Now that your business is established you may be considering growth as a next step. Take a moment to breathe and assess where you’re at and figure out where you want to go – and then, map it all out! We’re here to help you with your business growth strategy.
Grow your existing base
When it comes to marketing and planning ahead, it's easier to get more out of your existing customer base than finding new customers. Find the existing customers that offer the most potential and dig deeper into their needs to understand how to connect them to your business offerings.
Leverage any customer data you’ve collected to identify service gaps and think of creative ways to fill them
Add a new base
Think about the problem your product or service solves for your customers. Are there other customer groups that also need a meaningful solution to the same problem?
Leverage your existing customers to talk about your brand, product, or service through word-of-mouth
What about building a partnership with a similar business or service? Strategic partnerships can lead to the discovery of new customers or can help strengthen loyalty among your existing customers.
Add new products and services
Successful businesses are always thinking about how to improve their product line or expand their product offerings to tap into new markets or grow overall market share
Something new doesn’t have to mean a brand new product from the ground up. It can be complementary to what you already do or an addition of more value-added perks.
Research – search, ask, listen, and uncover ideas that you could apply in your business
Test the market with a trial run or pilot – make sure that your new move is right for you and your business
Diversify
Consider a new revenue stream that complements your current business. From a strategic perspective, try to think of the long game – could this change the direction of your business?
Identify new ways to sell or offer your products and services
Look into buying other businesses like suppliers or competitors to hit new markets in new areas
Be more efficient
Grow internally by creating better margins, being faster at delivery, or having better systems and processes
Ensure staff have the right skills and expertise to maximize productivity
Focus on core competencies
Use technology to improve delivery and communications