How to develop a business growth strategy
Whether you’re a start-up or an industry-leading established business, it’s always a good time to develop or improve upon a business growth strategy. In the UK alone, almost 60% of new businesses fail within the first 3 years – and with the economic challenges 2020 has presented, many established firms are also struggling to stay afloat. A strong business growth strategy can really help your firm to reach its full potential.
Why should you develop a business growth strategy?
Having a tangible plan in place will not only help you to stabilise your business for years to come but it could also help you grow in the competitive market you operate within. A growth strategy can also help you to set priorities and goals for the years ahead, allowing you to really focus on what matters most to you and your customers.
5 key steps to developing a successful business growth strategy
1. Understand what hinders your growth
First things first, you need to understand what might be hindering your growth in the current climate. From the coronavirus pandemic to an incorrect pricing structure or poor tax planning, there are a number of factors that could hinder your businesses growth. It’s important to come to terms with these challenges first so that you can set out actions to overcome them in your growth strategy.
2. Get to know your customers
Who are your customers and what do they really need from you? Whether you’re a B2B to B2C organisation, focusing on the demands of your customers will help you grow exponentially. After all, your customers are the most integral part of your business.
Understanding your demographic is also just as important. As customers grow older, their needs and wants might change so it’s important that your business can adapt accordingly.
3. Establish a strong USP
For your business to withstand the market in the long-term, and ultimately grow, you must have a unique selling point to set you apart from your competitors. Once you understand the needs and wants of your customers, developing a strong value proposition should be relatively simple.
Whether it’s your price point, the products or service you offer, or your commitment to sustainability, if your customers come to you for a reason, that’s the USP you should really focus on in order to grow.
4. Speak with an experienced business advisor
Once you understand your customers and your value proposition, you might look to appoint an experienced business advisor. At Alexander & Co, our business growth team are dedicated to helping your firm reach its full potential.
Our advisors are experienced with all aspects of business growth practices along with core accountancy services. They have many years of experience in executing successful business growth strategies and identifying any potential stumbling blocks. To discuss the growth of your organisation, get in touch with our accountants for growing your business.
5. Think about funding
Securing investment opportunities is another important step to growing as a business, not just for start-ups but also for industry-leading organisations. Our experienced business advisory team can also help you source profitable avenues of investment as part of your business growth strategy.
To get started with your business growth strategy, contact us today. You can call us on 0161 832 4841 or simply fill out the form below and one of our experienced advisors will be in touch.