When your goals are to win the larger market share, even when you have to sacrifice the short-term profits, you will need to apply a Growth Strategy. Companies and organizations often incorporate one or more of the following strategies to satisfy their need for a Growth Strategy: product development, market penetration, market development and / or diversification.
What are some of the strategies?
Sell more of your current product(s) or services to your existing customers.
Explore new ways for your present customers to use your product(s).
Sell more of your existing product to an adjacent market or another borough, town, state or country-continent.
Pursue on-line customers or clients.
Develop new products to sell to your current audience.
Specific conditions might allow you to create new products for new customers.
More complicated:
Buy out one or more competing business.
Buy out one of your suppliers.
Buy companies that are profitable.
The Growth Strategy will move your potential growth across the entire line of your products and geography. It is extremely important to communicate the growth strategy with every component of your organization. There is no other way that the plan will work. It is also important to connect the dots with your long-term strategy, because this plan might not work today, but you can build on it, make the needed adjustments and make it extremely effective for the future
Many believe that your Growth Strategy is all about what not to do, and the challenge is not get too hang up on the new, shiny objects and want to know all about them, analyze them, understand them and apply them. In fact, growth strategy is about focus. You need to differentiate yourself and be a choosy picker from the dozen of things you can do, and instead, focus on the one or two. Focus is the force behind your Growth Strategy.
Now it’s your turn, does your organization have a growth strategy? Please share your thoughts in the comments section below.
Until next time,
Yours truly,
Tommy Antonopoulos, Blogger for OfficeTime
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