In this new age there are many who have entrepreneurial dreams. But it is important to guide your dreams through its various phases. Everyone starts small and plans to expand in a few years. But, the circumances are such that they end up being stuck at where they first began. No doubt, it is difficult to develop a small business to something big but for this reason, there are a few growth strategies that need to be employed. Business growth is extremely slow in the last couple of years. Good thought must be put into developing a growth strategy but see that you do not take so long that the whole market changes by then.
The first part in growing your business is creating a strategy. It can be a small scale or a large scale change but some major change would definitely need to be made. Like any other business decision, this too has its own share of risks and problems. Here are a few growth strategies your business can employ based on the position or sate it is currently at.
• Sell 'more' of your product to current consumers. Try to figure how the consumer will probably use your product more. For instance, toothbrushes these days come in a pack of two or four instead of in singles. That way the consumer is forced to buy more. Or you could give out offers like the ones we see these days that give out one free on a purchase of two items or so.
• Venture into new territory. Take the same product and go a little out of your own locality. Maybe trying a franchisee model or employing someone just to set up shop there. This is actually a very big step of development. Make sure you pick the right market to step into. There are a lot of factors to take into consideration before going into a new arena. Check your competitor situation, potential customers etc.
• Try a new selling method. For instance, you could grow to have an online store or have agents selling your products.
• Better your product. Try new technology and have a USP. Improvisation alone can take you to new lengths and help you get recognized for your work.
• With improvement you can appeal to a whole new customer base. This increases your target audience, your reach and hence the probability of higher sales. Along with sales it makes you known among a larger circle of people. Promote your new products to both existing and new customers.
Together all the above, go all out in your marketing strategies and make your business grow.