So you’ve started a business. With some first clients and first projects done your company is ready to start growing. What is your next move to reach the objective of your business? Unless you are planning to forever stay a one man small business or freelancer, it will have to do with growth and scale.
Putting together a business growth strategy.
Yes, once you have a solid foundation in products and services, even got some profits going, now it is time to strategize business growth. Business growth, however, is often accompanied by an increase in complexity.
Before setting the point on the horizon and expanding your brand and company, it is wise to plan your growth strategy. A strategy that makes your growth decisions based on research and data instead of opinions and get-feeling. These are the first path to making a more sustainable profit.
A business growth strategy, what does that look like?
When planning growth, it is good to look at multiple of the available options, then add the most promissing to your business plan. Depending on your industry and business model, here are some growth strategy options to consider:
- Increase budget for marketing and customer acquisition
- Expand the number of locations
- Move into new target markets
- Product line extention
- Acquisition and mergers
- Moving your brick and mortar store online
Your target market eco-system and industry pay a big part in your decisions. So it is smart to craft your SWOT analysis to see what are the growth options internally and externally. Customer acquisition will always a part of it.
Here is video by Dan Martell, outlining a few business growth points from his experience.
Remember, regardless of the market, a solid business development plan can give your company a boost. Remember, there is no one-size-fits-all business strategy or plan; you have to pick the strategy that works for you and your company with the resources at your disposal, the needs of your target market, and your company vision in mind.
Good business growth and expansion strategies will help your business grow and expand. It may take financial investments in the short term, but in the long run it can keep you ahead of the competition.