Magazine, 6 Nov. 2013. Strategy is important to make decisions, conduct operations, attract customers, compete successfully and attain organization's goals. FrontPage Magazine. The company maintained a growth rate of about 10 percent year to date. The benefit of being part of an established network like hockingstuart is that we have access to a range of tools that us to analyse the business as a whole, where our strengths are and more importantly, where we need to improve. The fundamental philosophy of diversification is presumably contained in an old English proverb which suggests that one should not keep all one’s eggs in one basket. Capabilities-Driven Strategy + Growth, on the other hand, by combining a market-back and capabilities-forward view, allows companies to identify attractive market opportunities that give them a "right to win" based on who they are and what they are great at doing. Importance Of Strategic Digital Marketing For Business Growth. Rather than relying on marketing or sales, this growth strategy expects word of mouth to take care of the “promotion” element of the marketing mix. Creating a strategic plan is crucial regardless of the size of the organization. Once your business growth strategies are in place (and you’ve made sure they align with your aspirations), it’s crucial that you continue to iterate that strategy as it moves from design to execution. The author, therefore, proposes the use of strategic product planning in managing new ideas. Left with no choice, the small business will then look at what it currently has, right where it currently is. Starbucks uses “price” to maximize profitability. These goals are important so that you have a distinct idea of how to move forward which can prove beneficial for an organisation’s overall growth. Finally, M&A works for business growth when companies are in tune with synergies. Importance of Strategic Planning: It is a strategy that businesses use to make sure that their brand is known to more and more people, and they have success for their businesses. Developing a strategic growth plan will make sure your business grows at a manageable rate. We invested in sponsorships like the local football and basketball clubs which made residents feel like we were part of the area and that we cared about the community. Marketing leaders believe that proper alignment of CX strategy between IT and Marketing teams is needed to ensure its success. The Smarter Team is made up of business and technology journalists who write to offer insights to small and medium businesses about technology, business know-how and emerging trends. A growth strategy is one under which management plans to advance further and achieve growth of the enterprise, in fields of manufacturing, marketing, financial resources etc. It often spurs innovation, helping you to differentiate in the market and stave off competition. Your business development strategy can be key to the success or failure of your firm. One that triggers innovations, improved customer relations and, most importantly, growth will lead to business success. And that’s how it played out for Slack: they achieved growth without a sales team or elaborate marketing, relying on users to spread the word. Drives decisions – Strategy is what drives decisions in business. Knowing your competitive advantage will enable you to choose a growth strategy that exploits your business strengths and your competitors’ weaknesses. It helps a company address its weakness and identify any faults within its organization. A good strategy helps yo create a foundation for ensuring growth and success. Importance of Strategic Management. Companies have various growth strategies available before them if they want to grow their business. The basic objective in all these cases is growth but the basic problem in each case is significantly different which needs more elaborate discussion. Alertness in Employees: The alertness among the employees increases the success of objectives and targets due to strategic management. If a company has too many weak areas, such as performance, sales or … Strategic planning is a process to determine or re-assess the vision, mission and goals of an organization and then map out objective (measurable) ways to accomplish the identified goals. It's a necessary condition. 9) The overall growth of the firm. From there, it’s about keeping your name out there, getting the most of your team and of course, creating a solid rent roll to form your financial base. Landes, L. 2012. When developing your business strategy, ask yourself where you want your business to be in one, five or even ten years time. Many companies hire a certified public accountant (CPA) or … Abstract Strategic planning is a management technique that helps organizations set future goals and objectives to achieve more stable and predictable growth. When we entered the market as hockingstuart in 2006, there was a real buzz and people were excited to have us in the area. 2014. 2) Helps to shape up product and service offerings. Hargreaves, S. (2008). Agents know better than anyone that the market works in cycles. We also focused on letterbox drops as a way of staying front-of-mind. They should: Make a real difference. We didn’t want to bombard residents, but we wanted to remind them that we were there, so we did drops every quarter. The key to finding the right growth strategy is properly matching it to your company and its specific marketplace. 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