You’re ready to take your business to the next level and you’re convinced of the need for a growth strategy…if only you knew what that was! Just as your mission and vision generate a landmark on the horizon toward which you stretch, a smartly selected strategy determines your approach to growing your business.
If an informal poll were conducted during which small business entrepreneurs were asked about their growth strategy, it might sound something like this:
- Hmmm, I don’t really know.
- Work really hard until the business gets where I want it to be.
- I’m not sure. Guess I’ll figure it out along the way.
- Keep putting one foot in front of the other.
- Cross my fingers and hope for the best.
It would be followed by nervous laughter as we come face-to-face with the reality of the missing growth strategy.
Although there is incredible power in the honesty of the small business owner to take their business to the next level — if only by brute force — what makes their job so much easier is a growth strategy.
What is a Growth Strategy?
Strategies are a pattern of moves or approaches designed to produce the successful performance you desire. They clarify priorities and prioritize actions. Strategies guide decision-making, save valuable resources, prevent you from squandering time and money on the wrong projects or pursuing the wrong market, prevent conflicting priorities, and clarify activities.
A “growth strategy”, then, is a pattern of moves that establishes how you will grow your small business.
Small businesses, in particular, are easily influenced by even the slightest changes in the marketplace. Whether it’s the loss of a key client, changes in technology, or a new competitor, minor fluctuations can have a major impact on cash flow.
An unplanned short-term reduction in cash flow, unfortunately, is the demise of many small businesses. That’s why your growth strategy, and subsequent growth plan, is critical for the growth — and survival — of your small business.
It’s no longer enough for your business to be profitable; your business also needs to grow.
Ready to Grow?