In the business world, there’s no such thing as staying static: if you’re not growing, you’re going backwards. However, achieving this vital progress is easier said than done. If you’re feeling inspired and ready to push your business to the next level, you need to develop a growth strategy from which to work. While this plan of attack will be different for everyone, the following four pillars should be central to your blueprint for growth:
1. Take advantage of the latest technology
To stay ahead in your industry, it’s vital to be on top of the latest tech advances as these can be your secret weapons in everything from product development to streamlining business processes and cutting away unnecessary costs. For example, many businesses are doing away with the high costs associated with brick-and-mortar establishments in favor of the modern alternative: a virtual office. Incorporating clever, cost-saving technology into your growth strategy has a host of benefits, so it’s worth dedicating time to researching the latest advances and getting on board before your competition beats you to it.
2. Pursue strategic partnerships
One of the most effective yet underutilized ways to promote growth is to establish strategic alliances with other companies. For example, a health food brand might team up with a sports fashion label, promoting each other’s businesses and referring clients whenever appropriate. Such alliances allow you to reach a wider portion of your shared demographic, producing growth at a far more rapid rate than you could ever achieve on your own.
The customer network and distribution channels you’re able to access from your partner will come with an instant level of trust because of all the hard work they’ve put into developing their brand. The key here is that you need to be careful in selecting businesses with which to partner. Choose wisely, and growth is almost assured. However, if your goals and ethical standards aren’t aligned, you could be in for trouble.
3. Diversify your offerings
If you feel like you’ve hit a glass ceiling with the progress of your business, it may be time to consider adding products or services to complement your existing model. For example, a residential cleaning service may wish to expand into the commercial market or release their own line of cleaning products. Such expansion allows you to offer new value to your existing clients while simultaneously drawing in a more diverse demographic of customers.
One brilliant diversification tactic which comes with a host of additional advantages is to acquire another company. The acquisition will come with pre-established clientele and, depending on how you go about it, could even allow you to move into a new geographic location with ready-made contacts and local knowledge.
4. Finance your growth wisely
To cover costs you will likely need to secure an external source of finance. Sustaining cash-flow during your time of growth is essential; however, it’s equally important that you’re able to manage the ongoing costs associated with servicing loans to finance your growth strategies. When you just need a small amount of cash, fast small loans may do the trick. However when you need some more serious capital, you may find that finding flexible financing solutions isn’t easy. Be sure to do your research, shop around, read the fine print, and be wary of any deal that sounds too good to be true.
If you develop a long-term strategy that incorporates the essentials listed here while building sincere value for your customers, you’ll have the foundation needed to drive consistent business growth.