You have built your business from top to bottom and find your business in solid standing and primed for growth. A business, after all, if it is not growing is stagnant and bound to shut its doors. So how might you start growing your business?
Growing your business is an important goal to have and it can be done in a variety of ways with short-term or long-term milestones. Let’s look at 7 growth strategies you can use to grow your business.
Diversify Your Business
The terms “diversification” or “diversify” may be heard circulating a lot in the business sphere, which is for a reason. In a business environment, where the global community seems to be shortening distance, diversification is essential.
Diversification is important for slow business periods, investments, and growth. Diversification potentially influences all areas of modern business and touches on just about every aspect of business operations, relating to products, services, customers, acquisitions, geography, and resources. How you decide to diversify your business will be influenced by your business model.
Expand Your Product Inventory
Sometimes all it takes is a new product to spark interest, to fill a need, to be the next must-have item to boost revenue and propel growth. A business can expand its product line, or enhance current products to increase profits and sales. This can be done through product development strategy or product expansion strategy.
Products often change with technological advancements. While having old faithful items can be nostalgic and true to value, they may not generate enough sales. A new product with up-to-date technology or modern design can increase sales, even to where production of the old item (if you don’t want to discontinue the item) can be covered.
Penetrate or Expand in a New Market
Being able to penetrate a new market is a challenging task that can result in increased revenue. A business may want to penetrate a new market when working around competition, when current sales or profits run stagnant, or when a new market provides an opportunity for new uses of their products or services.
Entering a new market requires strategy and businesses can rely on a market expansion growth strategy or market penetration strategy to grow their business in this manner.
Consider where your product and services are being offered. You may want to grow your business offerings domestically or internationally. New resources and tools make it easier now than ever to reach customers that you normally wouldn’t be able to.
You do not need to set down a brick and motor store on every continent or in every national city. Sometimes it’s just increasing your business’s virtual presence and online capabilities.
When expanding your business geographically you reap benefits like new revenue, foreign investment opportunities, brand awareness, and more. You may find success just outside your local circle.
Target and Attract New Customers
Until you have everyone on the planet participating in your business in some form or fashion there will always be a new audience to target and new customers to attract. It’s time to tap into potential customers when you are looking to grow your business.
Every customer group has distinct characteristics and identities that differentiate them. When wanting to target and attract new customers, it is important to learn about them and discover how you can make your products or services appealing to them. This may require actions such as targeted advertising, new packages, or product modifications.
Acquire Other Businesses
When you are in a financially stable and positive position with effective operations you may be primed for growth. At this point, it may be great to consider acquiring other companies. The acquisition of other companies is an immediate method for growing your business as acquisitions involve the purchase of another company to expand operations.
Generally, established businesses move forward with acquisitions when wanting to expand products or services or break into new markets. An operationally sound business can benefit from acquisitions whether it is small or large.
The key is making sure to do adequate research on the benefits of acquiring another company and the desired company to acquire business standing. The business operation strategy must be sound when moving forward with an acquisition to incur any unforeseen or accounted risks.
Inquire from Your Audience
Customers are at the forefront of making any business successful. One of the best and simplest methods for discovering what you can do more of is by inquiring from your audience or customers. Ask them for their thoughts and feedback which can be invaluable to your business growth strategy.
Your audience and customers are the ones you serve and sometimes all it takes is a simple question, poll, quiz, or post. They can generate and inspire new ideas on how to better be of service if you are a service-based business, or what products to include in your collections if you are providing products.
As a business owner, you will not be able to run your business and be successful independently. Sometimes, you need to go outside yourself, outside your business bubble, and get real answers and input from the people your business is for. You may not know what to do each time or hit a creative rut. That’s when it’s perfect to inquire from your audience.
Strategy is essential for success. There are a variety of ways to grow and achieve subsequent success. If you are a small business, you may want to consider expanding your offering or targeting new customers. If you are a large business, you want to consider acquisitions. Any business would benefit from business strategy consulting to weigh all options.
The way you decide to grow your business is up to you. You know the ins and outs of your business. Understanding its operation and development potential and standing is vital for considering what growth strategies will work best for your business. Determine the direction and manner you want your business to grow in to utilize a growth strategy that best suits that path.