Business Development 101: An Intro to Strategic Growth
Plenty of business owners are content to maintain a small operation. A decent but limited income is enough to eliminate the urgency of expanding their operation and continuing to develop their business. Many small business owners are comfortable with their earnings and happy in their endeavor.
Then, there are business owners driven by the challenge to grow their business into a high-profit venture with larger market share. Hardly intimidated by the added risk, the only logical solution for the exceedingly motivated business owner is to seek greater personal rewards. Any way you slice it, the juice is worth the squeeze.
For the business owners in the latter category, a solid growth strategy can mean the difference between running the same small operation and taking your business to unimaginable heights. Combined with the right marketing techniques, a well-managed business growth strategy can meet and exceed your expectations. Most business owners just need the guidance. Linx is here to provide it to you.
There’s a lot to consider when building a growth strategy. The answers to a few critical questions ensure you always step with your best foot forward:
- What should you think about before committing to a growth strategy?
- Which approach will suit your business best?
- How can marketing help you drive business growth?
The Commitment to Business Growth
It’s important to manage your expectations when growing a business. Migrating to a larger firm, you can anticipate a more complex, demanding and time consuming schedule. You’re also more likely to spend additional time with arbitrary tasks like financial planning. The entire course of your typical business day can change.
Cost burdens will also increase as you invest in greater resources. The same is true for management burdens as you delegate responsibility and control to other employees. Your business might require larger premises, more equipment and more employees. Finding the funds to expand is another important aspect to consider.
At the end of the day, committing to growth requires an added commitment from the entire company.
Timing is Everything
Always remember the cardinal rule for expanding your business: prove your business model first. Plenty of businesses jump the gun, looking to expand without the evidence to prove a period of successful trading. A proven business model is a critical first step no business can afford to ignore.
However, a proven business model represents only half the knowledge you need to successfully grow your business. You also need to know if there is enough demand to justify the expansion. That’s where market research comes into play. This important second half of the business growth equation will give you time to put the systems in place to cope with an increase in scale.
With your business model proven and market research in place, you can devise a business plan incorporating your methods, costs, targets and a realistic schedule, revising it along the way. If you need help developing a business plan focused on growth, Linx can help.
Optional Methods for Growth
There are fast and slow ways to grow your business. Fast growth is easier to achieve in sectors driven by innovation. Launching new products or services can also fuel considerable growth quickly. However, most businesses opt for gradual, organic growth. Although slower, this type of growth is more manageable, involving less risk. There are a number of well-established strategies to consider:
- Sell more to existing customers by building more relationships and taking on more staff.
- Reach new customers by investing in promotions and advertising.
- Expand existing sales channels or create new ones. You might develop an online sales channel, for example, to complement your in-house sales team.
- Enter new markets and open new outlets. You can target a whole new set of customers or sell beyond your region.
- Introduce new products or services.
- Introduce new technologies or invest in upgraded equipment to boost capacity and free up staff time.
- Create partnerships to share resources and expertise with another business.
- Network to find potential customers, business partners and investors.
It’s Time to Grow
Every large business began somewhere. Although growth requires risk and commitment, you can take your business to the next level with the right mix of planning, strategies and techniques. Managed properly, business growth is achievable for companies of all sizes and in all industries.
Linx is More Than a Marketing Consultancy
More than “marketing advice” – Linx can test, pull back and adjust, perform risk/reward calculations and implement a plethora of our own market-driven business strategies. Looking to grow your business? Contact us today for a market-driven business strategy.