Before you design your business growth strategy, you will need to take a good look at where your business finds itself today and what resources you have available.
You can determine your resources by asking questions like:
- How much money do you have?
- Do you have the necessary expertise?
- Do you have the right staff in place to manage growth?
Your business growth strategy will have to consider the following:
- Your ambition
- The sector or industry that you operate in
- The performance and growth strategies used by your competitors
- Your current and potential customers
- How much money you have available to grow
Your business must first be successful before you can start thinking about growth.
This means that after starting your business, your profits should be enough to cover all your costs and expenses. If that is not the case, you need to tackle that issue first before moving on to growth.
Once you have tackled the basics, you will start seeing improvements in your business. You will start to retain more customers, attract new ones, and see your profit increase while your expenses remain manageable.
You also need to be absolutely certain that your business has met the two criteria that are required before you can start growing and maintain growth.
This ebook contains a step-by-step approach to show you how to design a customised growth strategy for your business.
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