Business Growth Strategy Development

Business growth strategy development involves identifying Strategic Opportunity Areas (SOAs) which are large, strategically attractive areas to look for profitable growth. SOAs can come from a variety of sources, and can include new products, brand extensions, new channels, acquisitions and other initiatives. Strategic growth areas should be documented in a consistent manner to allow them to be evaluated and prioritized for additional consideration.

Here is a review of potential sources and a sample SOA write-up:

Strategic opportunities describe the growth area with a focus on customer needs and benefits sought

Growth Strategy Development Issues

What is the full set alternative strategic growth opportunity areas to consider (drawing on strategic direction setting and focused ideation)?
What benefits (both internal and external) does each SOA offer?
Which of these are judged to be most attractive? How do the SOAs pass various screens, across strategic, customer and financial/operational screens?
Can an initial business case be made to demonstrate market success potential?

Strategic Opportunity Area Approach

Once SOAs have initially been established and documented, interim screening is performed to narrow the list.
As the SOA progresses from strategic area, to focused ideation, to specific business concepts, additional screens are used to ensure strategic, operational and customer requirements are met.