Do you see any signs of slowing growth after an impressive start to your business? Or have you perhaps found a business strategy that works, but now you’re wanting to accelerate growth?
These questions could be answered by you. Everyone wants their business to succeed. — for scale-ups it’s even in the name. You must create a strategy plan that can be implemented to help you grow.
The article below outlines three strategies that can be used today to drive growth in your company. All you need is a laptop- not even that – just a pen and paper and some time to put your ideas together.
Assessment Tool 1: Crisis Strategy Assessment
There is nothing that can stop business growth more than a crisis. Because your natural instinct is to fight; to minimize the destruction. The Crisis Strategy Assessment allows you to breathe, evaluate the situation and identify opportunities for growth.
Although this first tool is very common in current times, it can still be useful to encourage growth in your company. Any It is time. It allows you to take stock of your company’s current situation and assess it in order to plan.
An emergency can range from an international pandemic or a staff shortage to anything in-between. The Crisis Strategy Assessment tool is still applicable to any crisis that your company may be facing.
The tool helps you to break down the crisis and allows you to start maneuvering your business around it. The tool will ask you questions.
- WHow will crisis affect your industry, the world, and your business?
- Is the crisis going to impact your revenues?
- Is the crisis going to change your value proposition or create new ones?
- Which customer segments will be affected by the crisis and how can they relate to you?
- What will happen to distribution partners and channels in the wake of the crisis?
- What will happen to your resources in the wake of the crisis?
- What will the impact of crisis on your cost structure be?
These questions will help you to see the impact of crisis on your company and how it can be helped. Breaking down the crisis into small pieces makes it easier to navigate and recognize the potential for growth.
The end of Crisis Strategy Assessment ToolIf you are in the right place, then it is time to start creating a strategy. To help you create your strategy direction and facilitate the process, you can appoint part-time strategist directors if strategy isn’t a strength of your company.
“Test, measure, learn. It is the best way to understand what works best for your company and invest in the right area to get more efficient and achieve business growth.” – Irina Georgieva
Tool 2: SWOT Analysis
It is likely that this tool has been used in the past within your business. Your SWOT is an important part of business growth. You can only grow as a business if you are aware of your periodic growth with recognition of what has worked and what hasn’t, so you can make informed strategy decisions for your company’s future.
SWOT analysis is so simple and yet effective for strategizing as it requires you to assess your company’s strengths and weaknesses so you can quickly get an idea of where your business is at today. It is best to do this with your team and be honest.
This is the next step in SWOT. It allows you to see what opportunities your company might have and also to help avoid potential threats by planning ahead.
Similar to Crisis Strategy Assessment ToolSWOT can be a powerful tool to assess your business’ status and give you the basis for creating a strong strategic plan. This final tool facilitates the creation and execution of an actionable strategy.
Tool 3: MOST Analysis
The MOST analysis tool follows on from the previous two tools because once you’ve done your brainstorming and evaluation, you are now ready to create your strategy that will lead to business growth. MOST stands to stand for mission, objectives strategies, tactics, and strategies. Let’s look at how each of these relate to each other to create your overall plan:
Mission This section is for you as a company to determine where you would like to be within a certain timeframe (e.g. in a year’s time). Keep your mission simple, and define it in terms of turnover and profit. You can then evaluate the effectiveness of your achievement and set a time limit.
The Objectives You can now begin to map out your main goals and the actions your business must take to realize your mission. Your business must do what it takes to reach your goals for profit and turnover. You might consider objectives to be the steps on a ladder, if that is helpful.
Strategie This will allow you to start thinking about the ways that you could achieve them. Are there any avenues you might use that would help you achieve these goals? You should list at least two potential strategies for each goal so that your business has options.
Techniques: The creation of an action plan is what this means. Your tactics are the “who does what and when.” In order for you to achieve business growth you will need to delegate; and when there’s delegation, everyone must know what they are responsible for.
Every aspect is linked so that tactics can support strategies that deliver the goals that will help you achieve your mission.
The best way to inspire your business growth is by looking back at what has worked in the past. The Crisis Strategy Assessment and the SWOT tools are brilliant for evaluating your business and seeing what has and hasn’t worked in the past and where your business is now.
You can create an actionable strategy plan using the MOST analysis software. This will help you grow your business. After you’ve completed the plan, start implementing it. Keep your quarterly review of the plan to make adjustments if necessary to increase growth.