7 Key Steps to a Growth Strategy That Works Immediately

The key with any growth strategy is to be deliberate. Figure out the rate-limiting step in your growth, and pour as much fuel on the fire as possible. But for this to be beneficial, you need to take the following steps:

1. Establish a value proposition.

For your business to sustain long-term growth, 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 credible? Use your answer to explain to other consumers why they should do business with you.

For example, some companies compete on “authority” -- Whole Foods Market is the definitive place to buy healthy, organic foods. Others, such as Walmart, compete on price. Figure out what special benefit only you can provide, and forget everything else. If you stray from this proposition, you’ll only run the risk of devaluing 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? Nail down your ideal customer, and revert back to this audience as you adjust business to stimulate growth.

3. Define your key indicators.

Changes must be measurable. If you’re unable to measure a change, you have no way of knowing whether it’s effective. Identify which key indicators affect the growth of your business, then dedicate time and money to those areas. Also, A/B test properly -- making changes over time and comparing historical and current results isn’t valid.

4. Verify your revenue streams.

What are your current revenue streams? What revenue streams could you add to make your business more profitable? Once you identify the potential for new revenue streams, ask yourself if they’re sustainable in the long run. Some great ideas or cool products don’t necessarily have revenue streams attached. Be careful to isolate and understand the difference.