So you want to grow your business…
Your next step should be to assess if you are ready to move ahead. Once you assess your strengths, weaknesses, opportunities, and threats, you’ll be better positioned to make a decision.
Before starting growth initiatives, make sure that your core business is performing well.
Click here for a good article about assessing performance
If you decide to pursue business growth, it is strongly recommended that you revisit your business plan or at the very least hold business planning sessions.
You will likely need to do some market research before formulating your business growth strategy.
There are many ways of growing a business:
- Increasing market share
- Market Expansion
- Product expansion
- Diversification
- Joint ventures, mergers, and acquisitions
One way of growing a business is increasing the market share. An example of this strategy is lowering the product price to get a larger share of the market.
Another way of growing a business is through market expansion. An example of this strategy would be selling the current products to new markets.
Another way of growing a business is through product expansion. An example of this strategy would be selling new products to the existing market.
Another way of growing a business is through diversification. An example of a diversification strategy would be selling new products to new markets.
You can also grow a business through partnerships, joint ventures, acquisitions, and mergers.
Whatever strategy you choose, make sure you have estimated the costs of the growth initiative. Growth usually requires financing.
Click here for tips on how to grow your business.