Business Strategy for Growth
Originally published: 18/09/2018 12:20
Publication number: ELQ-78102-1
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Business Strategy for Growth

A business strategy template to generate efficient and long-lasting growth

Description
Business plan and implementing a business strategy is more than simply achieving business goals. It inspires people to work hard, makes the team feel part of a purpose; it incites actions and ensures that activities happen. Simply constructed, effectively executed, a business strategy is a template for business success.

A business needs strategic thinking before any strategic planning. Real planning and growth strategies are founded on “Business Purpose”. The future of business is digital, so when business leaders start to formulate a business strategy they need to understand that customers, products, business operations and competitors are now digital. Is business strategy being replaced with digital strategy? And do companies have the sales and marketing skills to compete in a digital marketing world?

The success of a business strategy depends on the resources (financial, people, time) available to the business.

5 Step Planning Process

Imagine – what products or services
Dissect – data and customer feedback
Expand – market research and tasks
Analyse – results, information, investment
Sell – customer acquisition, marketing, sales

A business plan for growth should be grounded in your Business Purpose, Mission and Core Values, a solid business strategy will help you develop a plan of action and maximise your likelihood of success in achieving your vision.

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