Growing a business must be based on a clear and effective strategy and roadmap, fully aligned to the success goals for the founder/founding team. There are several models that can be used to focus growth activities and investment, and planning starts by understanding what proportion of your time should be devoted to one or more of these paths.
This decision will be strongly influenced by your levels of ambition, funding, innovation, and most critically, identified areas of strong competitive advantage. Translation of such advantage into a compelling value proposition is the key to successfully scaling your company.
You then need a laser focus on your target audience, underpinned by a deep knowledge of their needs and wants, and which marketing tactics give the best ROI in terms of cost of acquisition and lifetime value.
Growth planning is also about managing risk and change, and ensuring that you have addressed or mitigated any threats or weaknesses in your business before embarking on growth.
YTKO will help you through all steps of this planning process to get you ready for growth. Alternatively, you can sign up for one of our Growth Accelerator courses, and work alongside peers at the same stage of the journey as you, with all the additional benefits that brings. Or if you’re into self-help via e-learning, GrowSmart will take you through every step of the way.