DRIVING GROWTH AND SETTING STRATEGY
The evolution to incorporate strategic planning into a business model for growth develops when executives and boards are presented with several avenues to drive growth. Under these circumstances, strategic planning allows for two critical things to occur. Firstly, the options selected for growth are narrowed to those which optimise business growth. Secondly, the collective energy of the leaders, teams and other stakeholders is focused on the tactics used to achieve specific business initiatives.
The importance of having a strategy for growth
Businesses exist to connect people with other people or with services. The core elements of this connection can be visualised in a triangular depiction of products, customers and brand recognition being at each point of the triangle. Within the centre of the triangle is a cube which holds the operational processes or engine to power the connections between the points.
While avenues for growth exist at each point and also within the operational engine that powers growth, setting a strategy for growth, by its very nature, implies that neither the business nor its target market has unlimited resources, time or competitive advantage to maximise all growth opportunities. Under these circumstances, growth occurs not by accident but by deliberate action and planning.
A product growth strategy directs resources to expand different product options available to the customer, add enhancements to existing products or improve product reliability.
Oct-Dec 2024 Issue
FoxDen Financial Solutions