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Cathy Kenton By Cathy Kenton • June 15, 2021

What is a Growth Strategy?

 

Gartner’s definition of a growth strategy is: “An organization’s plan for overcoming current and future challenges to realize its goals for expansion."

Growth is a buzzy term; you hear the word everywhere. It is what we strive for as business leaders, it’s a strategy by which companies scale, and it can be a source of pain. Everyone is using the phrase “growth strategy” and throwing it around at planning meetings, board meetings, and in stakeholder conversations. But what does it really mean?

A solid growth strategy is not just a marketing strategy or a sales strategy. It encompasses the entire business and its unique operations into one roadmap for scaling. You can’t survive or succeed without one. Growth will not manifest on its own.

This month, LTMG is focusing on the key elements for developing a growth strategy. Given the unique needs of your company, this is not an exact blueprint, rather a template to help guide your planning.

Growth strategy matrix-3

Over the next four weeks, we will delve into each quadrant of the growth strategy matrix, providing additional insights and guidance on how to define your growth strategy.