For any business to survive, growth is very fundamental. Business growth and survival stats are brutal with records showing 20 percent of new businesses fail during the first two years, 45 percent of them failing with the first five years and 65 percent during the first ten years. Those numbers are consistent across roof replacement and other industries. This means for survival of a business to take place; you need to have a concrete growth strategy. A growth strategy allows companies to expand their businesses. Growth can be achieved through different strategies such as adding new locations, investing in good customer acquisition or expanding on your product lines.
If you are looking forward to grow a company successfully, here are some of the key strategies you can put in place.
Use a growth strategy
You should never hit the ground running without planning out and documenting the steps for your growth strategy. Work on choosing your targeted area of growth. It is great you want to grow your business but what exactly do you want to grow? Your business growth plan should hone on specific areas of growth. Some of the key areas can be growth in employee headcount, expansion f current office, retail or warehouse space, etc. It can also be about adding new locations or branches to your business. Another way can be adding new products and services, growth in revenue and profit as well as growth in customer base and customer acquisition rate. It is also a possibility that you combine more than one strategy to achieve your goal.
Conduct Market Research
After you have chosen what you want to grow, you will need to justify why you want to grow in this area. You will also decide if growth is even possible. This means you need to conduct research on the state of your industry to determine if your desired growth is both necessary and feasible. You can include running surveys and focus groups with existing and potential customers, or even digging into existing industry research. The knowledge and facts you uncover in this step with be great in shaping your expectations and growth goals and help you come with a budget, timeline and ultimate goals.
Set Growth Goals
Once you have made determination on what’s you are growing and why you are growing, the next step is to determine on how much you will be growing. The goals you set should be based on your end game and aspirations of where you ideally want your organization to be. Those goals should also be achievable and realistic, and this is the reason you need to set goals based on industry research. You also need to take steps to quantify your goals in terms of metric and timeline. It is very important for you to plan your course of action. This means you need to come up with a growth strategy plan which should contain a list of items, deadlines, teams and other allocations to achieving your goals.