Are You Pursuing the Right Business Growth Strategy?

"Intuition is powerful, but when it comes to business strategy, let your SWOT Analysis lead the way."

Anthea Horvat

Many moons ago, whilst studying for my MBA I learnt the Ansoff Model.

This model outlines four business growth strategies.

• Market Penetration: Selling more of your existing products to your current market.
• Market Development: Expanding into new markets with your current offerings.
• Product Development: Creating new products for your existing market.
• Diversification: Entering new markets with new products.

This model is still relevant today.

So, I want to ask you, which one of these are you pursuing right now?

I also want to ask if you have done a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis?

And did you use the results to make your decision? Did you identify the best strategy for your business?

If you didn't, and you are using your intuition or gut to decide your direction, please stop.

Now, I'm a big fan of my gut and intuition. But when choosing my business strategy, I also want to do a SWOT analysis first. I recommend that you do the same.

The SWOT analysis is going to tell us which one is best right now.

Happy swotting!