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Setting a Growth Strategy and Capitalizing on Business Opportunities

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Updated on May 3, 2023

Whether it’s to achieve the goals you have in mind or because a growth opportunity arises, you need to think strategically.

Your growth strategy must be consistent with your business objectives. You need a plan to adapt to the current context and equip yourself with the means to anticipate your clients’ changing needs.

Technology has to play a part in this strategic plan and be carefully thought out to achieve your goals. This will ensure that you are ready to seize opportunities as they arise.

It’s not about following a rigid plan, it’s about putting guidelines and mechanisms in place to get there by identifying key priorities for action. You need to ensure that your business and the underlying technology can evolve with market needs. Metrics in your plan will track results on an ad hoc basis and allow you to adjust quickly if necessary.

Automating management and distribution functions

Companies are currently facing a significant labour shortage in all sectors, which can slow down their activities or even hinder their growth. In order to increase your production capacity while avoiding this obstacle, you should automate certain tasks to improve monitoring of the various stages of your activities, from design to distribution.

By centralizing your management and production processes and using artificial intelligence, you can analyze data in real time and adjust your workflow accordingly. You will be able to respond much more efficiently to the demand for your products and services, thereby increasing your production and reaching vaster or more specific clienteles.

By optimizing your processes, you will anticipate results more accurately and make faster and relevant decisions.

Planning activities strategically

To achieve your growth objectives or respond to increased demand, you need to take a step back to see the big picture view and then plan the stages of your journey.

For a successful transformation, the technology implemented to make your life easier must be based on your objectives, which means it must be based on your business strategy. Every situation is different and the approach to a technological and digital transformation must be intelligent and cohesive.

Your plan will focus on solutions that are most beneficial to your business in the short term, but that will be integrated into a larger plan with longer-term steps (three to five years).

This strategic plan must be revisited regularly and include a digital transformation component and will therefore be done gradually. Society and markets move at a breakneck speed, but a company can give itself tools that will make it more flexible and allow it to adjust quickly.

You should also make sure you involve all the teams so everyone understands the strategy and transformation objectives and moves in the same direction.

Changing the corporate culture

A recent survey conducted by our firm with Québec businesses revealed that 29% of them believe that the traditional corporate culture is a main obstacle to digital transformation.

Technological evolution is not a one-time event. Solutions must be developed over time to adapt to ongoing changes in society. In order to stay ahead of the curve, it is in your best interest to foster a culture of innovation within your organization.

In addition to anticipating and responding to marketplace fluctuations, you’ll find it to be a way to better engage your teams, encourage their involvement and nurture talent.

Some technologies make it easier for people to interact and encourage them to collaborate more and share ideas, even remotely. At a time in history when a hybrid work model is becoming the norm in some industries, it makes sense to put in place communication channels that value employees’ contributions to your company’s growth and promote efficient work and increased productivity.

Successful growth can only be achieved with a culture of innovation that propels teams or a plan to make technology and digital transformation part of the business strategy.

We suggest that you take this questionnaire in order to properly assess your needs. You will know which aspect to focus on first and be able to measure your level of preparedness by comparing your progress with that of other organizations in your sector.

Of course, at any time, you can contact our team of experts who can assist you in your analysis and developing your action plan.

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