Growth Strategy Plans Drive Business Success

A growth strategy plan is a cog that turns the wheel of any business. Without this plan, a business will flounder and inevitably fail. But, with the guidance of a professionally tailored strategic growth plan, a business can thrive and ultimately flourish.

Grasping the importance of strategic growth planning is what sets a business geared for success apart from one doomed for failure.

Sonja Shear

One has only to assess the formula for success adopted by top-performing corporations to appreciate the importance of a strategic growth plan.

The strategy is simple – the achievement of financial success based on a growth plan to grasp and then to adopt opportunities that match ambitious end-goals. Leading CEOs steer their corporations to ever-higher levels of achievement by adopting strategic plans that incorporate business change, growth and, ultimately, success. Almost, without exception, their achievements are guided by a professional and experienced business Growth Strategist.

A Four-Pronged Approach

A Growth Strategist works closely with key executives to develop and to maintain marketing campaigns that attract a larger customer base and drive up sales. The strategy is four-pronged:

1. Market Penetration - to increases sales of existing products or services and so increase market share. 
2. Market Development - focuses on previously unexplored markets.
3. Product Development - launches new products and services to stimulate increased turnover.
4. Diversification - launches new products and/or services on previously unexplored markets.

Avoiding Common Pitfalls

The failure of a business is usually the result of common pitfalls such as:

• Unrealistic growth objectives
• Leadership team mismanagement
• The inability to respond to changing market requirements and customer needs
• Failing to access new profit pools

Astute and insightful business leaders understand that employing a Growth Strategist as your executive business coach is essential to achieve improved market penetration and customer-base expansion. There are key elements that have to be adopted and implemented if a business is to achieve and then sustain growth. A business growth strategy defines customer identification, revenue streams, strengths and weaknesses and talent investment.

Conclusion

The impetus of a sustained growth strategy is fundamental to survival in today’s sophisticated and highly competitive business environment. According to a recent survey conducted in the UK, 66% of new businesses survive after the first two years. This is reduced by half after five years, while only 33% will still be in operation after 10 years. Those figures are consistent across most industries and serve to highlight the importance of a business growth strategy from the outset. By working with an Executive Business or Leadership Coach who will assist you in developing and implementing your growth strategy you can ensure your business does not just become a statistic.