Strategic planning: executing your growth strategy
To ensure you focus on the right growth opportunities in your strategy, companies need to identify the opportunities that optimize market potential and the odds for success, the opportunities that align with their strategic focus in terms of product capabilities, market segments, customer pain points, solution areas, differentiation, strategic goals, and the opportunities that provide the best value for customers, the market, and the organization.
Next comes screening, scoring, and prioritizing these opportunities to determine which to bypass and which ones to move forward with.
The front end of any growth strategy is risk management. If done properly, it’ll increase your growth initiatives’ success rate and profitability, providing your company the best chance to navigate a saturated market.