{"id":27944,"date":"2023-01-14T16:14:40","date_gmt":"2023-01-14T22:14:40","guid":{"rendered":"https:\/\/salesv4.aligntoday.com\/blog\/top-factors-that-influence-strategic-growth\/"},"modified":"2023-09-08T06:47:36","modified_gmt":"2023-09-08T11:47:36","slug":"top-factors-that-influence-strategic-growth","status":"publish","type":"post","link":"https:\/\/aligntoday.com\/blog\/top-factors-that-influence-strategic-growth\/","title":{"rendered":"Top Factors that Influence Strategic Growth"},"content":{"rendered":"

Achieving strategic growth can be challenging for any leadership team, no matter how experienced or well-informed. If having a foolproof plan and executing it perfectly is not daunting enough, plenty of internal and external factors come into play and can easily deter a business’s plans for success. <\/span>Whether you’re a business owner, entrepreneur, or manager, this blog post will provide valuable insights and strategies that you can use to help your company scale successfully. Read on as we discuss the top seven factors that influence strategic growth for a business and offer tips on how to use them to your advantage.<\/span><\/p>\n

What is strategic growth?<\/span><\/h1>\n

Strategic growth<\/span><\/a> is the process of planning and executing a detailed plan to achieve your business goals. Growth with intention means that the organization has adequately researched what it wants to achieve and is taking actionable steps to get there. Strategic growth involves multiple moving parts, including a focus on areas such as strategic marketing, finance, operations, and more.<\/span><\/p>\n

So what are the key factors that influence strategic growth and help determine a company’s ability to scale?<\/span><\/p>\n

1) Core Values<\/span><\/h2>\n

Everything a company does should reflect its core values. Your core values are the root of all business functions, from <\/span>picking goals<\/span><\/a> to <\/span>hiring talent<\/span><\/a>. They are the fundamental beliefs that guide the actions and decisions of the organization and serve as the foundation for the company’s purpose. Core values clarify the direction a company is heading, and ensure that all team members are aligned around the same beliefs.<\/span><\/p>\n

Core values also support the development of the company’s competitive strategy, and the actions and tactics it employs to achieve its goals. By aligning its actions with its core values, a company can build a strong reputation and establish trust with its customers, employees, and other stakeholders, which can be a key driver of strategic growth. Overall, a company’s core values can be seen as the guiding principles that shape its strategy and enable sustainable growth over time.<\/span><\/p>\n

Choosing your core values provides an opportunity to be unique and set your company apart from its competitors. For example, one of our favorite core values at Align is “Get Sh!t Done,” And boy, we do our best to live by it.<\/span><\/p>\n

2) Leadership<\/span><\/h2>\n

In the famous words of John C. Maxwell, “A leader is someone who knows the way, goes the way, and shows the way.”<\/span><\/p>\n

Effective leaders are able to anticipate and adapt to changes in the market, industry, and internal and external environment, and use insights to<\/span> make smart executive decisions<\/span><\/a> that drive the company forward. They also foster a culture of continuous learning and improvement, which plays on the strengths of the individuals working in the business. This positive encouragement comes full circle by building employees into effective leaders themselves and developing a headstrong approach to strategic growth.<\/span><\/p>\n

According to a<\/span> recent study<\/span><\/a>, 83% of organizations believe it\u2019s important to develop leaders at every level of the company, but only 5% of businesses have implemented leadership development at all levels. It’s easy to overlook your entry and mid-level employees when focusing on leadership growth, but remember that a scalable company is one with scalable people, and scaling your people will get you closer to your end goal.<\/span><\/p>\n

3) Strategic Planning<\/span><\/h2>\n

Some would argue that the strategic plan is the most telling factor of a company’s scalability. Planning involves identifying goals and objectives and developing a detailed blueprint to achieve them. To plan accurately, companies must be able to analyze their current situation and determine how they will get where they want to be by breaking down the journey into actionable steps. Most companies start with a SWOT Analysis.<\/span><\/p>\n

The strategic planning process can be more easily digested by enlisting help from an outside source, like a business coach. Several business leaders do not include the rest of the team in<\/span> facilitating strategic planning<\/span><\/a>, but this could be a costly mistake. Involving your employees helps align the whole team’s efforts toward a common goal, increasing productivity and efficiency. This also helps fill in gaps that can be easily overlooked by CEOs attempting to create the whole plan themselves without other insight. This does not mean you need to grant employees autonomy over company objectives, but practicing<\/span> transparency<\/span><\/a> and giving them a voice can only bring positive results.<\/span><\/p>\n

Strategic planning can also help a company identify and pursue growth opportunities, such as entering new markets or developing new products or services.<\/span> Technologies and SaaS tools can also improve the strategic planning process<\/span><\/a> and ensure you are on the right track. Overall, strategic planning is an important tool for influencing a company’s strategic growth and ensuring its long-term success.<\/span><\/p>\n

4) Execution<\/span><\/h2>\n

No matter how bulletproof your strategic plan is, it won’t pay off unless you properly set that plan into action. A proper execution process can help drive strategic growth for a business by ensuring that the necessary actions are taken to achieve the desired results.<\/span><\/p>\n

Your execution process should include specific steps centered around<\/span> communication<\/span><\/a>, task delegation, and tracking and reporting. Below are some action items that should be included in your execution process:<\/span><\/p>\n