Growth strategies also consist of the development of systems that will help perpetuate a business as well as help them to establish what their destination is. This is achieved by devising effective methods, systems, and processes designed to help them reach their objectives.
For example, when an individual plans for a road trip, without the use of a map or a GPS system to guide the traveler to their journey’s end, the navigation process can become more difficult. This is a good way to approach organizational growth strategies – they are the road maps that help steer the company’s expansion to reach their desired goals.
Furthermore, Coulter (2010) suggests that growth strategies can help in the development of a company’s sustainable competitive advantage because they can assist in locating and allocating resources that transform the firm’s capabilities into distinctive functional competencies that industry rivals are unable to easily duplicate (Coulter, 2010). In short, effective growth strategies can help companies achieve their goals quicker because they consist of focused detailed plans that help them achieve their goals.
On Friday we’ll wrap up our look at business growth strategies by examining some of the negative repercussions they can have. Until then … keep organized!
“That’s what I consider true generosity: You give your all, and yet you always feel as if it costs you nothing.” ―Simone de Beauvoir
Coulter, M. (2010). Strategic management in action (5th ed.). Upper Saddle River, NJ: Pearson Education, Inc.