But that’s now changing – core businesses are expected to grow at a faster rate than ever before, and branch out into new markets. Hence the phrase: “You’re not a core business anymore if you’re not trying to grow”, which I heard a few days ago in a meeting with a business leader - it struck a chord. Unfortunately, there isn't an instant ‘growth switch’.
1. Don’t procrastinate – setup a project tasked with identifying new growth opportunities and finding ways to speed up ideas to launch.
2. Identify capabilities (and existing propositions) that can be re-purposed to give you access to new markets. For example, look at your areas of expertise, technologies, channels to market, manufacturing capabilities, distribution, services, management competences, etc.
3. Organise a brainstorm to kick-start your ideas log. Even a 2-hour workshop with the right people can provide you with a good list of ideas - see the recent article: Using Ideation to populate a business strategy roadmap
4. Add some “oomph” by setting ambitious growth targets, and working backwards from the targets to focus your growth efforts. Otherwise, there’s a risk you could get side-tracked into incremental product sales, which isn't going to deliver significant, sustainable growth.
Other articles that may be of interest include:
- 10 recommendations when setting up a group-wide revenue growth programme
- Using Ideation to populate a business strategy roadmap
Thanks for reading this article!
Please get in contact if you have a question about innovation or NPD.
Our ebook Innovation Unplugged is also available, click here for more information.