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A growth strategy involves more than simply envisioning long-term success.If you don’t have a tangible plan, you’re actually business -- or you’re increasing the chance of losing business to competitors.You need to adapt your plan to smooth out your business’s inefficiencies, refine its strengths and better suit your customers -- who could be completely different than those from a vague, one-size-fits-all strategy.
Small Business Strategic Plan
A strategic business plan considers how a company plans to succeed with its mission.Before you can brainstorm about strategies for success, you need to know what it is you want to accomplish.This is established in the organization's mission and vision statements.Related: 5 Mistakes Successful Entrepreneurs Don't Make Twice No matter your industry, your competition is likely excelling at something that your company is struggling with. The assumption that you’re smarter is rarely correct.Look toward similar businesses that are growing in new, unique ways to inform your growth strategy. Ask yourself why your competitors have made alternate choices. Sometimes, focusing on your strengths -- rather than trying to improve your weaknesses -- can help you establish growth strategies.Some great ideas or cool products don’t necessarily have revenue streams attached.Be careful to isolate and understand the difference.What makes you relevant, differentiated and credible?Use your answer to explain to other consumers why they should do business with you.Reorient the playing field to suit your strengths, and build upon them to grow your business.Your employees have direct contact with your customers, so you need to hire people who are motivated and inspired by your company’s value proposition.