Are you looking to grow your business? Have you been trying to grow your business but are finding it difficult to achieve the growth you want? When business owners think about growing their business they tend to focus on increasing sales of existing products and services. However this is not the only way to achieve business growth. Here are some different ways to achieve business growth which you may want to consider:
Increase sales of current products and services. You may be able to achieve the growth you want by selling more of what you currently sell. This may be through encouraging your customers to repeat purchase, gaining new customers similar to your current customers or targeting new types of customers. Sales and marketing activity, promotions, price changes and better deals with suppliers may also stimulate demand.
Focus on a niche. Narrowing down the products or services you offer may be a better route to growth for you. By focusing in on a niche you may find that your business will grow more quickly as all your efforts will be targeted on a smaller range of products or services.
Develop or introduce new products and services. You may want to consider introducing new products or services. These may be similar lines to what you offer now or something completely different. They may be what your competitors offer or you may want to develop your own unique products and services through innovation.
Introduce new sales channels or markets. Another possibility for growth is to sell through new sales channels. This may be by using agents or associates or maybe selling through your website. You may also want to look for other types of customers such as selling to the public sector or selling overseas.
Open in a different location. You may be able to expand your business by opening up in a different location. This may give you access to a new market place and enable you to replicate your business quickly somewhere else.
Enter into a joint venture or partnership with another business. You may find that by entering into a joint venture or partnership with another company that you can grow your business. This may be with a company that sells similar, complimentary or quite different products or services to you.
Merge with or buy another business. You may want to increase your business incrementally by purchasing another business or merging with another company. This may require a bigger investment than some of the other routes to growth but it may get you the growth you want much more quickly.
Franchise your business. You may feel that your business can be grown through franchising. Your business may be such that you can sell franchises to other business owners who will the run the businesses and pay you a franchise fee.
Invest in your business or take on outside investment. You may be struggling to grow your business due to a lack of investment in the business. You may find that you can enable growth by investing in the business or getting others to invest in your business. Such investment may be used to take on additional resources such as staff, equipment or technology that will then enable you to take on more business. Outside investors may provide their expertise as well which may help you achieve the growth you are looking for.
Improve business productivity and efficiency. Growth can also be enabled through increasing business productivity and efficiency. This may help you to get more sales through your existing infrastructure and cost base.
Enhance customer service. Could you improve the level of customer service you provide? Better customer service may result in an increase in repeat business and more referrals of new customers by existing customers.
Get help and support. You may need outside help to grow your business. This help and support will be personal to you but may include consultancy, sales and marketing expertise, business mentoring and coaching, financial analysis or help from another business owner.
If you are looking to grow your business hopefully this article will have given you some ideas of the different options available.
Author: Liz Makin
Published: July 2011
If you are looking for support to grow your business Liz Makin can help you. Liz has coached and mentored many business owners to significantly grow their businesses working with them directly and also over the last few years as a Growth Coach and training provider for the Government funded Growth Accelerator programme (which has now ended). Liz can support you to develop and implement your business strategy and plans for growth through Business Growth Coaching and Mentoring.
Please call Liz on 01780 765270 or email Liz@makinithappen.co.uk to arrange a
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