logo
  • Learn more about
    Internet Banking
  • individual
    LOGIN
  • business
    LOGIN
  • HOME
  • LOANS
  • WAYS TO BANK
  • PRODUCTS & SERVICES
  • FIND US
  • ABOUT US
  • BLOG

7 KEY STEPS TO DEVELOPING A BUSINESS GROWTH STRATEGY

  • You are here:
  • Home
  •  
  • 7 KEY STEPS TO DEVELOPING A BUSINESS GROWTH STRATEGY
  • 05JAN
    0 Comments
    7 KEY STEPS TO DEVELOPING A BUSINESS GROWTH STRATEGY

    7 KEY STEPS TO DEVELOPING A BUSINESS GROWTH STRATEGY

    The dream of every SME in Nigeria is to grow beyond a small business into a bigger business with chains of outlets serving both local and international customers. However, research has shown that only half of start-ups survive more than five years, and not more than one-third make it to ten years. With this in mind, the best thing to do as an SME is to ensure your business is sustainable and can stand the test of time; then to create a growth strategy for your business.

    This strategy details your business goals and defines your plans for meeting those goals. It’s a road map showing the goals you’re striving to meet, how you’re planning to meet them, and when you’re planning to execute. You need to adapt this strategy in order to smooth out your business’s inefficiencies, refine its strengths and better suit your customers.

    As an SME looking to grow your business, the key steps below will help you develop a business strategy that can sustain your business for a very long time.

    Define short- and long-term goals
    The first step in writing a business strategy for business growth is to simply document the goals you hope to achieve in the next five years. Well-chosen goals point a business in the right direction; this can be both small and large and can be either specific (increase revenue by 20%) or general (increase brand awareness). Here are some examples:
    • Increase product offerings
    • Grow organic site traffic
    • Open a second store
    • Increase sales

    Define timelines
    Once you’ve defined your goals, then it is time to set timelines for achieving your growth strategy. Timelines can be set by goal priority or in sequence. For example, your top priority goal may be to open a second store. But meeting that goal requires that you first increase sales at your existing store by 15% to cover the operational, staffing, and inventory costs of your second store. Even if increasing sales at your existing store is a lower priority, it needs to be executed first in order to achieve your highest priority goal of opening a second store.

    Establish a value proposition
    For your business to sustain long-term growth, you must understand what distinguishes it from the competition. Identify that unique factor that attracts your customers to you for a product or service. What makes you relevant, differentiated and credible? Your answer will determine your value proposition; this is the value your business adds to the customers and therefore explains why they should do business with you.

    Define your key indicators
    A strategy must be measurable in order to know whether it’s effective or not. To achieve a growth strategy, you need to identify which key indicators affect the growth of your business, then dedicate time and money to those areas.

    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 potentials for new revenue streams, ask yourself if they’re sustainable in the long run. Some great ideas or cool products don’t necessarily have revenue streams attached. Be careful to isolate and understand the difference.

    Check your competition
    No matter the industry your business falls under, there’s a possibility that your competitors could be excelling at something that your company is struggling with. Look toward similar businesses that are growing in new, unique ways to inform your growth strategy. Don’t be afraid to ask for advice. Ask yourself why your competitors have made alternate choices. Are they wrong? Or are your businesses positioned differently? The assumption that you’re smarter is rarely correct.

    Focus on your strengths
    Sometimes, focusing on your strengths can help you establish growth strategies rather than trying to improve your weaknesses. Reorient the playing field to suit your strengths, and build upon them to grow your business. You can use the data from your key indicators and revenue streams to create a personalized growth plan. That way, you’ll better understand your business and your customers’ nuances, which will naturally lead to growth.

    When you tailor your growth strategy to your business, you’ll keep your customers happy and fulfil their needs, which will keep them coming back. As your customer base grows and market demand increases, your business automatically grows to become bigger than how you started.

    • Posted by HeritageBank
    • General

RECENT POSTS

Ex-BBN Housemates recommend Octopus for seamless operations »

February 11, 2019 : 0 comments

Heritage Bank partners Vanguard Media to drive inclusive economic growth »

January 18, 2019 : 0 comments

Heritage Bank promotes sport in partnership with Para-Powerlifting Federation »

January 15, 2019 : 0 comments

Heritage Bank MD addressing the students
Heritage Bank set to deepen full steam retail banking, sustainable growth »

January 10, 2019 : 0 comments

Mug competition: Heritage Bank partners Ikoyi Club 38 »

December 31, 2018 : 0 comments

Heritage Bank backs AFRICANMED to curb huge foreign exchange expend on medical tourism »

December 13, 2018 : 0 comments

Heritage Bank promotes culture, as winner emerges at 42nd edition of Miss Nigeria »

December 2, 2018 : 0 comments

Heritage Bank calls for increased govt, banks’ support in Agriculture sector »

October 30, 2018 : 0 comments

Heritage Bank backs global movement for affordable solar street lights »

September 9, 2018 : 0 comments

AMVCA Awards: Heritage Bank, Multichoice boost Africa film industry »

September 5, 2018 : 0 comments

  • Account Opening

    Get account opening requirements

  • Contact Us

    Get in touch, make a complaint

  • Ways to Bank

    Transact banking how you want

Heritage Bank Plc

As your Timeless Wealth Partner, we hold firmly to the belief that the capacity for immense wealth lies in you.

  • 292B Ajose Adeogun
  • Street,
    0700-HERITAGE
  • Victoria Island
    +234 1 236 9000
  • Lagos, Nigeria
    info@hbng.com

Latest Posts

  • bvjhbvm about 11 hours ago
  • Heritage Bank set to deepen full steam retail banking, sustainable growth 8 days ago
  • Mug competition: Heritage Bank partners Ikoyi Club 38 18 days ago
  • Heritage Bank calls for increased govt, banks’ support in Agriculture sector 3 months ago
  • Heritage Bank backs global movement for affordable solar street lights 4 months ago
  • AMVCA Awards: Heritage Bank, Multichoice boost Africa film industry 5 months ago
  • 1,000 entrepreneurs storm Heritage Bank’s Next Titans audition in Lagos 5 months ago
  • Heritage Bank wins international and local prestigious awards in Agric, SME 5 months ago
  • Heritage Bank, HIS, Tuchi partner to provide affordable mass transit in Lagos 5 months ago
  • Heritage Bank achieves PCI DSS Version 3.2 recertification 6 months ago
  • Whistleblowing
  • Terms and Conditions
  • Integrity Statement
© 2018 Heritage Bank Limited. All Rights Reserved
Top