Abraham Lincoln once said,
“ If I had nine hours to chop down a tree, I’d spend the first six sharpening my axe”.
The same rule applies to any Business growth today. With competitors striving to create an edge and with a phenomenal rise in entrepreneurship, one needs to put that right growth strategy at the right time in the right place to conquer the hardships. And when a match is accomplished, accelerated business growth occurs.
Although there can be various growth strategies but one may want to select that matches best with his business vision and product/service.
Here are 8 key strategies for your consideration to help maximize RoI and traction in your marketplace and to ensure fast-forward growth of your business –
1) Expand your reach: Launching new products in unproven markets may hold a higher risk at times. Prefer expanding your reach in an established market by providing something new in the existing product range. By building innovation as your business worth, you may want to give a shot to the risk involved provided you understand all that is at stake.
2) Twist what exists: Sometimes a slight modification in the product or its packaging may open new markets. Understanding the needs and interests of your target audience and tweaking your product /services may serve as that little push to take the lead.
3) Focus on Less: It may sound like a crazy strategy for growth, but we often get distracted by more and more in our lives. More marketing campaigns, more promotions, more mailers – it not only consumes our efforts, time and investments but stalls us at the junction of nowhere. So, it’s important to streamline the process and lessen things that deliver mediocre outputs.
4) Retain and not refrain those Referrals: Customer Experience is everything. You may initiate the best marketing campaigns in the world, but if your customer experience sucks, you are sure to see your growth numbers falling. Putting a percentage of your revenue for customer retention and experience – be it a simple card, a feedback form or just delivering what you commit can set the pace and leave an ever-lasting impression on your clients. Focusing on customer experience is a must if you are focused on business growth.
5) Adapt Agility: Business blueprints change with the changing technology and offered choices. To lead the game, it’s important to be flexible to accept changes and to stay up-to-date with the latest trends of markets and consumers.
6) Diversification: Entering into new markets with new initiatives always a riskier strategy, but if innovation is your business asset, the risk is worth taking. Yes, diversifying your offerings is definitely a crucial growth strategy to expand your horizons of success by opening multiple streams of income, increasing sales and profit margins.
7) Geographical Expansion: With the globalization of markets at hand, business leaders must become far more strategic and make wider use of markets to expand geographically. Also, they should be open to harness the latest technologies, manage links to the global economy and strengthen their existing decision-making processes to increase the business sustainability.
8) Form An Alliance: In the war to ‘thrive and survive’ with a competitive edge, it is quite imperative for businesses to align themselves with a similar type of companies. Joining forces is definitely the most welcoming step for two companies as their synergistic strengths get combined with the wider customer base, greater access to new technologies, and a better market share. Yes, it’s the fastest route to achieve success.
Business growth is much more than wishful thinking. The long-term success of your business will depend on the right development and right implementation of your strategy.
“ Everyone wants to live on top of the mountain, but all the happiness and growth occurs while you’re climbing it.” – Andy Rooney