From tiny acorns…
We have spoken recently about growing your business internationally and the options which are currently available to assist with this process. Something which we didn’t focus on was general growth and the strategies that must be in place in order to achieve the growth you desire for your business and which it deserves. Business is something which is always in flux, always changing and always on the movie so it is vital to ensure that your business is consistently moving with the times and growing as much as possible along the way. The most fool proof way to ensure that your business grows and progresses it to plan ahead and to have a growth strategy in place.
A growth strategy is essential and will inform all areas of your business from acting as the cornerstone of your marketing plan to your day to day business activities your growth strategy will be a guiding roadmap that will inform all aspects of your business. Your growth strategy should include information about the current market, your current and prospective customers, the products or services you offer and your overall goals for where you would like to see the business grow to. The growth strategy is an essential business tool as it ensures that things are not left solely to chance, which is a dangerous status to be in in business. If you are not sure where to start with a growth strategy here are some handy starting points.
The first thing to consider when contemplating a growth strategy for your business is market research. It is essential to know your product and service and know the market you currently serve. The next step for many is often referred to as cross-selling, and involves either selling more of your existing products to existing customers, or selling what can be referred to as ‘add-ons’ to your current products or services. This is one of the easiest and most popular strategies to put in place as it does not involve developing something new. Rather, this strategy involves building upon what is already in place. The difficulty with this strategy lies in informing all existing customers that you offer these additional products or services and generating interest in this way.
The alternative to this strategy involves essentially pigeon-holing yourself and your customers, which might seem counterproductive but has seen benefits in the past. Studies show that customers tend to stick with suppliers they understand and trust for each individual product or service and are more likely to continue on with suppliers who give a specific service. The other side of this involves choosing a specific section of the market to focus on, which whilst restrictive can pay off when done well.
The final method to consider for your growth strategy will be to ascertain what new markets you would like to enter. Occasionally, opportunities may arise for you to sell your existing products to a new market and this should be considered within a growth strategy if viable for your business.
In this modern age there are many means of distribution of products and ideas so it is essential to factor distribution and marketing into your growth plan. With this ideas as your starting point, you should hopefully be well on your way to growing your business.
Should you require any further assistance or business advice please don’t hesitate to contact us here at DCA Accountants.
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