Now you want a growth plan? What could go wrong?
Here are seven common areas where we regularly see mishaps when businesses try to develop and execute a growth plan:
- Concentrating resource. A good sales strategy looks at all available resources and concentrates them on a few carefully chosen options. Once that’s done, you can move those chosen target markets in your favor.
- Understand your customers. Segmenting customers is really important, so try to overcome any anxiety about specialization. Instead, target a few well-defined customer segments based on the problems that your products or services can potentially solve for these customers. Also, consider changing customer behaviors – what customers wanted a few years ago is not necessarily what they want or need now.
- Fully grasp execution of sales strategy. Invest in the business development skills of your front-line people to convert leads and enquiries into actual sales. This will let you generate results from executing your sales strategy. Your staff is your greatest asset; success is a terrific motivation tool and one worth sharing.
- Team buy-in. True leadership requires getting buy-in from those you lead. It will make your job easier when executing your sales strategy if you have (discussed your sale strategy with your team before finalizing it?). Imposing a new top-down strategy is easy, but it will not work unless your team buys in to your business purpose and vision.
- Managing time effectively. Change always takes time. Make sure that you allow adequate time for the full impact of the sales strategy to be understood and executed by your sales team.
- Engineer your plan for growth. World-class companies create a culture for growth based on the long game by making business development a priority, looking beyond individual skills to develop organizational capabilities, and enhancing services that make the customer the top priority. They invest more time in the field with customers and create the right pace for executing their sales strategy. This requires you to engineer your plan in many dimensions, keeping multiple stakeholders in mind. Your growth plan is only a starting point.
- What you can measure, you can manage. Use both quantitative and qualitative indicators when measuring your sales strategy execution – along with a clear focus on what defines success. This work has to be done before you can launch a new strategy. Clearly defined KPIs will keep you both on track and focused.
Strategic planning for revenue growth is one of the most critical components in today’s business world. And it is also one of the least understood. Have a chat with Williams & Kunkel in Flower Mound today about how to embrace growth-planning in your business at 972-446-1040.