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Strategies for growth
Strategies for Growth
I’m thinking of expanding, where do I start?
There are a number of ways to grow a business. You need to analyse what your business is doing well and decide which growth option will play to your strengths and be the most logical and practical way forward.
Make sure your business is in good shape and you have the time and resources to look after your existing customers and core business before you make plans to expand.
What options for growth are there?
The options include:
- Increasing your market share
- Diversifying
- Joining forces with other similar or related businesses
Increasing your market share
You can increase market share by:
- attracting customers who are new to your product or service; or
- taking customers from your competitors.
To achieve this, you will need clear answers to a number of questions, including:
- What is your unique selling point?
- What do your competitors offer that you do not?
- Will you need to change anything, such as pricing, packaging, after-sales service, or marketing methods?
- Who else might be interested in your products or services?
- Can you target customers of other businesses whose products or services are related to yours in some way?
Diversifying
Diversifying includes:
- Offering new products or services to existing customers;
- Finding new markets for existing products or services; or
- Finding new products or services for new markets.
Diversifying can be risky and you will need a clear strategy, with built-in safeguards such as test periods for prototypes. However, a broader product or service base can also leave you less exposed to risk if one of your products or services becomes unpopular. In other words – you won’t have all your eggs in one basket!
Joining forces
You can join forces with another business through a partnership, joint venture, merger or by buying another business.
Partnerships and joint ventures may include having to resolve management and staff issues and it’s vital to ensure everything is legally clear and above board. However, the benefits for your business can be significant.
Merging with or buying another business is usually done by well-established companies, and involves extensive legal work.
What else might I consider?
Other ideas for business growth include turning your business into a franchise; trading internationally; and setting up an e-commerce site.
Find out more on the national Business Link website.
Where can I get more information?
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Find more detailed information about strategies for growth on the national Business Link website.