Enterprise Growth Strategy
Business growth is not an accident or something of an automatic occurrence once the entity is in existence. Even during economic downturns, businesses have to grow to survive and compete in domestic and international markets. There is always that sacrosanct need to plan for future growth. One thing is to have the zeal to start a new business successfully and another is to be able to nurture the business and grow it successfully. Generally, it is easier to start a business successfully than to grow it through its life cycle and like individuals, businesses only grow when time and concerted efforts are taken to nurture them.
Enterprise Growth Strategy is a holistic model for leading business organisations through total excellence and focusing on the needs of the customer, shareholders and other stakeholders in dealing with the market realities of competition, uncertainties, risks and returns.
This concept is a model for the efficient utilisation of business resources and opportunities. It stresses excellence in all aspects of the enterprise: organizational, product and operational, service, and people. To achieve growth strategy in an emerging economy, all business aspects must work collaboratively.
This course involves the creation of a visionary growth plan that incorporates people, product, processes, resources and technology. The focus of this model is on growing the capacity of the firm and expanding the satisfaction of the customers, who are usually very demanding – expecting on-time delivery of quality products/services at low prices - yet they have alternatives and substitutes
Some of the key elements of growth strategy are:
- Support for markets and products growth
- Acquiring new or expanding current business
- Improving business margins
- Increasing revenue and profitability
- Reducing business cycle time