the intention is to promote the project’s progress and improve the company’s management, there are some actions capable of giving direction to the business and preparing it to face the challenges.
Obviously, if the organization’s purpose is for significant and scalable growth, it will be necessary to set short-, medium-, and long-term goals.
Most importantly, keep in mind that growing a business doesn’t happen overnight. On the contrary, it is a process that requires dedication, calm and patience, as, in some cases, it takes time.
So, check out the 12 growth strategy tips we’ve prepared. They can be useful for companies that want to “move up the ruler” of business.
1. Discover the company’s differential
Start a self-analysis process and find out: how is your company different from the competition? What characteristics distinguish it from others? By answering these questions, the leaders direct the organization towards growth, because, by offering something different, it stands out in the market.
Still, what is the company’s differential that puts it on another level? It can be the service provided, the products and services offered, the credibility gained by the trajectory or the use of technology. Therefore, try to know and understand the needs of your customers to offer them the best solution for their pain.
2. Know your audience
Another necessary reflection to develop growth strategies is: who does the company want to serve? When the organization recognizes the target audience of the business, it understands consumption habits and demands.
In addition, by knowing her audience, she can develop methods to meet the needs of customers, offering what they are looking for. After all, a company’s clientele is its best calling card, isn’t it?
3. Don’t be intimidated by the competition
This rule is essential for anyone who wants to grow. Therefore, it is essential to know who your competitors are in the market in order to be better than them. To do this, keep an eye on what your competition is doing.
Remember that while your company is looking to innovate and stand out in the market, others are doing the same thing. So, don’t miss the opportunity to position yourself well in the segment in which you operate.
But how to be superior? Adding value to the business, discovering competitors’ weaknesses and working towards a competitive advantage. All this in accordance with good business ethics, of course.
4. Know that customer satisfaction matters
Totally, since without customers there is no business. They are the organization’s raison d’être, responsible for providing income and profit. Therefore, companies that want to grow should not lose focus when it comes to customer satisfaction.
In this context, it is not uncommon for companies to neglect the quality of their products and services when they decide to expand.
Keep this golden rule: growing at any cost is not the best strategy when it compromises the quality of your products/services or weakens the company’s relationship with its target audience.
5. Seek to make commercial alliances
Many companies consider making commercial alliances when they want to drive the business. This is common practice in the corporate world, as a strong and well-executed partnership can leverage sales and expand earnings.
In addition, commercial alliances make it possible to expand the company’s field of activity and gain new customers. But who are the actors in these possible alliances? The possibilities are many.
Therefore, look for partnerships with investors, manufacturers, suppliers, brand promoters or someone who resells their products or services in exchange for a commission.
6. Invest in valuing employees
Companies don’t grow alone. In their expansion trajectory, they count on people committed to the same purpose, that is, their employees. Therefore, investing, valuing and motivating your teams are good growth strategies. So, seek to develop mechanisms that prove your importance in the company.
In this sense, good tools to increase engagement are bonus and performance reward campaigns. But don’t forget to practice transparency in actions. For this, many companies use the technology of dashboards installed on the desktop to report, in real time, business metrics.
In addition to clarity in the processes, it is also important to recognize achievements. Thus, everyone will know that individual effort contributed to the growth of the business, resulting in more motivation and engagement.
7. Keep company finances balanced
If the objective is to have growth, it is necessary to invest. When the company’s financial health is not going well, it will certainly have difficulty expanding. Therefore, it is essential to keep accounts up to date, adjusting income and expenses, observing deadlines for receipt and payment.
Also, have an organized cash flow, consistent with decision-making. Also, identify bottlenecks, process failures and possible waste. Finally, don’t forget to control working capital to keep the company out of the red.
8. Be aware and don’t waste opportunities
Opportunities arise when you least expect them. Therefore, it is necessary to observe the scenario and realize when there are advantages to be achieved.
Thus, when an opportunity presents itself, the company must know how to develop competitive actions, innovative processes, timely products or services that serve its customers in an assertive manner.
9. Don’t lose focus
First of all, be clear about what you want to achieve, as well as how and when. Furthermore, it is necessary to focus so as not to lose sight of what the company intends to do, knowing what its goals and plans are. Thus, everyone directs efforts towards the common goal: the organization’s growth.
10. Be able to delegate and monitor
It is necessary to manage intelligently. In this sense, having employees side by side with leaders represents the best scenario for the company’s growth.
Therefore, learn to delegate responsibilities and monitor the performance of actions. If necessary, make adjustments. The important thing is not to waste time and energy with fruitless strategies that do not bring effective results.
11. Propose and anticipate trends
Watching what your competition is doing is also important to creating and anticipating trends. Therefore, get to know your operating segment well and invest in what can be success up ahead.
Here, the objective is to anticipate and develop innovative and quality products and services to offer its customers.
12. Promote the integration of your teams
Companies are gears and employees are fundamental parts for them to function well and better. Therefore, leaders need to establish a connection with their subordinates, integrating teams whenever possible.
So keep the processes clear, share decisions and strategies, show results. When everyone paddles together, it’s easier to beat the current and reach the goals.
Partnerships for company growth
Forming alliances and partnerships for the company’s growth is an interesting and very common strategy. Furthermore, there is no right time to develop a partnership.
So, if in the company’s scenario, you notice the lack of tools and support to provide consultancy, that there is a desire to expand the customer base, but you do not have knowledge in marketing and sales, that you face challenges imposed by the seasonality of the market and that you have willingness to participate in a community to support the micro-entrepreneur, this may be an indication of the need to seek partnerships.
But who are these likely partners to implement growth strategies? The options are many. In general, organizations are looking for coaching professionals, consultants, sales representatives or small companies interested in exchanging experiences and growing together.