November 3, 2023
In a dynamic and competitive market, the only thing that is constant is change.
For business owners, growing a business is like surfing a constantly changing wave — if you're not flexible, you'll be wiped out.
Yet, many companies make these mistakes that make them to be obsolete:
To address these challenges, businesses require a robust yet straightforward company growth strategy that adapts to their changing landscape. A solid strategy is a plan that defines how a company aims to expand and succeed with a range of approaches.
Why is it important?
If you need guidance to craft a robust business growth strategy, utilize this concept:
This concept encompasses seven key elements to create the differentiation and obstacles that allow you to dominate your niche in the market. It is designed to help businesses develop and execute an effective growth strategy and ensure that their teams are aligned with the goals.
How do you utilize it? You have to answer a series of strategic questions and put those answers into the right parts of the One-Page Strategic Plan (OPSP).
Here are the seven questions designed to guide your critical strategic choices:
Developing unique and memorable messaging is key to capturing the attention of your audience and standing out in a crowded marketplace. Similar to how Google is synonymous with the word “search”, what kind of impression do you want to leave on your customers?
Create a list of powerful, resonating words that define your brand. Ensure that your messaging reflects these words consistently across all marketing materials and communications.
Brand promises are commitments you make to your customers; they define your business niche and how you compete. For example, AirAsia promised that “now everyone can fly” and Kopi Kenangan promised that “you have the best coffee experience”.
You have to clearly define the boundaries of your market or industry "sandbox." Align your products, services, and customer experience with the promises you make to your customers.
Most customers make their first purchases with curiosity and skepticism; some avoid buying from your brand out of fear. How do you help them overcome these obstacles?
Create a mechanism that assures customers that you will fulfill your brand promises with actionable guarantees! Develop a guarantee or warranty that shows your commitment to delivering on your brand promises, such as a 30-day return policy or a full refund for unsatisfactory experiences.
Summarize your business's core strategy in one phrase or sentence. Make it clear, memorable, and actionable.
Look no further than Apple's 'closed architecture’. This strategy has made it highly profitable and serves as a strong defensive tactic against rivals like Google and Microsoft with open systems. A concise strategy statement simplifies decision-making and goal alignment throughout the organization.
A company can outperform rivals only if it can establish a difference that it can preserve. How do you build a competitive edge for your business?
Set your business apart from your competitors with 3 to 5 key activities or strategies, then invest resources to enhance these activities. For instance, IKEA's flat packing method lowered shipping costs, making it a popular choice for global customers.
To create a powerful market position, you have to identify your business’ unique, unbeatable advantage that enables eXponential growth!
Ask yourselves: What do I dislike most about my industry? What's holding back the company? It might be a significant cost or time factor or negative industry norms that everyone is oblivious to. Create a solution out of it, and you are ready to outperform your competitors!
All successful companies have a long-term vision that guides their operations. Yet when business owners establish long-term goals, they often use random numbers or vague aspirations that aren't connected to the company's core strategy.
Hence, you need to identify the company’s profit drivers and offer leaders a single KPI to closely track business progress. Motivate and align your team by establishing a Big Hairy Audacious Goal (BHAG) that they can work towards.
Kickstart your business strategy with the One-Page Strategic Plan (OPSP), a tool that contains the seven key questions mentioned above.
The first three columns focus on strategic thinking, while the last four cover execution planning. It also includes areas for summarizing your “Strengths, Weaknesses, Trends (SWT)”, and tracking key metrics related to your reputation (People) and productivity (Process).
The journey to success is not about avoiding rough seas but about learning to navigate your ship through the waves. A comprehensive and solid business strategy is like a lighthouse; it gives you guidance and makes sure you steer the ship in the right direction.
Craft a robust business strategy with the One-Page Strategic Plan (OPSP) and watch your business dominate your niche in the market!
Do you need some guidance and advice in developing and executing an effective growth strategy? Our business coach is ready to work with you — book a call today!
The Rockefeller Habits have helped over 70,000 companies scale up to millions and billions by uniting teams to strive for a common goal.
Want to witness extraordinary collaboration within your team? You need to have a common goal that unites them seamlessly!
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