If there is one thing that rings true when approaching growth for any business, it’s that there is no silver bullet or shortcuts. While there are many avenues and potential paths to growth, having a strategic and diversified approach is the only tried and true method for long-term success.
Diversify Your Approach
Much like an investment portfolio, the key to sustained business growth is diversification. Having a range of business activities underpinned by strong growth strategies and aligned with your Vision, enables you to identify which methods and approaches are most effective. This clarity allows you to focus and prioritise your efforts on where you are seeing a return and maximise your profits.
Diversification also allows you to manage and mitigate risk. That is, if you put all of your resources and investments into one strategy and it doesn’t work out the way you had planned, you risk losing what you put in it – a diversified approach will help counter this.
Think long term
Businesses need to look at a long-term and timed approach to the way they operate which means, we can’t be expecting instant growth (no magic beanstalks here). To be successful long-term, it’s important to roll-out multiple programs and optimise opportunities based on the results they have been able to produce.
By looking at your goals long-term, you won’t fall victim to the peaks and troughs that may occur on a daily, weekly and monthly basis. Perhaps think of it like gardening – plant a flower today and you won’t have two tomorrow. But bit by bit (and with the right maintenance and approach), you could soon have an entire garden full of the flowers you choose for yourself. Taking the time to effectively plan the roadmap for your business growth ensures your decisions aren’t driven by emotions – instead, they are supported by informed business planning, research and analysis. Stories of overnight growth are the exception, not the rule.
Be clear on what you’re looking to achieve
In order to get to a well-balanced growth strategy, there are few questions you should ask yourself:
- What is the vision of the business?
- What does growth mean to you?
- What are my priorities in the next 3, 6, 12 months and beyond?
The answers to these questions will help you determine the types of things you want and need to achieve in your business. From there, you know where to focus your marketing initiatives.
Genuine, long-term growth requires consistent discipline and execution, which helps build momentum over time. Consistently executing your marketing initiatives on a daily basis will build growth and ensure long-term success for your business.
By considering your long-term business goals and roadmap for growth, having diversified tactics, strategies and resource allocation, and doing a little bit each day – you are well on your way to the garden you imagine.
If you’re interested, take a look at our growth model and how we help companies build long term sustainable growth.