Business growth is not an option – it’s a necessity.To grow your business in any economy requires the right strategy in the right market at the right time. When a “match” is accomplished, high growth happens.
(Ready to get growing? Click here to download our business growth strategy worksheet and craft growth strategies for your small business.)
Although there numerous business growth strategies to choose from, you want to select the growth strategy that best matches your one-of-a-kind business.
Here are four key growth strategies for your consideration to help you gain traction in your marketplace and fast forward your growth.
1. Diversification – Developing new products in new markets can be a riskier strategy given the unproven marketplace. However, if innovation is a business value (think Apple, Inc.) it may be worth the risk as long as you understand what’s at stake.
2. Market Development – One of the more common growth strategies is to expand existing products into new markets. The new market can be industry-related or geographical. Occasionally changing the product packaging or modifying the product slightly can also open up new markets. How do you make this strategy succeed? Enjoying a keen understanding of the new markets is helpful.
3. Product Development – One of the most comfortable business growth strategies for entrepreneurs is introducing new products into existing market as it mirrors the market development strategy. Even though it appears to be an easier strategy to implement, it doesn’t come without challenges. Developing new products requires new skills and continual tweaking until success is achieved.
4. Market Penetration – What’s an entrepreneur to do when new products and/or new markets don’t exist? When surrendering is not an option, expanding your current products in your current market is the way to go. It’s all about the competitive edge!
Business growth...it’s more than wishful thinking.
What has been your most successful business growth strategy? Share your thoughts below, and remember to download our free business growth strategy worksheet here.