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7 major stages of development strategy that work immediately
If only half the startups survive beyond five years and only one-third make it to 10, what can you do to make your company sustainable? The answer is definitely to create a growth strategy for your business.
A development strategy involves only imagining long-term success. If you don’t have a solid plan, you’re actually losing business – or you’re increasing your chances of losing business to competitors.
Intentional is the key to any development strategy. Find out the rate-limiting step in your development, and put as much fuel as possible on fire. But for this to be profitable, you have to take the following steps:
1. Establish a value proposition
To maintain long-term growth for your business, you must understand what sets it apart from the competition. Identify why customers come to you for a product or service. What makes you relevant, differentiated and reliable? Use your answer to explain to other consumers why they do business with you.
For example, some companies compete on “authority” – the Whole Foods Market is the definitive place to buy healthy, organic foods. Others, such as Walmart, compete on price. Find out only the special benefits you offer, and forget everything else. If you deviate from this offer, you can only afford to devalue your business.
2. Identify your ideal customer
You got into business to solve a problem for a certain audience. Who is that audience? Is that audience your ideal customer? If not, who are you serving? Let your ideal customer down, and return to this audience with adjusting the business to encourage growth.
3. Define your key indicators
The change should be measurable. If you are unable to measure a change, you have no way of knowing whether it is effective or not. Identify which key indicators affect the growth of your business, then dedicate time and money to those areas. Furthermore, A / B testing properly – making changes over time and comparing historical and current results is not valid.
4. Verify your revenue streams
What are your current revenue streams? What revenue streams can you add to make your business more profitable? Once you identify the potential of new revenue streams, ask yourself if they are sustainable in the long run. Revenue streams are not necessarily linked to some great ideas or cool products. Be careful to separate and understand the difference.
5. Look at your competition
No matter your industry, your competition struggles with your company. Look for similar businesses growing in new, unique ways to inform your growth strategy. Do not be afraid to ask for advice. Ask yourself why your competitors have made alternative choices. Are they wrong? Or is your business positioned differently? The notion that you are smart is rarely right.
6. Focus on your strengths
Sometimes, focus on your strengths rather than trying to improve your weaknesses – can help you set up development strategies. Reproduce the playground to suit your strengths, and build on them to develop your business.
7. Invest in talent
Your employees have direct contact with your customers, so you need to hire people who are motivated and motivated by your company’s value proposition. Be cheap with office furniture, marketing budgets and holiday parties. Hire some employees, but pay them a ton. The best will usually stick around if you want to cut your compensation during slow periods.
(Disclaimer: The above press release comes to you under an arrangement with Newsvoir India and this publication takes no editorial responsibility for the same.)
