Business growth strategy refers to the enterprise in the business model and value creation model to determine the premise, according to the changes in the market and the assessment of their own capabilities, to determine the direction of business growth to be taken. A business growth strategy can help entrepreneurs identify viable, straightforward ways to expand and grow their business. So, how to develop the right business growth strategy? Champ Consulting introduces you to the five steps of business growth strategy.

The first step: clear business positioning

Business positioning means that enterprises should make clear what kind of business they want to focus on, what kind of value they create, and what kind of customers they serve. Business positioning is the basis of business growth strategy, but also the core competitiveness of enterprises. Business positioning requires enterprises to have a clear vision and mission, clear goals and directions, unique advantages and characteristics, reasonable pricing and income, and suitable markets and channels. Business positioning requires companies to do market research and competitive analysis, to understand customer needs and pain points, to find their own target market segments and customer groups, to determine their own value proposition and differentiation strategy. Business positioning requires companies to constantly test and verify their assumptions and practices, to adjust and optimize their business models and value creation models in a timely manner, and to continuously improve their business quality and customer satisfaction.

For example, Starbucks is positioned to provide high quality coffee and a comfortable environment to serve customers who pursue taste and lifestyle. Starbucks continues to innovate and expand its products and services to meet the diverse and personalized needs of customers. At the same time, it also wins the trust and loyalty of customers by continuously improving its brand image and social responsibility.

Step 2: Assess business capabilities

Business capabilities are the capabilities that an enterprise needs to achieve its business objectives, including business processes, organizational structure, personnel quality, technical systems, and data resources. Evaluating business capabilities refers to analyzing and evaluating the existing business capabilities of an enterprise according to business objectives, identifying the strengths and weaknesses of capabilities, determining the maturity and gaps of capabilities, and providing reference and basis for business growth. There are various ways to assess business capabilities, such:

Business capability model: It is a method that decomposes the business capabilities of an enterprise into different levels and dimensions, forming a tree-like structure, so as to clearly show the overall picture and relationship of the business capabilities of the enterprise. Business capability model can help enterprises to identify and optimize their core competencies, improve their competitiveness and efficiency.1

Business Analysis: A method of understanding and optimizing the operation and effectiveness of a business by analyzing the value chain, processes, data, rules, roles, and other elements of the business, based on the underlying ability to build business models and architectures based on business activities. Business analytics can help companies identify and solve business problems and pain points to improve the quality and effectiveness of their business.2

ServerlessCapability and effectiveness evaluation: aServerlessThe application of technology and the evaluation method of landing, from the efficiency, scalability, cost, observability, security, availability and other aspects, in-depth mining.Serverlessvalue that technology brings to the application, while examiningServerlessApply practical results and productivity methods.ServerlessCapability and effectiveness evaluation can help companies evaluate and improve theirServerlessThe ability and effectiveness of the application to promote their own business innovation and change.

Step 3: Develop business objectives

Business objectives refer to the specific, measurable, achievable, meaningful and time-bound results that enterprises should achieve according to their business positioning and business capabilities. Business objectives are the guidance of business growth strategy and the core driving force of the enterprise. Business objectives require enterprises to have a clear vision and mission, a clear direction and focus, specific plans and actions, effective monitoring and evaluation, timely feedback and improvement, and reasonable incentives and rewards. Business objectives require companies to do a good job of goal analysis and setting, to understand their business status and potential, to find their own business opportunities and challenges, to determine their own business priorities and key indicators, to develop their own business objectives and action plans. Business objectives require companies to continuously track and check their goal execution and results, to adjust and optimize their goals and plans in a timely manner, and to continuously improve their goal achievement and business growth.

For example, Amazon's business goal is to become the world's largest e-commerce platform and cloud computing service provider, serving consumers and enterprises around the world. Amazon continues to expand and deepen its products and services to meet the various needs of customers, but also through continuous improvement of its technology and innovation, to win customer recognition and support.

Step 4: Choose a business strategy

Business strategy refers to the enterprise according to their own business objectives, choose the specific, effective, appropriate methods and means to take business growth. Business strategy is the implementation of business growth strategy and the core choice of the enterprise. Business strategy requires enterprises to have clear logic and theory, clear basis and data, specific steps and processes, effective tools and technologies, appropriate resources and conditions, and feasible risks and responses. Business strategy requires enterprises to do a good job of strategic analysis and selection, to understand their own business strengths and weaknesses, to find their own business competition and cooperation, to determine their own business growth model and path, to choose their own business growth strategies and programs. Business strategy requires companies to continuously implement and validate their strategies and practices, to adjust and optimize their strategies and programs in a timely manner, and to continuously improve their strategic effectiveness and business growth.

For example, Tencent's business strategy is to build an ecosystem that connects users, content, services and scenarios through social networks and content platforms to serve Internet users around the world. Tencent continuously enriches and optimizes its products and services to meet the social and entertainment needs of users. At the same time, it also wins the trust and participation of users through continuous openness and cooperation.

Step 5: Execute the business plan

A business plan is a detailed, specific, operational plan and arrangement to be implemented by an enterprise for business growth according to its own business strategy. The business plan is the landing of the business growth strategy and the core action of the enterprise. The business plan requires the enterprise to have clear objectives and tasks, clear responsibilities and division of labor, specific time and progress, effective control and supervision, timely communication and coordination, and perfect evaluation and summary. Business planning requires enterprises to do a good job of planning and implementation, to understand their own business reality and needs, to find their own business difficulties and bottlenecks, to determine their own business measures and methods, to develop their own business plans and arrangements. Business plans require companies to continuously implement and improve their plans and arrangements, to adjust and optimize their plans and arrangements in a timely manner, and to continuously improve their plan execution and business growth.

For example, Alibaba's business plan is to build a digital economy that connects merchants, consumers and service providers through e-commerce and cloud computing to serve e-commerce users around the world. Alibaba continues to innovate and optimize its own platforms and services to meet the needs of merchants and consumers for transactions and services. At the same time, it also wins the recognition and support of merchants and consumers through continuous learning and improvement.