After you start your small business and create a sustainable business model, it’s time to look for ways to encourage business growth. Few small businesses ever become a large business, so you need to find a unique strategy to rise to the top. Discover how to create a strategy to grow your business today.
First, you need to get serious about the kind of intensive growth your business needs. There are multiple ways to grow a business, but here are five areas that offer a balance of risk and growth. Each one represents incrementally higher levels of both risk and growth. A key part of growing from a small business to a large corporation is understanding how to move up to greater levels of growth.
The easiest way to avoid risk while still growing your business is to simply increase the amount of product you sell. Whether you offer bulk prices or offer new incentives and alternative ways to use your product, this step is very likely to create small increases in your overall sales.
For a more lucrative and risky option, consider looking at different markets. Branch out to promote your products to different companies and industries, or find a way to sell your products in a new city. There’s some more risk involved because you have to carefully choose which area to branch out into, but you’re still relying on the same tried-and-true products and services that made your business successful in the first place.
Another step up in terms of risk is to create a new sales channel. The most popular example is to begin selling online. This introduces another layer of risk, as some products and services don’t translate well into every channel, but it is a great way to grow your business.
The last two options are the riskiest strategies, but also create the most opportunity for business growth. You can choose to create new products for your loyal customers, or you can create brand-new products for customers who have yet to purchase your existing products. Each of these opens up the field for more individuals to make more purchases and interact with your company in a new way. However, both of these strategies come with the most risk of failure.
If you’re looking to become an industry leader or move away from the small business mindset, you need to slowly move away from the low-risk, low-reward mindset and carefully plan ways to take on increasingly more risk and reward. Only then can you enjoy the intense business growth that allows you to reach new levels and no longer be considered a small business.