Every company, whether large or small, has sales goals that demonstrate growth year over year. If you feel that your revenues have hit a plateau, it's time to enact additional growth strategies that will take you to the next level of revenues.
Here are five small business growth strategies that you can use to find the right way to expand.
Extend Your Market Reach
One of the simplest small business growth strategies is using your existing products or services to expand into existing and new markets. You don't need to retool your manufacturing capabilities or launch new products, but simply utilize different marketing approaches.
This may mean finding ways to further penetrate your current markets and gaining additional market share from competitors. You may need to look to other geographical areas that need your products or services, or perhaps you need to tap into a new demographic.
Develop a New Product or Service
Growth strategies in business often are a result of new products and services. If you find that your current offerings have reached a plateau of sales, look into developing new products or expand your service offerings. Consider products or services that complement your current ones, allowing you to generate more sales from your existing customer base. Having more to offer can certainly be a good strategy for small business growth.
You can expand your business by joining forces with other business owners. A joint venture is simply an agreement between two businesses on a specific product or service offering. You might combine marketing lists, create a package deal on both businesses' products, or even develop a whole new product with your joint venture partner. Joint ventures are a great way to keep your small business autonomy and still have help in reaching new customers.
Sometimes a small business growth strategy is far too big in scope for a single small business owner. It might be helpful to find one or more partners who can contribute capital and expertise into the business to help it grow. A partner doesn't mean letting go of full control of your business. Rather, look for a partner who will add experience and expertise, especially in areas you are less comfortable with like administration, human resources, or technology development.
Enhance Your Productivity
It may be time to acquire additional financial capital and expand your productivity to meet your small business growth strategies. Look for small business loans, grants, and other investors who can contribute capital to help you acquire additional equipment, space, and even staff to help your productivity soar. Be sure you have a solid marketing plan as part of your small business growth strategy to sell your additional products.
Your growth strategies in business rely on your own expertise, creativity, and willingness to work on action plans you develop for growth. These are just a few ideas to get you started, but hopefully they can lead you into the right way to grow your own small business and make it even more successful.