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A business needs to be able to conceive and execute a disciplined growth strategy to survive; identify key success factors for sustaining the growth and evaluate them based on growth potential, competitive position, changes and investment required, and estimated profitability.
To become agile with this process, it is important to have clarity about the next variables:
Have you identified an OPPORTUNITY?
· What is the problem to be solved?
· What is your solution to this problem or the source of opportunity?
· What needs are being satisfied?
· What is the overt benefit, dramatic difference, real reason to believe in your product or service?
· What is your vision of the business?
Have you identified a MARKET?
· Who is your target market?
· Do you have an estimate of the market size and potential demand?
· Who are your competitors?
Do you have an idea of the BUSINESS MODEL you might implement?
· How will you create economic and social value?
· What is the cost of your product or service? What is your margin?
· Where will you get the product? Or how will your service be delivered?
· Why will this idea be a successful business venture?
Have you identified one or more CUSTOMER GROUPS?
· Which customer groups could you target?
· What percent of revenue comes from each group?
· What is the revenue growth rate from each group?
In what GEOGRAPHY will you operate?
· Which geographies are you targeting?
· What percent of revenue comes from each geography?
· What is the revenue growth rate from each geography?
What specific PRODUCTS or SERVICES will be part of your portfolio?
· Which products or services will you sell? To whom? Where?
· What percent of revenue comes from each product or service?
· What is the revenue growth rate from each product or service?
What CAPABILITIES do you need?
· What is your relative market share?
· How well do customers think you satisfies customer purchase criteria and performs critical activities versus rivals?
What CULTURE do you need in your company?
· What are your values?
· Do you use these values to hire and motivate your people to deliver excellent products or services to customers?
What is your NEW GROWTH VECTOR?
· What new growth vector offers you the best opportunity for sustained growth?
· How big is the market opportunity — measured in dollars of potential revenue — and how fast is it growing?
· What capabilities will you need to capitalize on this growth opportunity?
· What market share can you expect to win and how much will that add to your revenues?
If you have an answer for all those questions, we can assure you are in a great position for success.
“You cannot be everything to everyone. If you decide to go north, you cannot go south at the same time.” Jeroen De Flander
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