Editor's Note: Take a look at our featured best practice, KPI Compilation: 800+ Corporate Strategy KPIs (186-slide PowerPoint presentation). This presentation is a comprehensive collection of Key Performance Indicators (KPI) related to Corporate Strategy. A KPI is a quantifiable measure used to evaluate the success of an organization, employee, or process in meeting objectives for performance. KPIs are typically implemented [read more]
What Businesses Should Do to Grow Sustainably
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Most business owners want to grow their business at some point or other.
However, if you do not grow sustainably, it can lead to problems later down the line. You need a clear plan and strategy in place to grow sustainably. An impressive 88% of UK companies feel optimistic about their business growth for this year.
Here is how to grow your business sustainably and confidently.
Plan Your Growth
You can never be too prepared in business. Forecast your results accurately and anticipate any challenges you may face down the line. It’s crucial to analyse how your future revenue will look as well. Once you have started strategizing, you can begin to make investments that will promote future growth. For example, before you hire new employees, you need to make sure you can sustain these costs in the future. Planning will provide sustainability and confidence in your business growth.
Spontaneous growth isn’t always a good thing. For example, if you hire too many employees and have the same amount of work coming in, you will struggle to pay their salaries. Ensure your investments coincide against the forecasts of the business’s status.
Ethical Investing
Be aware of the impact your business has on the world around you. Ethical investing is becoming imperative for investors and industry leaders. Use a holistic approach to drive more investment into sustainable assets that will positively impact the world and reduce your business’s damage to the environment.
Consider investing in energy efficiency, water, waste and recycling, education, and healthcare.
Many businesses are incorporating sustainability into their fundamental values to present a positive brand image to society. After the year we have had, companies need to regain the trust of society, consumers, employees, and communities. Try partnering with governments, customers and civil society to contribute to your local community.
Clients
Taking on new and more significant clients is an essential part of any business growth. However, it’s crucial to find a balance between dedicating your resources to existing clients and new business. Clients, which are too big for your capacity, can negatively impact your growth and service quality.
Watch out for clients that are underperforming and resisting growth. They might not be suitable for your business, and it may be time to move in separate directions. Holding on to individual clients can slow down your business growth.
Customers
It’s easy to lose sight of your core values when you are busy growing your empire. But – you can’t sustain that growth without solid foundations and sustainable fundamentals. Make sure you have an excellent supply chain management and streamlined customer relations system in place.
Customers are at the centre of your business and shouldn’t be forgotten. Put a plan in place to improve your customer service as your sales and income increase.
41-slide PowerPoint presentation
The reality is: all businesses face the challenge of achieving sustainable Growth. They need viable Growth Strategies.
So, what is Growth Strategy?
It is the organization's high-level Corporate Strategy Plan that outlines everything the organization needs to do to achieve its goals for [read more]
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Gain the knowledge and develop the expertise to become an expert in Strategy Development. Our frameworks are based on the thought leadership of leading consulting firms, academics, and recognized subject matter experts. Click here for full details.
"Strategy without Tactics is the slowest route to victory. Tactics without Strategy is the noise before defeat." - Sun Tzu
For effective Strategy Development and Strategic Planning, we must master both Strategy and Tactics. Our frameworks cover all phases of Strategy, from Strategy Design and Formulation to Strategy Deployment and Execution; as well as all levels of Strategy, from Corporate Strategy to Business Strategy to "Tactical" Strategy. Many of these methodologies are authored by global strategy consulting firms and have been successfully implemented at their Fortune 100 client organizations.
These frameworks include Porter's Five Forces, BCG Growth-Share Matrix, Greiner's Growth Model, Capabilities-driven Strategy (CDS), Business Model Innovation (BMI), Value Chain Analysis (VCA), Endgame Niche Strategies, Value Patterns, Integrated Strategy Model for Value Creation, Scenario Planning, to name a few.
Learn about our Strategy Development Best Practice Frameworks here.
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About Shane Avron
Shane Avron is a freelance writer, specializing in business, general management, enterprise software, and digital technologies. In addition to Flevy, Shane's articles have appeared in Huffington Post, Forbes Magazine, among other business journals.
