Developing a Business Growth Strategy: How to Scale Business Effectively in the Current Times

December 21, 2021  |  By Phoenix Management  |  4 Minute Read

With 2022 quickly approaching, many companies are looking to grow and scale their business in order to remain well equipped to weather any future business disruptions, likes those that came with the COVID-19 pandemic. However, growing a business successfully requires an effective growth strategy that takes all potential considerations into account.

Ninety-two percent of small businesses reported that they had to “reinvent themselves” in order to maintain normal operations through COVID-19. Due to the pandemic, supply chain issues and labor shortages disrupted business globally, forcing companies to diversify their operational and growth strategies in order to survive. The following are three key areas to consider when planning a growth strategy during this transitional time.

Create a Strategic Plan with Focused Efforts

Naturally, the majority of companies are, in theory, looking to grow but some leadership teams may feel overwhelmed and don’t know where to begin. To start, understanding industry growth rate in order to strategize company objectives will help in creating achievable milestones. According to economic experts, company growth can vary, but typically falls within 2-4% and can be calculated through various indicators such as return on equity, earnings per share, and/or revenue.

Using a reasonable rate, concentrate on self-assessing your company to help set prioritized efforts to stay on track. Identify strengths, weaknesses, opportunities, and challenges to define the purpose and goals. Bringing in team members to assist in the process for additional perspective can also help in the decision-making process.

When creating the framework for your strategic growth plan, don’t strictly focus on the objectives but also make an action plan and steps to help reach your companies’ milestones. Make sure to take advantage of the market research available and observe industry trends as well. Utilizing this research will assist in building the road map of how you are going execute your plan.

When embarking on opportunities for growth, ask how the actions you’re taking help meet goals. Strategic planning and decision-making will keep you focused on the objectives you’ve set and documenting the process will assist in future company plans.

Develop Partnerships that Become Life-Long Relationships

Data shows that 55% of customers’ trust in the companies they buy from has decreased over time, and 69% of customers state that they don’t trust advertisements. Due to this, engaging with clients and partners has become imperative in current times. Experts say that marketing messages had a significantly better chance of reaching customers when it came from an employee, rather than direct from the company. Creating these deeper relationships will lead to an increase in brand authenticity, trust, and loyalty and contribute to growth as a result.

Remaining consistent with company communication will also establish brand recognition and boost growth potential. Fifty-two percent of new brand discovery happens on public social media feeds and utilizing social media analytics can help in understanding audience and how to market towards them.

Consider using a content management system (CMS) platform to gauge interactions while building engagement through social media. Syncing this with your customer relationship management (CRM) can drive leads and growth. Ensuring your team has the right tools and systems will allow your company to utilize better workflow processes, cut down on processing time, and scale the business. With information being gathered and processed at faster rates than ever before, making sure your company is prepared is vital. Digitization is increasing across various industries and adapting to existing and emerging technology will help a company’s growth.

Partnerships between businesses can also create mergers and acquisitions. Mergers and acquisitions (M&A) allow companies to diversify in their offerings. This becomes mutually beneficial to both parties as it can expand the product and services available. Additionally, both companies are able to reduce costs and overheads through a M&A. These types of partnerships create long-lasting value and more room for growth.

Look to Experts to Help Guide Growth Initiatives

The road to growth is complex, and executing growth plans can be challenging. But having the right knowledge and experience on your team can make a difference.

Consider looking to experts to help guide you on your company’s growth journey. A third-party perspective can aide in the planning and implementation process allowing for a fresh outlook. The right strategic advisors are able to partner with you and bring immediate value and expertise in areas like operations, finance structure, sales, marketing, and more.

Services that an experienced advisor can bring include:

  • Business/Operational Assessments – Assessments that identify all of the various challenges encountered throughout operations.
  • Interim Management – Temporary management that offers extensive expertise and provides both strategic and tactical support to management needs.
  • Profit/Operational Improvement – Determining operational factors that contribute to or detract from profitability and identifying opportunities to improve performance.
  • Strategic Advisory and Business Plan Validation – Evaluating all of the strategic, operational, financial, and managerial elements crucial to a company’s success, and endorse an existing business plan or identifying risks, opportunities, and modifications.
  • Integration Services – Services where the advisor can act as an overall project manager, lead individual initiatives, or serve in an implementation role.
  • Financial Modeling, Planning and Analysis – Analyzing and interpreting financial and operational data in order to manage the business and make informed decisions.
  • Organizational Structure – Helping organizations put responsibility and skills sets where they best fit in the business.

Scaling Growth with the Right Partner

With potential supply chain and labor challenges ahead in 2022, scaling the growth of your business has become priority to achieve company milestones. Looking to experts for guidance on initiatives and creating a well-researched, strategic plan with focused efforts is the first step to growing. Developing relationships will allow you to strengthen partnerships as well as create a greater brand recognition for your company.

Choosing the right partner to help you ensure successful growth is crucial. Phoenix Management is uniquely able act as an extension of your team, and assesses the operations of enterprises, identifying weak points and key assets the business and determine how to position them for success. Phoenix helps its clients execute sound business plans, implement complex integrations, and develop financial plans that lead enterprises on a path to stable growth and sustainable success.

Contact Phoenix to learn more about scaling your organization efficiently and successfully

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