Growth is still very much an option for many businesses. As part of a survey in Summer 2020 we looked at what businesses are hoping for over the coming 12 months.
This was a fascinating set of results. We were surprised, given the current general environment, at the number of businesses that were, in fact, focussed on growth and with 12% looking at more than 50% growth, that indicates that there are sectors out there in good health. The events of 2020 have bolstered the Technology sector, along with Pharmaceutical, E-commerce, Education, Food, Healthcare, Remote/Tele-anything, Supply Chain & Logistics.
Conversely 31% of the audience are arguably distressed with 25% concerned about their survival.
Those with intent to grow don’t always have a plan to grow, as our next question shows. We asked companies how they felt about developing a strategy.
Over 65% say the reason is lack of expertise or understanding! A huge amount of SMEs feeling they don’t know how to develop their own growth strategy. So for that reason we’ve pulled together some helpful links and resources on this very topic…
Guides to Growth Strategy Development
Link: Webinar on developing a Growth Strategy
If you’re looking at how to grow then this is a must watch. We team up with Senior Lecturer René Moolenaar to discuss the following topics:
- How to build a growth strategy
- Key tools to understand your markets
- How to decide where to focus
- Insight & advice on planning and execution
Link: Growth Tactics for Market Penetration
Taking the Ansoff Matrix as a model for growth and diversification, this free ebook works through multiple tactical activity to stimulate your own growth. It’s packed full of tips, advice and tools that you can use with your leadership or sales teams to take to market.
Reports and Benchmarks on Growing Companies
Link: Barriers to Growth: Strategic Planning
Barriers to Growth: Strategic Planning is an exclusive research projected by Lucidity and Thoughtstream, surveying business leaders in small to medium size enterprises. 94% of responders were part of the senior leadership team, with 75% of them being the primary leader, so it’s a fascinating insight into some of the challenges around growth and strategic planning. Take a read for advice, insight and benchmarking your own progress
Link: Barriers to Growth: Operational Strategy
The second survey in the Barriers to Growth series focused on the operational challenges that SMEs face in order to grow. It’s the same responders as Strategic Planning above, so you are once again getting a large sample of business leaders in order to benchmark your own growth operations against others. A must read for leaders!
A Price That’s Right
Link: Guide to Pricing Strategy
Pricing is a crucial part of growth. If yo get it wrong you could be missing out on substantial profits, or you may fail to entice any customer to purchase your offering. It’s a complicated subject with many ways to positioning yourselves in the market and many methods you can use to define your pricing. Some companies focus on their own costs, others look at their competitors, and others focus on the value they create for the customer.
Common Tools For Growth
Finally, there are common tools used to develop a growth strategy. We’d recommend you take a look at the following:
PESTLE Analysis
A great tool to map out everything externally that may impact your business.
Five Forces Analysis
A useful way to map out an industry to understand what pressure points are on your profitability.
SWOT Analysis
A helpful framework to list all strengths, opportunities, weaknesses and threats once you’ve completed the above analysis
Ansoff Matrix
A matrix based framework used to generate options for your growth planning.
Value Disciplines Model
A useful summary of your options on where to focus if you are looking to grow your business.
VRIO Model
A tool used to help establish your competitive advantage within a marketplace.
Four Corner Analysis
A helpful way to evaluate how competitors are operating and planning their growth.
