It all began in March 2020. The new SARS-COV2 impacted businesses across the globe. The lockdown meant markets remaining shut for months, and also, a sense of losing the direction prevails post unlock. With those having company registration in India offered work from home to all employees and now things are starting to normalise, albeit with precautions.
Both founders and investors sail to the shore of development. Yet to sail across waves, it requires bravery, right choice and vision. The setting of the plan is perhaps one of its most critical aspects. Growth Agenda is about driving change on the road and winning cards after close analysis of the risks.
To develop a growth plan, a founder must obey the three fundamental principles that support the plan that contributes to quantifiable growth.
• Prioritising Properly: Preparation and implementation of high returns on investment activities along with sorting out the steps to implement preferential goal.
• Ensure Testing: Don’t start by thinking that there is little to no deviation from your agenda. Attempt to produce and check the hypothesis while setting it up. This means that you have to take some time to evaluate and test the conclusions accordingly. Stop flying blind and consider a holistic approach when assessing the current situation.
• Setting Goals: Pick and concentrate one metric at a time. Such a focused approach will help you to achieve the objectives. The team will have an objective measure to focus on, which helps to meet the goals in the longer term.
Preparing a business strategy post COVID-19 is something that the core leaders of the company will explore. And the perfect goal is not only to define the pain points, but also the solution. The implementation of innovative concepts that can fix challenges would allow team leaders to be agile. Make sure they can pull it off without exceptions.
Here are the top 5 tips that every founder should follow post COVID-19
1. Penetrating in the Market
A growth strategy that takes calculative risk into account will begin by selling new products/services to existing customers. It fits well for big consumer goods companies where it is easy to resell.
On the business side, though, you should also think about improving or upgrading services until you have customers’ confidence.
The best bet for onboard new consumers to increase their use for product-based businesses is to deliver different ways to use goods, such as the marketing of a hand wash as anti-viral soap or gel in the market.
2. Market Development
The next step is to find new ways of marketing the current goods or services. One way is to expand the global scope to new customers. In the past, most of the rapidly growing companies successfully exploited market development to achieve their growth plan. Provide your team with the data as you build a growth plan meeting to see where you can dig your ground and how deep it is.
Your strategy will design a technique to boost reach even for business growth. Will you offer franchises to market your services or products? Or are you going to open offices in different locations? Perhaps you can plan to deliver your services to a third party. In the end, you must include these growth opportunities and the execution plan on the agenda.
3. Opening up Alternative Channels
Scaling up means opening several contact points that need to target customers in different ways. Consider how online sales can drive growth and equate that to the number of operational hitches you face. If you want to make use of the internet as a means of promoting growth, consider if you wish to rent products or SaaS services.
These channels and the expected growth that you intend to achieve should be mentioned in the growth agenda. Another way is to get into a partnership and offer Instamojo discount code for those looking for payment gateways.
Mostly, it includes a customer analysis and to determine the target audience to purchase goods and services online to customers the products accordingly. This is a bit tricky because it entails a little risk holding so much stock for unexpected orders from online sales. Make sure you have a squad of experts when you go to unknown locations.
4. Product Development
The launch of a new product is one way to make a difference in the market. Product development is a crucial growth agenda for the sale of new products to existing customers and new customers. The critical difference is in the strategy of selling and updating the new product by taking a bit more risk.
So, if you put out a new product, you will obviously be able to sell it to existing customers, as it entails less risk since you know your brand already and is willing to play with something different. Yet new consumers who ignore your latest products entirely will make it impossible for you to know more about the product and the market.
5. Introducing New Products for New Customers
There are occasions when you are required to manufacture a new product solely or deliver brand new services to the existing client base. Ever wondered how Polaris became an all-terrain 4-wheel vehicles company from a snowmobile manufacturing company? They were driven to harsh straits after a few miles of winters and that is when these vehicles arrived.
This has opened a new market. The same thing Apple did to sell iPods for non-Apple users.
The costs and returns here are high, all high. Plan your development after extensive market study and then immerse yourself in opportunities. The schedule for a new launch into a new market should rely on investors to reciprocate with you in the team.
To build a development plan of all sorts, you will have to meet and receive feedback. Ensure that all departments within the organization.
The diagram includes consideration of a holistic viewpoint after meeting key workers. See how you solve their concerns with the new approach and take us on a slowly exciting development journey.