Having identified the vision for growth, we use the Growth Options Framework to identify potential growth options.
Whilst growth opportunities may sit in a multitude of areas, it’s useful to consider these across four key focus areas, as some of the best growth strategies are less obvious then others:
Channels & Markets:
New channels for selling products or delivering services
New geographic markets
New online or virtual markets
Positioning & Branding:
Repositioning the business into a new segment or market
Building brand reputation or leveraging through brand alignment
Refocussing existing client base
Product & Pricing:
Strategic pricing strategies – bundling, subscription, value based
New product vs product line extension vs new packaging
Footprint & Capacity expansion:
Business acquisition – horizontal & vertical targets
Geographical growth – franchising, new territories
Productive capacity – new people, facilities or equipment
A Note about Partnering
For most of us, growth opportunities are numerous, but the resources required to ‘build each solution in-house’ are often outside our reach.
One of the key tactics to maximise speed and agility during execution whilst maintaining a lean organisation is through partnering. The traditional adversarial or highly structured markets are giving way to more agile participants who can partner quickly and effectively through strategic alliances and collaborations.
Where are the opportunities to partner with other organisations in your value chain?