Business Growth Strategy
Growing the business is the holy grail many organisation struggle with on a daily basis. Each business is different but there are number of ways of how to pave the road to success. Here are some business growth strategies that you may wish to consider.
- Market segmentation – This simply means selecting a sub-set of the marketplace that you can organise your sales efforts around. Who are your core target customers? Many SMEs are afraid of limiting their market place but you need to focus on your core customer if you want a clear path to growth. Segmenting your market comes down to making choices. Who will you and won’t you target? Which segment can you focus on to improve profitability?
- Building partnerships – Larger businesses can target customers directly and have access to facilities and / or environments to build and deliver their products our services. SMEs need to be more astute and find partners that they can leverage so they can compete with corporate enterprises.
- Acquisitions – Perhaps the primary way that most large businesses grow is through acquisitions. While this business growth strategy might seem risky for SME businesses acquisitions can be a massive source of profit and a means to growth if the business makes a few key moves, e.g. establishing key success criteria and business characteristics. Also the business knows what represents a good buy in the industry and which affordable acquisition targets they have a good chance of improving.
- Become an industry leader –Successful corporate businesses often make their name by leading an industry. They make moves when other businesses sit by the wayside. Being the first to market can be risky but is ultimately rewarding in regards to gaining market share and maximising revenues