I talk about types of business growth strategies that are particularly relevant for small businesses or startup organizations. The key is to think about growth that is within your control, as all organizations are resource-constrained.
You need to prioritize the type of growth that you're going to focus on. Generally, the more focused you are particularly when your small business or a startup the better off you will be. what types of growth strategy can you choose?
Growing your existing market as a business growth strategy.
The best growth strategy is simply serve your existing clients better. This might be producing more content and making you were product more easily accessible, or specifically solving the needs of your existing customers. Try to figure out how to reduce the problems that your customers have, and continue to reduce these problems. Your customers will be your salespeople when you do this business growth strategy.
Market expansion and product diversification as a growth strategy.
Once you figured out how to serve your customers to the best of your ability, try to remove yourself from the equation as much as possible. Set up organizational processes and try to find people that can serve your functions. Once you do that, you can start pursuing other markets that are closely related to what you are doing. The goal is to find possible ways to serve your existing customers and to identify new customers when you do this business growth strategy. You can also lower your prices or try to segment your existing customers and better serve these existing customers.
Mergers and acquisitions as a growth strategy.
The previous growth strategies were mostly organic. you can also grow by acquiring other companies. You can be relatively small and still merge and acquire other companies. The goal is to pick companies that better serve your existing customers and grow your customer base. You also should look for customers that match your existing business in terms of their management style and strategy.
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David Maslach is a research professor of entrepreneurship, innovation, and business strategy, I discuss topics, such as behavioral science, strategy, innovation, and entrepreneurship, and apply these to my new peer proofreading and editing platform. Topics include the sharing economy, altruism, investing in technology, starting a business, and bounded rationality. My favorite videos pertain to incentives, goal setting, and learning from failure to drive behaviors such as weight loss, stopping telemarketers, creating novel technologies, and creating new movements.
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