The business growth strategy

In today's difficult market conditions, the business strategy is considered the most important factor. The choice of strategy, as well as its implementation, is the main part of the work in strategic management. The business growth strategy is a long-term, a direction that is correctly defined, in the development of the whole organization.

We will analyze a successful business growth strategy. The topic of growth strategies and strategic planning is very extensive. This system of actions is reflected in the following business disciplines:

>    Product

• >     Staff

• >    Marketing

• >     Production

• >    Management structure

• >     Pricing

• >    Distribution

Let's analyze five key factors of business growth that your company must take into account when developing its own growth strategy.

• 1.    Segmentation of the market . Segmentation of the market involves the division of the target market into subsets of consumers, enterprises or countries that have common needs, interests and priorities. It is necessary to take a timely position in the market and become leaders. To penetrate the market, develop it, using alternative channels, ultimately, by consuming some products, one can foresee the need for others [1]. Segmentation of the market is a very important aspect of marketing, it is designed to establish the differences between goods in value differences that persist throughout the life cycle of the product.

• 2.    Customer-oriented . Customer-centeredness is the ability of an organization to receive additional profit through higher understanding and effective satisfaction of clients' needs. You have to listen to your customers, adapt and respond to customer needs and buying habits. Your entire business should be customer-oriented, focusing on the main customer, you can show a clear path to growth. Customer-centered companies can outperform their competitors in every dimension where profitability, sales growth, innovation and customer satisfaction are important.

• 3.    Information management system . An essential condition for strategic planning is the analysis of the correlation of the organizational and functional structure of the firm, the strategy of its formation and the conditions management system that is in place. In order to achieve the desired result, a certain list of functions performed by the management system and their distribution by departments, divisions and all employees in particular, is made up for monitoring

• 4.    Partnership. Conclusion of partnership is an innovative and costeffective way for the development of new business through the use of innovations of other organizations, authority and customer base. It can be described as "an agreement between two or more parties in a cooperative relationship that strives to achieve common goals, thanks to trust and openness." This provides an opportunity for businesses to gain a competitive advantage through access to partner resources, including the market, information, technology, capital and people. The pool adds additional resources and opportunities that allow partner organizations to grow and expand more quickly and efficiently. In particular, fastgrowing companies rely heavily on unions to expand their technical and operational resources. In the process, they save time and increase labor productivity.

• 5.    Financing . Money. For many enterprises, cash flow is the most important criterion for assessing your performance. Cash flow in operating activities shows profit, net of payments to suppliers and employees, and other expenses. Businesses need a cash flow to finance annual capital requirements, interest costs and business expansion. Rapidly growing companies understand that positive cash flow is crucial, companies spend a year developing a growth strategy and, when they are ready to implement it, the market is changing. We need to constantly improve - day after day to expand, to bypass our competitors. Real

Customer-oriented - is a sales tool that can become the only competitive advantage in the market, where dozens of companies offer the same goods and services. As Peter Drucker once said: "The purpose of any business is to meet the needs of the client." ²

the fulfillment of these tasks. Sale, accounting, inventory, distribution, personnel management and reporting all must be assembled into one software solution. By automating and optimizing processes, a business can focus on sales and growth, where it has an emphasis. Stop focusing on the past. "Each organization must learn to innovate and consider it a norm of life" ², "It is information that allows modern specialists to do their job well," noted Peter Drucker1.

growth of business occurs when your business experiences a constant increase in profits.

The idea of a growth strategy is simply necessary to find a balance between improving the core business, creating a new business and developing new directions. This idea becomes a strategy when decisions are made with the help of which it becomes possible to effectively manage the activity in the further development. In general, it is necessary to identify the actual conditions for the company and decide how you can work with them.

Business growth is best achieved by comparing the timing and pace of initiative for growth in your business and market demand. Ideally, your business will enter the market with growth strategies that are designed in response to any unused existing demand for products and services.

There is no single representation at the moment for the number of business growth strategies and their composition.

Conclusion

• •    Make the right investments in people and processes.

• •    Choose the right team - people with whom it is convenient to deal with, adjusting to the uncertainty of the change.

• •    Entering the undeveloped market. You create a new demand where it did not already exist.

• •    Introduction of innovations, pressure on the market, scaling, mergers and acquisitions.

• •    Record all micro-costs. Record, every increase in income needs in terms of new investment and staff.

The foundation of the strategy is principles, special methods, approaches to a particular situation. And finally, which is no less important. During the execution of the strategy, evaluate progress regularly. After identifying the critical variables, do not forget about them.