Strategic Growth – 3 Ways to Accelerate It Now

Strategic Growth – 3 Ways to Accelerate It Now
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If You Want Strategic Growth, Your Leadership Team Must Think Bigger
If you want strategic growth, you must start with strategic clarity.  Our organizational alignment research found strategic clarity accounts for 31% of the difference between high and low growth companies.

Those that outperform their peers, think bigger.

How To Beat the Odds
There’s something seriously wrong with the way most companies conceive, design and implement their strategic growth plans if, as most studies say, only 1-in-10 strategic growth plans meet expectations. Companies need to do things differently if they want to succeed with their strategic plans.

Three Ways to Think Bigger for Strategic Growth
We believe leadership teams often have too narrow a scope at the beginning of the strategic growth planning process. To accelerate strategic growth, they need to think bigger.

1.  Start with Your Customer’s Customer, Not with Yourself
Instead of focusing inward on what the company can achieve , think about what your target market’s customers need and want to thrive.Let’s say you’re in the business of designing, manufacturing and selling automobiles. You have a top-selling sedan, but the competition is quickly catching up by replicating the features that put you at the head of the pack.

You could continue to invest in a sleeker car with more high-end gadgets, but you need to wonder if this is the right way to go. What is your target market calling out for?

Until your go-to-market strategy makes sense for your target market, it is difficult to accelerate growth.

2.  Develop a Strategic Growth Focus, Not a Series of Lists
Put together a strategic growth concept that underpins and drives all business decisions. You need to be crystal clear about your game plan for success.

  • Who are your target buyers?
  • How will you differentiate yourself from the competition?
  • How fast should you shift away from legacy products and customers?
  • Should you treat different regions and verticals differently?

Resist the temptation to move into strategic execution until your strategic growth plans are understood, believable and implementable by your key stakeholders.  It is far easier and more effective for your workforce to be guided by a clear and simple concept rather than by a series of actions that can confuse people and sometimes even compete with each other.

3.  Invest Where It Counts, Not toward the “Squeaky Wheel”
It is difficult and costly to “fight” on multiple fronts at the same time. To accelerate strategic growth, concentrate your most important resources where they will have the greatest impact.A few strategic growth moves with sufficient funding to be fully implemented are going to get you farther down the road than spreading your resources too thin. Make sure you align your budget with your strategic priorities.

The Bottom Line
To accelerate growth, keep the strategic priorities front and center.  Then actively involve all stakeholders in adjusting and delivering the strategy focused on your customers and the critical few things that matter most.

To learn if your strategic growth plans are clear enough to cascade across your organization, download 7 Strategic Clarity Warning Signs to Pay Attention To

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