The strategy aims to significantly grow a metal stamping business to a £75 million turnover with 15% EBITDA by 2030. One approach focuses on expanding product offerings. This includes conducting market research to identify opportunities, investing in R&D for innovation, and developing supply partnerships. For example, launching pilot programs can offer valuable feedback to refine products effectively. A comprehensive marketing campaign ensures the new products reach the intended audience.
A second strategy involves expanding into new geographical markets. This includes identifying international markets with high demand and forming local partnerships. Adapting products to regional preferences ensures successful market entry, while attending trade shows increases visibility.
Enhancing operational efficiency is another strategy. By implementing lean manufacturing processes, investing in technology, and optimizing supply chains, costs are reduced while efficiency is increased. Workforce training and data analytics are also emphasized to predict demand accurately and ensure quality control.
The strategies
⛳️ Strategy 1: Expand product offerings
- Conduct market research to identify new product opportunities
- Invest in R&D to innovate and improve existing products
- Develop partnerships with suppliers for new materials
- Launch pilot programmes for new products to gather market feedback
- Leverage customer feedback to refine product offerings
- Increase production capacity to accommodate new products
- Conduct competitive analysis to ensure unique product positioning
- Develop a pricing strategy for new products
- Launch a marketing campaign for new product lines
- Train sales team on the features and benefits of new products
⛳️ Strategy 2: Expand into new geographical markets
- Identify potential international markets with high demand
- Research regulatory requirements for entry into new markets
- Establish a local sales presence in high-priority regions
- Develop strategic partnerships with local distributors or agents
- Adapt product offerings to meet local preferences and standards
- Implement a localised marketing strategy targeting specific regions
- Attend international trade shows and exhibitions to increase visibility
- Evaluate and select the optimal modes of transportation and logistics
- Utilise government resources and trade associations for market entry
- Monitor and analyse performance metrics in new markets
⛳️ Strategy 3: Enhance operational efficiency
- Conduct a comprehensive audit of current operations
- Implement lean manufacturing processes to reduce waste
- Invest in state-of-the-art machinery and technology
- Optimise supply chain management to reduce costs
- Increase workforce training to improve skill sets
- Utilise data analytics to forecast demand and optimize inventory
- Implement a robust quality control system to reduce defects
- Negotiate better terms with suppliers for cost savings
- Conduct regular performance reviews to identify areas for improvement
- Set up key performance indicators (KPIs) to measure progress
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
