A growth strategy allows organisations to expand, whether within their existing market or in a new location. A robust approach, rooted in analysis and considering all options, is critical to ensuring a positive outcome from what can be a significant investment.
The focus of any business changes as it evolves through various phases. It is important to continually identify opportunities for growth to ensure the sustainability of the organisation. Even if an organisation is satisfied with its current performance, a failure to look for new ways to develop risks allowing competitors to grow and obtain market share which could weaken your position. In developing a growth strategy, organisations must first ensure their business is operating efficiently and is positioned for growth, by answering a number of key questions, that will also help to define the appropriate growth strategy.
How Tektology supports clients venture into new markets?
- The approach leverages Tektology's tried and tested approach that has been successfully used to develop growth strategies and plans.
- Review the current performance of the business and identify any areas that require remediation prior to considering expansion.
- First look inwards – assess core activities, business efficiency and financial position; then look outwards – conduct market, competitor and customer analysis.
- Review and redefine the goals of the business – consider the mission and vision of the organisation – review the strategic direction, objectives and goals.
- Develop a business case to support the strategy and establish financial targets against which the planned future growth can be measured.
A growth strategy that:
- Is underpinned by a purpose and vision, and a robust understanding of the current state
- Helps build a resilient organisation that can adapt to changing conditions
- Leverages the organisation’s competencies and culture
- Positions the organisation for growth
- Ensures a strong understanding of the opportunities that exist, as well as the challenges to entering new markets or expanding existing markets
- Is developed in a collaborative way that embraces the various stakeholder perspectives
Our Approach
