Alternative strategy tool: Growth Avenues

There are some proven routes to growth that occur again and again in business.

Challenge yourself to think through how your business could grow in each direction, not moving on to the next one until you have fully explored its potential for your business:

Product growth avenues (Ansoff matrix)

New products to existing customers

Adjacencies/complimentary products

Brand stretch

Add services to provide full solution

Sell existing products to new customers

Geographic expansion

Entering new market segments

Open new channels

Selling new products to new customers (in the same industry)

Going upmarket

Going downmarket

Business model growth avenues

Vertical integration

Backward to suppliers

Forwards to end-users

Creating a “platform”

Commercialise assets/technology

Starting a new venture

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