Every businessman wants a growth in their business, whether it is small or medium scale business. Most of the businessmen are successful in it, with the way they implement for maintaining the revenue of the business. But how do you scale your business?
There are few strategies for small business growth that have been implemented by successful businessmen again and again. And these are the basic growth strategies for all businesses – without any restriction of space, area, or the type of an industry, that can follow to generate new revenues. No matter from which industry you are, from Google, Microsoft or a small scale industry these growth strategies are useful to achieve higher levels of success.
I cannot say that each strategy will come without any risk, that’s why we call them businessmen backers. They do it with the right planning, proper implementation, and right team selection, which are the key factors to grow their business. Below are the strategies for you:
Improve Your Product
Offering something unique or different products or services than others will help you to grow your business. For an instance, think about Nike brand who adds some new features to its sneakers to improve them. And what about Reebok? Did anyone really need sneakers with a pump in the tongue when they debuted back in the 1980s? Definitely not, but improvements are raised sales of nike, because people chose Reebok Pump sneakers, still they made a comeback in 2015 as the ZPump Fusion.
- How can I improve my current product or service to make it superb?
- What characters can I increase which will differ my product or service?
- Can I try any new marketing strategies to attract my customers to reach, that they don’t know before that?
2. Widen Your Audience
Second strategy to upgrade your small business is to further enlarge the market you operate in by getting customer outside of your available target audiences to begin choosing your product or service. Remember when Buick needed to appeal to teenagers and diverse audience? The firm recruited Tiger Woods to appear in their commercials.
- How do I change or modify my marketing strategies and messaging ways to appeal new audiences?
- Where can I advertise my product or service to draw attention of new audiences?
- What do new audiences require from a product or service like mine, and does my product or service provide that? Or do I need to improve your existing product or service?
3. Increase Your Geography
Now in the era of internet lovers, any small business can be a national or international business easily. If you can offer your products and services across your location, then you can make larger your small business beyond your local area. Don’t forget, this growth strategy needs a lot of research and planning. Plus you need to consider financial, insurance, tax, and legal implications.
- Where are there other customers like those in my target audience?
- Are those customers really interested in my product or service?
- How do I have to make some changes in my product prices and processes to transfer my products and services to a new geography?
4. Broaden Your Market Horizons
What market do you sell your products or services in? Does your label do fine in another market? For an instance, PF Chang’s restaurant is popular that successfully spread into the frozen foods market by providing pre-packaged, frozen meals in grocery stores.
- What kind of product or service I can add to a different market in a different or better way than the others that already exists in that market?
- What kind of markets does it make sense for my label to come in without confusing consumers about my label promise and damaging my label in its existing market?
- Do I have the resources to successfully compete against the existing market leaders?
5. Launch New Products
When none of the above will work for you, then create entirely new products or services that will appeal to your current customers to new customers. Because, new products are the key that can help you to increase single customer purchases and purchases from those customers who have never bought from your small business earlier. Suppose, when McDonald’s wanted to appeal to health-conscious consumers, it created a new line of healthier menu options.
- What needs do consumers facing problems, do they require to solve that I could deliver with a new or modified product or service?
- How much cost will it require to develop and launch a new product?
- Do I have the right resources, money, and people to successfully create and launch new Products?
These all mentioned strategies are the indicators for your business plan. But proper business plan is a key to your business growth.When you customize your growth strategy to your business and customers, you’ll keep your customers happy and accomplish their needs, which will keep them coming back.