Entrepreneurship is a dream for many, but running a small business can come with its own challenges. Even for thriving businesses, there’s always more growth to be achieved. In fact, growth might even be imperative to stay relevant in competitive industries. So, it makes sense to always have a growth strategy in place.
Yet, achieving the next level of success requires careful planning and preparation. Old business plans might no longer work as markets and customer preferences change and even entrepreneurs become newer versions of themselves. With so many considerations in place, the question is how should entrepreneurs effectively chalk out a growth strategy?
To support you in your growth journey, here are ten strategies to incorporate to multiply your success.
10 Strategies For Growth
- The first step is to know your goals. It could be as simple as doubling sales in a year with the products and services currently on offer. Or it could be more complex. Like doubling sales in a year, through new products and services, while also targeting new markets. Whatever they may be, it’s essential to know them well before strategizing growth.
- Freeing up time to focus on the most growth generating tasks is another straightforward strategy to grow faster. Delegate, outsource and automate anything that doesn’t add to the top-line or bottom-line. For example, using pre-printed tax forms can save a big end-of-year hassle. Similarly, leaning on apps to automate tasks can be a big-time saver.
- Once the goals are clear, it’s essential to formulate the details. It can be a good idea to make an updated business plan here. This can develop aspects like financial, marketing, and human resource requirements as a few examples. This can be especially significant if you are embarking on a massive growth journey.
- But even if you are happy taking incremental steps, higher growth can be achieved through a plethora of other strategic ideas. Like pricing strategy for example. If you run a restaurant, you could have lower prices for days that typically see less footfall. Or you can have discounted prices for regular customers.
- A good marketing strategy is key too. For example, if you run a local gym, getting the word out to college students can be a great way to increase footfall.
- Leveraging social media is another not-to-miss strategy in this day and age allowing for easy marketing. The relevant platform for you can vary based on your offerings. But skipping social media is leaving money on the table!
- Since a small business owner is the face of the enterprise, promoting your own personal brand can be a way to win trust too. A fashion boutique owner might want to have an Instagram account where they model in their latest creations, as an example. In fact, this doubles up as a relevant social media strategy too.
- Developing winning collaborations with synergistic businesses can be another way to promote cross-growth. An independent fitness trainer can partner with a local gym, for instance. While they get to showcase their skills using the gym, they can get the word out about the gym through their platform.
- Getting support through brainstorming sessions with peers and mentoring sessions with industry seniors is worth underlining too. It cannot just give ideas on growing the business but also guide against taking any missteps.
- Finally, don’t forget the existing customers. Reach out to them, get feedback and figure out where you can improve and grow. This can provide valuable insight and also increase the likelihood of getting more repeat business.
Small Business Management – Get Ready For Growth
The writing on the wall is then clear. There’s an umpteen ways to strategize growth for your small business. The first of these is to be clear about the goals, and then have a plan in place to execute these objectives.
The execution can be with a strong marketing strategy, that includes social media usage, personal branding and cross-branding. But the human aspect can’t be forgotten either. Reaching out to peers and mentors can be a great way to get advice. Reaching out to customers can help in addressing their pain points and also providing them better service, yet another step towards growth.
But the most important decision is to assess which strategies work best for your business and focus on them accordingly.
If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.
