Continued from last Monday
Steps to developing a growth plan for your business
“Work smarter, not harder” has never been a more appropriate motto. Rather than being overwhelmed, the best leaders have figured out how to overcome the complexity it takes to generate market growth. They have a growth plan. Leaders must rethink how they source leads, manage pipelines, and harness their resources to grow their businesses more effectively.
Planning on a growth plan is one of the most critical components in today’s business world. After all, it is the only method available to create new opportunities, and new revenue in a systematic and sustainable manner. It is also one of the least understood.
Business owners and leaders need to combat disruptive changes to grow revenue. They do this by developing growth strategies to concentrate scarce resources on the few options that matter. This is called a growth plan. It is not a business plan. A business will not succeed or fail based on the information provided in a growth plan, but a growth plan will help a business become successful through focused planning and forethought on the only thing that matters for revenue generation – the customer.
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Here are a few things to consider in driving and developing a growth plan for your business:
However, there are common mistakes you can encounter in developing a growth plan:
Not measuring the success of the growth plan: Once you have the growth plan in place and the new strategy has been launched, it is inevitable that conversations start to fade away after an initial burst of excitement and curiosity. A few months down the road and you have no idea if things are on track. Both quantitative and qualitative factors need to be used when measuring sales strategy execution – along with a clear focus on what defines success. This work has to be done at the outset, before launching the new strategy.
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In summary
Tactics are where the rubber hits the road. Overloading on tactics can have a demoralizing effect as you end up not doing anything particularly well.
So how do you get it right? By doing a quality check on the overall growth plan, you will be better suited to allocate your limited resources in an 80-20 manner to achieve your growth.
Remember, with your growth plan, don’t try to do too many things at once. You’ll end up not doing any one thing particularly well. But with a more measured approach, you’ll know that you’ve forged the balance when each tactic is worth the cost to your resources.
Concluded
