Starting the conversation…
How do you keep momentum going for projects that are 1 to 3 years long?
Host: Jess Dewell
What You Will Hear:
A definition for growth strategy built on the work we do.
The Ansoff Matrix and ways to grow.
How to use the Ansoff Matrix to determine your growth strategy from your business plan.
How to use the Ansoff Matrix to increase opportunity from your growth strategy.
Start with your business goals and what you do to improve chances of success.
Introduction to Present Retreat.
Use data and information to shape an objective and set a business direction.
Tie short term objectives to your company’s long term vision.
Set the stage for projects that are 1 to 3 years long.
We build executive soft skills by taking time to engage our growth strategy.
Two steps to being your own Present Retreat.
It is BOLD embrace the importance of goal posts for long term growth.
Notable and Quotable:
Jess Dewell 2:28
When we think about goalposts, we know where the end is. We also know that it’s short term, and that the successes from each of the short term gains sets up what we have next. Sets up what we can do next. Sets up our opportunity next.
Jess Dewell 3:30
Growth strategy is the direction a company identifies to ensure market relevance and its own future.
Jess Dewell 3:46
Growth strategy is part of a bigger strategic plan. This particular piece though tends to fall to sales or marketing.
Jess Dewell 4:10
Because when we know the growth strategy, we know where we’re going. We know which end zone is ours. And we know that with each win,, what path we are on. And we know with each failure, loss, setback — whatever you want to call them — it’s a learning experience to figure out how to go forward, and how to learn from that to become better.
Jess Dewell 16:54
What are the parts of a growth strategy? We’re talking about new products and existing products and we’re talking about existing markets and new markets. And within that there are four areas. New markets with existing products to make market development. New markets and new products to diversify our offering. We can use existing markets and existing products to go deep and penetrate the market more. We can also use existing markets and new products and develop our products more. So these four key areas — market development, product development, diversification, market penetration — those are the general areas.
Jess Dewell 38:42
Sometimes boxes are empowering, because we want a box big enough that we don’t get up against the walls, but we also want a box so that we know with which to work in.
Jess Dewell 49:28
It’s bold, to embrace a goalpost to know where you’re going not only in the short-term but in the long term. It’s bold to say, “Here’s not only what my business plan is, but why looking at my business plan. Here’s what my growth strategy is. This is the way we’re going to achieve revenue this year. And this is the way we are going to achieve our three-year, and five-year goals of delivering on our mission. On delivering on our vision. By embracing our values by understanding our processes.”
Jess Dewell 49:59
It’s bold to take the time — the four hours a week — and engage with your growth strategy consistently.
Resources:
The Voice of BOLD Business Exchange
Tags:
soft skills, decision making, present retreat, vision, mission, risk, growth strategy
How do you keep momentum going for projects that are one to three years long?
Writing goals is something that we know impacts the outcome of our year. Yet, in business, we are looking at this year AND three years from now – aligning the objectives to grow today with being a relevant and profitable company in the future. Jess Dewell talks about the importance of staying focused on the long-term goals – and the importance of goal posts.
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