SMALL BUSINESS GROWTH STRATEGIES
Identifying the Best Strategy for Your Business
What are Small Business Growth Strategies?
Small business growth strategies can take a number of forms. Many people seem to believe that a lot of the strategies and approaches to business that large companies and corporations implement cannot be adopted by small businesses. But I am here to tell you that couldn’t be farther from the truth.
In fact, many of the growth strategies that large companies credit for their success can easily be modified to deliver results on a smaller scale to small businesses.
Here at the Growth & Profitability Agency, our expert team of consultants have extensive experience in identifying and implementing small business growth strategies. We know that there is no “one size fits all” approach when it comes to small business growth strategies. We can easily identify and implement the best one specifically for your company that is guaranteed to deliver results that you are proud of.
Why is it Important to Establish Small Business Growth Strategies?
It is imperative to establish small business growth strategies in order to give your company a clear direction. Identifying and implementing small business growth strategies is crucial. We help you determine how you want your business endeavors to progress, and where you see your business in several years time. We then help you implement and execute the "road map" we laid out for ultimate success.
Perhaps you hope to diversify into new markets, or you want to be the market leader for your particular product or niche. These types of business goals sit hand in hand with the implementation of small business growth strategies.
Through identifying an appropriate strategy, you are able to break down the various steps that you need to take in order to reach the point that you are hoping to reach into a manageable action plan. We are on hand to assist you with all of this.
How Developing Small Business Strategies with Us Can Help Your Business Grow?
If a business isn’t constantly and proactively seeking ways to grow, it is standing still and ultimately, falling behind the curve. Growth is a critical part of any business’s success! It enables you to keep up with the ever changing state of the business playing field and our economy.
The experts from the Growth & Profitability Agency are able to analyze your business structure in order to determine precisely what the best small business growth strategy for you will be. We look at your particular goals and management style.
- Market Penetration – Market penetration involves taking a more aggressive approach to developing a presence in the market which your business is currently operating in. Market penetration does not involve investment in any new products or markets, but simply implementing new ways in which to push the existing ones offered.
For example, reducing selling prices, increasing promotions, making improvements to the product or packaging of existing goods offered, diversifying and expanding distribution channels, and increased targeting of the customers and distribution channels of your competitors.
- Leveraging Partnerships – Leveraging partnerships can be a valuable growth strategy for small businesses. Pursuing this avenue can result in cost reduction and building knowledge in new areas, in addition to aiding your company’s growth. Partnerships can be developed with other companies which offer benefits to both parties.
For example, if you run a small retail business, you could develop a partnership based on shared distribution in order to utilise someone else’s warehouse space. In this example (though there are countless other possibilities), you are able to save money by not having to invest in your own distribution centre, and your partner reduces their overheads.
We can provide assistance in locating and reaching out to suitable partners. This small business growth strategy works particularly well when used in conjunction with others.
- Diversifying Channels to Market – New ways of reaching out to potential customers come accompanied by new sales and increased profits. We can aid you in assessing your current channels and identifying the best new routes to diversify into.
Perhaps you are purely operating a web or retail business and have not yet considered other channels such as apps or subscription services. Growth & Profitability can provide an action plan with easy to follow, manageable steps so that you can reach more customers.
- Market Development – Market development occurs when a business expands the boundaries of the markets in which it operates. If your business is localised and purely sells goods and services within a small area or city, then maybe it’s time to grow your operation and try to expand your reach so that it covers the state or even the entire country.
Market development can also involve targeting new customer demographics – i.e. maybe your organic, natural beauty products primarily target image conscious women, but you could potentially branch out to include people who are passionate about the environment.
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- Product Expansion – Perhaps it’s time to refresh your product offering by adding new items to your range, or modifying existing products to keep up with current trends. We can help you to identify what products you should consider adding or improving by assessing your current top performers and determining what items from your range your customers love.
- Market Segmentation – Market segmentation is a small business growth strategy that involves analyzing the market in order to establish areas where your company will be able to stake a share. Depending on the specific market in which you are operating, it can be difficult for small businesses to compete against larger companies.
Conducting adequate research can be costly for small businesses who do not have the same market research budget as their bigger counterparts. That’s where we come in.
We have the experience and the knowledge to suggest more budget friendly alternatives to this research that have a proven track record in delivering results to both out client’s business endeavours and our own.
- Diversification – Diversification is a small business growth strategy that is a little more than simply introducing a new and improved product or targeting a new market; this occurs when a business diversifies itself in both its products offered and also the markets in which it operates.
The Growth & Profitability Agency can assess your business model in order to identify a logical progression for your company so that you can identify which products and markets are likely to be successful for you based on your existing brand message and the resources available at your disposal to progress with the diversification.
For every day that you continue with your business operation without establishing a clear cut growth strategy and future plan, you are potentially falling behind which is why it is critical to start thinking about these today.