Ready to grow your business?
Stay tuned for these key things you need to know.
Hi! I’m Keisha Mabry Haymore, a Grow with Google Digital Coach.
Today we’re going to talk about creating a strategic growth plan for your business.
Think of this as a handy roadmap
that will help you know where your company is,
where you want it to be, and how you’ll get there.
Start by creating a business needs assessment.
This means taking an objective look at various elements of your company,
including management, marketing, sales, finance, and operations.
Identify the weaknesses in each of these areas and consider how you can improve.
Then, look at your strengths and think about how you can use them to grow.
Every business has its own definition of growth.
For some, it’s increasing revenue or hiring more employees.
For others, it’s adding a new location, new products, or just upping sales.
Whatever your definition of growth is, it should align with the vision for your company.
Think of businesses and industries as having 4 life cycle phases:
startup, growth, maturity, and decline.
Knowing what stage you’re in can help you see some of the challenges you might have to tackle
as you try to grow and thrive.
For those in the startup and growth stages, challenges can include finding financing,
staff, and systems to help you get off the ground or expand to reach new customers.
Mature businesses may need to seek out new areas for innovation
and growth so they can keep succeeding in their industry.
For businesses or industries that might be declining,
reinvention or rebranding is often critical.
Or even acquiring new ventures to acquire new talent or customers.
When creating a vision statement, first identify your business’ purpose.
What does your business provide to people?
Look for opportunities for growth.
Do you need to add to the products or services you currently offer to achieve your purpose?
Adding values to your vision statement can help you stay true to what matters to you as you grow.
Think about what values are important to you and your business,
whether it’s income equality, environmental responsibility, or something else.
Next, conduct a SWOT analysis.
This stands for Strengths, Weaknesses, Opportunities, and Threats.
As you think about your strengths and weaknesses,
see if sales data or other measurable info can help you take an objective look at your business.
Then, imagine opportunities and threats that your business and industry might face.
Market changes can seem like threats,
but can also create chances for growth,
especially if you recognize them early.
Finally, think about your goals for your business.
Be as specific as possible.
For example, instead of making your goal “I want to increase sales,”
think about if you’d like to open new stores or offer new services.
Part of specifying your goals is making them measurable.
If your goal is to “hire new people,"
it’s easier to see when you’ve hit your mark
if you’ve specified that you’d like to hire 10 employees as opposed to 30.
Make sure you keep your goals realistic and attainable,
including the time you think it will take to reach your goal.
Lastly, make sure your short-term goals align with your vision.
For example, if part of your business vision is sustainability,
growth that means more environmental impact might not be what you need.
For more information about digital marketing tools and finding new customers,
be sure to tune in to our other videos and subscribe to our channel!
You can also keep learning on the go with the Google Primer app
or check out our Google Career Certificates for job-ready skills you can put to work.
See you next time!