Business Growth Strategies Used By Most Companies!!!

A growth strategy is a plan of action that allows you to achieve a higher level of market share than you currently have. This strategy is often confused with market development strategy. Diversification strategy growing your market share by entering entirely new markets.

Growth strategy allows companies to expand their business. Growth can be achieved by practices like adding new locations, investing in customer acquisition, or expanding a product line. A company's industry and target market influences which growth strategies it will choose.

Strategize, consider the available options, and build it into your business plan. Depending on the kind of company you're building, your growth strategy might include aspects like:

• Adding new locationsInvesting in customer acquisition
• Franchising opportunities
• Product line expansions
• Selling products online across multiple platforms

Your particular industry and target market will influence your decisions, but it's almost universally true that new customer acquisition will play a sizable role. Start by learning from the most successful companies. Identify their strategies, test them in your niche, and see what works best for you. Here are seven primary growth strategies to get you started.

1. Initiate a value Thesis

So as your business to sustain long-term growth, you must understand what sets it apart from the competition. Find the reason why customers come to you for a product or service. What makes you relevant, differentiated and credible? Use your answer to explain to other consumers why they should do business with you.

For example, some companies compete with power. Whole Foods Market is the definitive place to buy healthy, organic foods. Others, such as Shopping Malls, compete on price. Figure out what special benefit only you can provide, and forget everything else. If you stray from this thesis, you’ll only run the risk of depreciating your business.

2. Substantiate your Income runnels

What are your current income runnels? What income runnels could you add to make your business more profitable? Once you identify the potential for new income runnels, ask yourself if they’re sustainable in the long run. Some great ideas or cool products don’t necessarily have income runnels attached. Be careful to detach and understand the difference.

3. State your key measures

Alters (ie. changes) must be measurable. If you’re unable to measure a change, you have no way of knowing whether it’s effective. Identify which key indicators affect the growth of your business, then dedicate time and money to those areas.

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4. Take a glance at your competition

No matter your industry, your competition is likely excelling at something that your company is struggling with. Look toward similar businesses that are growing in new, unique ways to inform your growth strategy. Don’t be afraid to ask for advice. Ask yourself why your competitors have made alternate choices. Are they wrong? Or are your businesses positioned differently? The assumption that you’re smarter is rarely correct.

5. Focus on your strengths

Sometimes, focusing on your strengths, rather than trying to improve your weaknesses can help you establish growth strategies. Refine the playing field to suit your strengths, and build upon them to grow your business.

6. Identify your consummate customer

You got into business to solve a problem for a certain audience. Who is that audience? Is that audience your ideal customer? If not, who are you serving? Pin down your consummate customer, and revert back to this audience as you adjust the business to stimulate growth.

7. Invest in talents

Most of your employees may have direct contact with your customers, so you need to hire more people who are motivated and inspired by your company’s value proposition. Be cheap with office furniture, marketing budgets and holiday parties. Hire a few employees, but pay them a ton. The best ones will usually stick around if you need to cut back their compensation during a slow period.

Developing a growth strategy isn’t a one-size-fits-all process. In fact, due to changing market conditions, making strategic decisions based on someone else’s successes would be foolish. That’s not to say that you can’t learn from another company, but blindly implementing a cookie-cutter plan won’t create sustainable growth.

You need to adapt your plan to smooth out your business’s inefficiencies, refine its strengths and better suit your customers, who could be completely different than those from a vague, one-size-fits-all strategy.

A one-size-fits-all strategy implies vague indicators. But a specific plan is a successful plan. When you tailor your growth strategy to your business and customers, you’ll keep your customers happy and fulfil their wants and needs, which will keep them coming back.