Growing your business requires considerable strategic planning to make decisions that align with the long-term goals of your organization, and to take the vital steps to execute your plan successfully. Various aspects need to be taken into consideration for the growth of your business. We believe there are 6 key dimensions to growing your business successfully, and all 6 elements are crucial.
As a leading business growth coach working with many small business CEOs, I have found that it is important to plan all aspects of growth simultaneously to unlock the path to greater success. This does not mean that you have to execute on all 6 dimensions at the same time because that would be challenging – but for your business to thrive and expand, you cannot just focus on one growth dimension in your planning.
Changes in your markets are inevitable, making it imperative for your business to devise survival strategies, implement growth plans, and expand market share by pursuing new and innovative growth opportunities. By evaluating the multiple dimensions of the Growth Cube, you will leverage the template to grow your business in new ways.
WHICH DIMENSIONS OF THE GROWTH CUBE OFFER OPPORTUNITY IN YOUR BUSINESS IN THE COMING YEAR?
DIMENSION – Current Customers
An essential key driver that is vital for the growth of your company is your current customers. Retaining those customers, analyzing their revenue and profitability direction, and maximizing the customers lifetime value are critical strategic touchpoints for your company’s success. Actively engaging with your current customers and focusing on worthwhile customer marketing can have a measurable impact on your business.
DIMENSION – New Customers
As you know, it is pivotal to acquire new customers to expand your revenue and create brand recognition. Whether your business is established or still in its early growth stages, focusing on and developing a successful process for acquiring new customers is critical – as this will aid you in understanding the evolving needs of your target audience, enabling you to fulfill those needs – and grow the business.
DIMENSION – Launching New Products or Startups
Whether your business is established and developing new products, or if you acquired or are starting a new business unit or startup, offering a unique and innovative solution for your customers is paramount. Launching a new product into the market is not only a revenue generator, but also helps you to attract new customers. New products/startups can give you a competitive edge in the market, create anticipation for your future new innovations, and give you industry recognition in the market.
DIMENSION – Expanding to New Markets
As a small business, you cannot let your company encounter growth limits because you are staying only within your current markets. In today’s highly digitalized and dynamic global economy, tapping into new market segments minimizes the risk of stagnant sales and reduces dependence on one or two key customers or products. Diversifying into new markets shield your business, provide new income streams and even have a better appeal to investors.
ELEMENTS TO GROW YOUR COMPANY SUCCESSFULLY IN THE COMING YEAR
Now is the time to closely analyze your business to discover which aspects of growth are lacking. As a small business coach, it has been proven that we focus our planning across all dimensions. Here are some key aspects to making this happen, and positioning you for successful execution of your plans.
DIMENSION – People
The people who make up your company are a precious asset that have a key role in determining your company’s success. This is an indispensable dimension of the Growth Cube that businesses often neglect. Regardless of how innovative and efficient you are, your product offering is your people – and your success ultimately comes down to the performance of the people who are serving your customers. It is your associates who execute the agreed strategies, create remarkable customer relationships and deliver the plans successfully. Take time to give your associates value, guidance, and trust in the planning process.
DIMENSION – Leadership
As the leader of your organization, you play a key role in enhancing the productivity of your business, maximizing output, and achieving goals. Effective and strong leadership is vital to keep the company on track and drive the company in the right direction. The importance of devising and formulating strategic decisions, effectively communicating with your associates, and allocating resources – are key to your success.
The Bottom Line
The bottom line is this: The Growth Cube offers an extensive guide for established or new businesses. Carefully probing the six dimensions of the Growth Cube can lead to substantial growth and success of your business. The proven and curated tools and templates will aid you in formulating, planning, and executing your business ideas, can align your entire team, and take your business all the way to the top!
Ready to explore your potential?
- These are new ideas that Gary has implemented successfully with his teams and his customers. Can we help you ignite this kind of impact in your company? Contact Gary: gary@InspireYourselfToday.com
- Want more ideas? Check out Gary’s other articles and join his private mailing list so you stay up to date with the latest ideas!
- Learn more about how Gary is applying these principles real-time in his startup company. Go to www.woundwiseIQ.com and sign up for a demonstration of a powerful mobile imaging and analytics application that automatically measures wound size and tissue characteristics – to help improve patient wound healing.