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Business Growth Strategy Plan
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I often find that my sense of perspective is higher at the end of the year and I generally feel much more motivated and excited about the future.
Business Growth Strategies
Part of this feeling comes from the realization that a new year is just around the corner, which means a fresh start in solving any personal or business problems. As a result, this is a great opportunity to start planning your growth goals for the coming year.
But one of the challenges in planning our growth strategy is setting realistic and ambitious expectations of what can be achieved.
As it turns out, there is a very effective strategy for setting and achieving your growth goals, and by following that strategy, you can predict exactly what you can achieve.
I would like to walk you through the process of not only identifying these goals, but also how to break down the activities necessary to achieve them. I will also provide you with helpful growth strategy templates that my team and I use to make the journey much easier.
Organization Business Plan Growth Strategy Concept Stock Photo
You can also check out some other process infographic templates that will help you map different growth strategies in more detail. Or create a business plan with our online drag and drop tool – no design experience required.
By the end of this five-step process, you should not only have a clear idea of your goals for the year, but you should also know exactly what your goals are. You and your team need to achieve them.
Visually charting the path to achieving your business goals not only helps you better understand the specific factors that affect growth, but also provides a map -a concise and easy-to-follow growth strategy path for the rest of your team.
(Oh, did I mention we have tons of roadmap templates to help you visualize your growth strategy?)
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Writing down the steps is helpful, but showing the steps helps everyone see the journey.
As humans, we tend to start every time from the beginning. And that certainly makes sense. After all, if the stories we read started at the end, wouldn’t that defeat the purpose of the trip?
Imagine if you started reading the Harry Potter series and J.K. Rowling began the story with the words:
Or if the Star Wars series started with Luke finding out that his father was Darth Vader? Doesn’t that spoil the feeling and anticipation you get while reading or listening to the story?
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Well, the path to product growth and business growth works a little differently. In fact, it is more useful to start at the end and work backwards, especially if you plan to grow.
If you knew exactly what your company’s long-term profits would be before you even started your business, wouldn’t that help in determining the best growth strategy?
It is always useful to start with a very high and ambitious goal. Many successful, fast-growing companies do this, and they all have different terms for these high-level goals.
Shopify calls it BHAG, which stands for Big, Hairy, Audacious Goals. Usually this business objective should be a little tricky.
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Brian Balfour takes a more hands-on approach and calls high-level goal setting a top-down approach to inform your growth models.
And of course, we just call these our “high-level” or “long-term” goals. But the thing is, you have to start with a long-term goal, like a 10-year goal.
Where do you see yourself and your company so far? How much should you grow your business? How much revenue do you expect from your company? How many employees do you see yourself?
These are high-level growth goals for a hypothetical company called StartUp Masters. Their mission statement (“To provide startups with affordable project management tools to achieve rapid growth”) is clearly defined, and their goals are broken down to show where they’re headed themselves in 10 years, 5 years, 3 years, and finally 1 year.
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In 10 years, the company plans to generate 100 million in revenue, and it plans to achieve this with 120 employees. They also specified the number of daily active users needed to get there.
In addition, they listed some of the steps needed to achieve these goals. If you look further down the funnel, you’ll see that this is a pretty bold business goal considering where the company is likely to start from.
By working backwards, it becomes easier to set somewhat realistic goals for where the company needs to be in 5 years, 3 years, and 1 year to reach the 10-year goal.
Right, you’ve set your high-level goals, now you can wash your hands and be done with your growth strategy, right?
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This is only a small part of the process. The next step is to figure out how to achieve your 1-year goal, which means understanding which metrics are most important to improve in order to have a significant impact on growth.
Andy Grove’s book “High Output Management” is one of the most useful resources for building a high-functioning and, of course, high-performance company.
In this book, he uses the analogy of a breakfast factory to explain the importance of the small activities (or inputs) that affect the successful operation and growth of the factory (the output).
This means that for every goal you set, there are key metrics and outcomes that will help you determine whether you will achieve that goal. And of course, there are specific growth strategies that can help you drive these key metrics.
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One of the first metrics you should test is the North Star metric. This metric is often defined as a single number that represents the fundamental value your product provides to your customers.
For example, if we take Airbnb as an example, their North Star metric is the number of nights booked. why?
When more nights are booked, and this number continues to grow, it means that more customers are having a good experience with Airbnb and therefore returning to the platform to book accommodation. reservation
Our Polaris metric is the number of completed infographics. Because when people fill out more and more infographics they’re proud of, it’s a clear sign that they’re finding value in the tool.
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This number should be directly related to your company’s revenue and retention goals. The more value people find in your product, the more likely they are to stay and continue to pay for your product.
The next step is to determine your current baseline for Polaris metrics. Let’s look at the growth strategy template below for our hypothetical StartUp Masters company.
In a previous template that broke down their high-level goals, they indicated that one of the steps to achieving their first-year goal was to increase their retention rate to 30% after 12 months.
If you look at the end of the template above, you’ll see that the baseline of completed projects is listed under the maintenance OKRs.
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As you can see, they have verified that users have successfully completed 90,000 projects and currently have 45,000 daily active users.
Currently, the company needs to reach 70,000 daily active users to meet its revenue and acquisition goals. But in order to reach their 30% retention goal, each of these users must successfully complete at least 3 projects that they have calculated as a key indicator of better retention.