Laying the Foundation: Analysis and Goal Setting
The foundation of any structured growth plan lies in thorough analysis and the definition of clear, precise objectives.
Begin by understanding your current position. Conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) and potentially a PESTEL analysis (Political, Economic, Social, Technological, Environmental, Legal) to grasp internal capabilities and external factors.
Perform in-depth market research to identify target customer segments, understand their needs, analyze competitor strategies, and uncover viable growth opportunities.
Based on this analysis, set SMART goals (Specific, Measurable, Achievable, Relevant, Time-bound) or OKRs (Objectives and Key Results) that clearly define what growth looks like and how success will be measured.
These initial steps ensure your growth plan is grounded in reality and focused on achievable, impactful outcomes relevant to your business context.