Business Growth is a stage where the business reaches the point for expansion and seeks additional options to generate more profit. Business growth is a function of the business lifecycle, industry growth trends.
It is basically the process of improving some measures for an organization’s growth. It can be achieved either by boosting the top line or revenue of the business by making a great sale of the product or by increasing the bottom line for the profitability of the operation by minimizing the cost.
Here Are Some Of The Business Growth Strategies For The Growth Of A Business:
1. Increase your Existing Market: The first thing in order to grow the business is to widen the horizon by getting new customers. But, this is also important to understand to make the existing customer buy the product in abundance as this will prove to be a very cost-effective method. By concentrating more on existing customer, will give more opportunity to sell new products.
2. Looking for more References: It is advisable to and also one of the easiest ways to ask for current customers for more references. Also, make sure that there is a feedback form duly filled in by the customer.
3. Extend your customer base: It is relatively very important to have a huge customer base, which can only be done by extending market reach by making services available to the new pool of customers. For example;
a. Creating an online store
b. Advertising/Marketing your product and services
c. Also, opt for social media marketing such as Facebook, Twitter, Linkedin, etc
4. Participating in an Event: Your business offline presence is as important as your online presence. Thus, it is very crucial for your business to regularly participate in various industry-related events. According to business experts, trade shows can prove to be a great way to have growth, as more and more people who are already interested in the same type of product. This will in return boost ROI.
5. As a Franchise: Distributing franchises not only helps your business in growing revenue but also, it helps your business to get huge exposure. Thus, try and initiate to give franchise of your business as this helps in expanding and growth of the business.
6. Product Licensing: This can prove to be very effective in business. Licensing also minimizes the risk and is cost-effective. This also makes business more authentic and its product, more in demand.
7. Alliance: Aligning with a similar type of business can be a powerful way to expand quickly as the alliance will already have lists of prospective customers to expand the business. Business process outsourcing has proved to be one of the largest revenue earners.
8. Broadening Business: Diversifying can prove to be an excellent business growth strategy, as it allows income from various sources this will help in filling the gap which occurred in the low season also increase sales and profit margins. This can also expand our target audience and increased our stay in the market. Listed below are the ways:
a. Providing complimentary services
b. Promotional offers
According to a case study performed by the Harvard Business School determined the effectiveness of reflection. The study concluded that reflection in business when performed consistently increases employee performance at all levels.