How To Achieve Business Growth – I often find that at the end of the year my prospects are better and I feel more motivated and excited about the future.
Part of that feeling comes from knowing that a new year is upon us, which means a fresh start to tackle any personal or business challenge. Therefore, it is the perfect opportunity to start planning your growth plan for the year ahead.
How To Achieve Business Growth
But one of the challenges in planning our growth strategy is having realistic expectations and high margins for what we want to achieve.
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As it turns out, there is an effective strategy for setting and achieving your growth goals, and following that strategy will help you better predict what you can achieve.
I want to guide you not only through the process of identifying these goals, but also through implementing the actions needed to achieve them. I also give you some useful growth plan templates that I and the team use to make the journey easier.
You can also check out some other trending infographic templates that can help you outline different growth strategies in detail. Or create a business plan with our online drag-and-drop tool – no design experience required.
At the end of these five steps, not only will you have a clear vision of the goals you want to achieve for the year, but you will also know exactly what is required of you and your team to get there.
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Visually documenting how you are achieving your business goals not only helps you better understand the factors affecting growth, but also provides the rest of your team with a concise and easy-to-follow growth roadmap. .
(Oh, and did I mention we have tons of templates to help you visualize your growth plan?)
Writing these steps down is helpful, but showing the steps can help anyone figure out the method in question.
As humans, we have a tendency to start all journeys at the beginning. And that really makes sense. If the stories we read began at the end, wouldn’t that defeat the purpose of the journey?
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Imagine you started reading the Harry Potter series and J.K. Rowling begins the story by saying:
Or when the Star Wars series begins with Luke finding out that Darth Vader is his father? Won’t it kill the kind of feeling and anticipation that comes with reading or hearing a story?
Well, travel for product growth and business growth works a little differently. In fact, it’s almost always helpful to start at the end and work backwards, especially when planning for growth.
If you could know exactly how much money your business will make long-term before you start your career, wouldn’t that help determine the best growth strategy to get there?
Career Goal. Professional Ladder, Moving To Achieve Target. Business Growth Path, Worker Progress. Businessman Climb Stair Recent Vector Scene Stock Vector Image & Art
It always helps to start with a very high aim and a big head start. Many successful and fast-growing companies do this, and they all have different words to refer to these lofty goals.
Shopify calls this BHAG, which stands for big, hairy, aggressive targets. These business goals often seem silly.
Taking a more practical approach, Brian Balfour describes goal setting high as using the top-down approach to determine your growth style.
And of course we call these “high-level” or “long-term” goals. But the point is, you need to start setting long-term goals, like your 10-year goals.
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Where do you see yourself and your company at this time? How much money do you need to start your business? How much money do you expect from your company? How many employees do you see yourself with?
These are the high-level growth goals for a hypothetical company called StartUp Masters. Their mission is clearly stated (“To give startups an affordable way to manage projects to achieve rapid growth”) and breaks down their goals to show where they think they will be in 10 years, 5 years, 3 years and finally 1 year will stand.
In 10 years the company hopes to make 100 million in sales and they hope to achieve that with 120 jobs. You’ve shown the number of active daily users who want to get there.
In addition, they have listed some steps required to achieve these goals. As you delve further into the space, you’ll find that this is actually an attractive business objective given where the company can start.
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By working backwards, it’s easy to set a relatively good goal of where the company needs to be in 5 years, 3 years, and 1 year to achieve the 10 goals.
Ok, so you’ve achieved your lofty goal, now you can wipe your whites and get to work on your growth plan, right?
This is only a small part of the process. The next step is to determine how you will affect your 1-year goals, i. H. Understand which metrics need improvement to have a significant impact on growth.
Andy Grove’s book High Output Management is one of the most useful resources for building a quality business and of course a quality manufacturing business.
Growth Strategy: Templates To Plan Business Goals
In this book he uses the example of a breakfast company to explain the importance of small measures (or inputs) that have an impact on the successful operation and success of industrial companies ( his appearance).
This means that for every goal you set, there are metrics and results that will let you know if you’re going to achieve that goal or not. And of course, there are unique growth strategies you can follow to help you move the needle on those metrics.
One of the first metrics you need to know is your North Star metric. This metric is often defined as a single number that usually reflects the value your product offers to your customers.
For example, if we take Airbnb as an example, their North Star Metric is the number of days and nights. Why?
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When counting day and night, the number keeps increasing, which means that many customers are having good experiences with Airbnb and are returning to the platform to book their accommodation.
And our North Star Metric is the number of completed infographics. Because when people finish more and more infographics that they’re proud of, it’s a clear sign that they value the tool.
This number should also be directly related to your company’s financial goals and retention goals. The more people appreciate your product, the more likely they will stay and keep paying for your product.
The next step is to find out what your current base for your North Star metric is. Let’s take a look at the growth plan template below for our idea company, StartUp Masters.
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In a previous post that broke down their lofty goals, they showed that one of the steps they took to achieve their goal in year one was to increase retention rates to 30% in 12 months.
If you look at the bottom of the template above, you’ll see the baseline of completed tasks under OKR capture.
As you can see, they saw users successfully complete 90,000 tasks and they now have 45,000 users per day.
Now the company needs to have 70,000 users per day to meet its revenue and acquisition goals. But to reach their 30 percent retention goal, each of these employees needed to successfully complete at least 3 tasks, which they calculated as indicators of better retention.
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As you create your growth plan, you need to determine the baseline for your North Star metric and how that metric will change to affect your various OKRs.
If you don’t know what an OKR is, it stands for Objective Key Results. They relate to specific metrics that you can track and that impact your higher goals.
For most software startups, most developers follow the AARRR process for setting up and tracking OCR. This stands for Acquisitions, Promotions, Reservations, Funds and Transfers.
Each of these metrics is important for understanding your customers’ behavior and, of course, the growth of your business.
Strategies To Achieve Business Growth
However, sometimes it can be difficult to influence each of these metrics. Therefore, in this specific growth strategy that helps to achieve the goal, StartUp Masters focuses on the distance that affects acquisition, conversion (sales) and OKR retention.
The key metrics driving acquisition for StartUp Masters are their traffic goals and their paid traffic goals.
They want to increase their organic traffic by 130,000 unique visits per month and their paid traffic by 70,000 unique visits per month.
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