To arrive at a comprehensive strategy for business growth, you must first seek to increase your understanding of all the different elements specific to your company as well as its position relative to other companies in it's categories and markets.
After establishing what needs fixing most within your company, ask yourself the following three questions:
This involves understanding as much about your business as possible, including how it operates internally, what drives its profitability and how it compares with competitors!
Reviewing all of these things will ensure that as a manager you are aware of the impact your decisions have on the company. You should also write down everything and review it periodically.
This step should be the foundation for a carefully-crafted business plan and keep it relevant in the competitive landscape.
Research your industry thoroughly (competitors, markets, industry trends) so that all of your information is accurate and truthful, setting the stage for all of the plans you create in order to best achieve your goals!
What job structure and leadership team will you need to bring this vision to life? Can you grow your business with minimal costs or do you need to recruit more staff and work on strategies aimed at improving efficiency while raising revenues?
Do you need an extensive social media presence or use other websites like Craiglist, Yelp, Youtube etc. where you can post videos and various advertisements for your product(s)? The answer could be a combination of any of those listed above but don't ever let anything get in the way of making all your dreams come true!
While keeping an eye on the future is crucial, if you structure your vision and plan around the notion of a dream that may not quite be attainable now, then you might end up losing focus as time passes.
Instead, our advice is to consider a more practical and achievable approach to your company's longer-term goals, with progressions that can be achieved sooner rather than later.
