Many organisations are using this time, as we come to the end of the year and as the pandemic proves less of a threat to our everyday lives and business, to focus on and think about how we’re going to move forward and grow.
The question we’ve been asking ourselves is: what is our strategy for growth moving forward? Although there are many, there are two strategic growth pillars that organisations need to focus on during this time.
The First Pillar to Focus on is Your Core
Your core is what you’ve previously mastered, what you do well and where your expertise lay, and this is where you still want to grow organically. It also creates the platform for other growth and new areas of development.
It is through a strong core, a strong commitment to what you do well, that will afford businesses the opportunity to fund any diversified growth they might be looking for. If you want to do something different and diversify moving forward, you need a strong balance sheet and P&L to enable you to do that.
The Second Pillar is Focusing on Finding New
Whilst we need to strengthen the core and focus on what we already know how to do, we also need to find the new.
Organisations need to find what is going to make them relevant in the future. By questioning the opportunities that have revealed themselves this year, or what opportunities were previously missed, or what industries or markets that can be moved into, organisations are setting themselves up for success through diversifying their business.
This ensures future relevance but also creates new opportunities for the business and for the team’s development and engagement plus overall organisational growth.
In summary, organisations cannot forget the core. You need to be focusing on consistently strengthening your core, but secondly have a find new strategy and work through new opportunities and developments that can be taken advantage of for the continued future and relevance of your business.
Watch the video below to learn where your focus should be.