Unless growth is made explicit, a business strategy is reduced to a document rather than a compass to navigate the business’ future. Discover the five key pillars of a growth-centric business strategy.

1. Be clear of your value proposition

Because of the ease of starting up, small businesses sometimes fail to recognise the importance of having a clear value proposition. In their haste to secure sales, they overlook defining their value proposition. Although it is a ‘big’ term, a value proposition essentially answers the question “why people will buy your product or service?”. To this end, it’ll distinguish your business from the competition.

2. Be clear of your target audience

While you may be tempted to sell to everyone, it’s probably unwise to do so. Besides, it’s very unlikely your product or service can be the solution to everyone. When you are focused on a specific target audience, you’ll be able to direct every available resource to do the best to serve your chosen segment. Growth takes on from there in the form of customer loyalty and advocacy.

3. Be clear of your KPIs

It’s easy to get caught in the treadmill of running a business. It can get overwhelming. As such, it is important you are clear of the business’ key performance indicators from the start. Regardless of how busy you are, knowing you are ticking off the right boxes is motivating.

4. Be true to your strengths

While it’s important to keep an eye on competitors, do not be overly distracted by them. Staying true to your strengths is important to drive growth over the long run. Make them unique to your business. Over time, you’ll acquire others too to suit changing conditions.

5. Be clear of your revenue streams

You might be offering a portfolio of products and services. However, not all may be as profitable. Hence, you should not be putting similar effort and resources to all of them. Be clear of the those that pay more than just the bills.

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