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Joyce Higashi – j-higashi.com

Joyce Higashi – j-higashi.com

Step by step: How to develop a growth strategy

Connor McVilly, September 15, 2023September 15, 2023

Regardless of what business growth strategies you decide to implement in your company, a prior planning process is necessary to guarantee its success economic growth.

This will allow you to develop the most appropriate strategies both to the context and to the particular needs of your business . Follow these steps to achieve it:

  1. Analyze the market
    The first step is to analyze the commercial context in which you will develop your strategy. This will help you determine if the desired growth is feasible in that specific market .

To carry out this study, you can use techniques such as surveys or focus group analysis with current or potential clients . This will help you define the budget and time necessary to complete the development.

  1. Set clear and realistic goals
    Once the market analysis has been carried out, it is time to define the objectives of your business growth strategy . This will allow you to define what aspects you are going to develop and what are the specific reasons that drive you to do so.

When setting these goals, it is essential that they are realistic, achievable and quantitative . The latter will allow you to know exactly if you managed to reach them or not.

Do you want to know how to set smart goals? Don’t miss: How to set sales goals and be successful?

  1. Create an action plan
    The next step is to plan the actions necessary to achieve the desired objectives. At this point, it is advisable to write a work strategy plan in a concrete and accessible way for all interested parties.

In this document you must include key aspects, such as:

Necessary actions and tasks;
Roles and responsibilities of each member;
Compliance deadlines;
Budget.
Planning the actions of your strategy is simpler than it seems. To go deeper, you can read: How is a sales work plan created? Step by step success guide .

  1. Define the resources you will need
    Finally, determine the resources to carry out your action plan . It is important to consider them in advance to guarantee the best strategy and avoid inconveniences during the implementation process.

These resources include everything from financing to necessary services or technological tools . For example, there are essential programs when carrying out development techniques such as sales systems or customer service software .

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