Record breaking baseball player Yogi Berra once said
“If you don’t know where you are going, you will likely end up somewhere else.”
The same is true in business. Unless you have a business growth strategy, you are essentially flying blind. A business growth strategy is a method a business employs to grow. It is largely dependant upon the company’s financial situation, competition and in some cases government regulation. In short, a business strategy, is a documented plan on how an organisation is setting out to achieve their goals. So what are some of the most effective short and long term business growth strategies? Let’s take a look. Short term Expand One of the quickest ways to grow your business is to expand. Bringing on new staff or increasing your product offering are a few sure fire ways to expand. Remember to do you research and do not be afraid to think outside the box. Customers Improving your customer service will not only allow you to sell more to your existing customer base but help you find a new client base through referrals. Franchising Franchising is perhaps one of the fastest ways to grow your market share and attract new customers. It is important to remember that franchisees are invested and passionate about making it a success, which is great news for you.
Long term Profits You must keep your profits in perspective and maintain a firm hold on what is coming in and going out is essential. Why? Because it will allow you to plan how much you can spend on new technology and new marketing campaigns that will boost your business in the long term. Customers Maintaining impeccable customers service is a must in both a short and long term growth strategy. Retaining a customer base increases profit and helps it grow via referrals. Innovation It is absolutely crucial to monitor trends and understand how your business can grow and develop to solve new problems and fill more gaps in the market. Marketing It is crucial that you keep on top of market research. This will not only help you understand your territory, it will also give you an understanding of what your competitors are doing, so you can make the necessary changes.
Former U.S. President, Dwight D. Eisenhower once said, “A finished plan is generally worthless, but careful planning is absolutely essential.” In short, taking the time to thoroughly examine where your business is headed is absolutely crucial. It gives you the information to make smart changes, with your business strategy in the backdrop. At BDH Leaders, we advise you on the best growth strategy for your business to get where you want to go. View more information on our business services here.