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7 major stages of development strategy that work immediately

If only half the startups survive beyond five years and only one-third make it to 10, what can you do to make your company sustainable The answer is definitely to create a growth strategy for your business.

A development strategy involves only imagining long-term success. If you dont have a solid plan, youre actually losing business - or youre increasing your chances of losing business to competitors.

Intentional is the key to any development strategy. Find out the rate-limiting step in your development, and put as much fuel as possible on fire. But for this to be profitable, you have to take the following steps:

1. Establish a value proposition

To maintain long-term growth for your business, you must understand what sets it apart from the competition. Identify why customers come to you for a product or service. What makes you relevant, differentiated and reliable Use your answer to explain to other consumers why they do business with you.

For example, some companies compete on "authority" - the Whole Foods Market is the definitive place to buy healthy, organic foods. Others, such as Walmart, compete on price. Find out only the special benefits you offer, and forget everything else. If you deviate from this offer, you can only afford to devalue your business.

2. Identify your ideal customer

You got into business to solve a problem for a certain audience. Who is that audience Is that audience your ideal customer If not, who are you serving Let your ideal customer down, and return to this audience with adjusting the business to encourage growth.

3. Define your key indicators

The change should be measurable. If you are unable to measure a change, you have no way of knowing whether it is effective or not. Identify which key indicators affect the growth of your business, then dedicate time and money to those areas. Furthermore, A / B testing properly - making changes over time and comparing historical and current results is not valid.

4. 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 potential of new revenue streams, ask yourself if they are sustainable in the long run. Revenue streams are not necessarily linked to some great ideas or cool products. Be careful to separate and understand the difference.

5. Look at your competition

No matter your industry, your competition struggles with your company. Look for similar businesses growing in new, unique ways to inform your growth strategy. Do not be afraid to ask for advice. Ask yourself why your competitors have made alternative choices. Are they wrong Or is your business positioned differently The notion that you are smart is rarely right.

6. Focus on your strengths

Sometimes, focus on your strengths rather than trying to improve your weaknesses - can help you set up development strategies. Reproduce the playground to suit your strengths, and build on them to develop your business.

7. Invest in talent

Your employees have direct contact with your customers, so you need to hire people who are motivated and motivated by your companys value proposition. Be cheap with office furniture, marketing budgets and holiday parties. Hire some employees, but pay them a ton. The best will usually stick around if you want to cut your compensation during slow periods.

Developing a development strategy is not a one-size-fits-all process. In fact, due to changing market conditions, it would be unwise to make strategic decisions based on someone elses successes. This is not to say that you cannot learn from any other company, but blindly implementing the cookie-cutter scheme will not lead to sustainable development.

You need to calm down the inefficiencies of your business, refine your strengths, and adapt your plan to better suit your customers - which is completely different from the vague, one-size-fits-all strategy Can.

Your companys data should lend to all your strategic decisions. In particular, you can use the data of your key indicators and revenue streams to create a personal development plan. In this way, you will be able to better understand the nuances of your business and your customers, which will naturally increase.

A one-size-fits-all strategy means fuzzy indicators. But a specific plan is a successful plan. When you plan your growth strategy for your business and customers, you will keep your customers happy and fulfill their wants and needs, which will keep coming back to you.