Growth is the ultimate aim of most small businesses – most don’t want to stay small forever. Depending on your sector and your products, growth may be better handled fast or slow. In sectors that are fuelled by innovation, fast growth can be achieved through the timely launch of new products or innovative new services. In more traditional industries, business growth is often slower but less risky. Take a look at the basic strategies you have for small business growth – which one is best suited to your company?
1. Sell More to Existing Customers
This growth strategy is less risky as you are basically building on the strong core of support you already have for your product. But it can mean a lot of hard work. You must convince people that already spend money on your products or services to spend more. You must build better relationships, offer incentives, develop new sales strategies and perfect your up-selling. You may need to take on more people in your sales team, and this can harm your cashflow in the short term – be careful not to overstretch yourself by looking at finance options from companies such as ultimatefinance.co.uk
2. Sell to New Customers
This is probably the best-known and most popular growth strategy for new businesses, particularly when existing clients are already spending as much as they need to on your products. Attracting new customers requires investment in marketing, advertising, and sales. It helps to develop a stronger digital marketing strategy so you can attract more custom using online tactics. Again, you may need to invest in more staff and you will certainly need to spend money on marketing.
3. Develop New Sales Channels
If you have a store, you may think about setting up an online store. Putting your business online is a sure way to pull in more customers so long as you also invest in digital marketing and make sure your online presence is visible.
4. Enter New Markets
If your business has up until now been local or regional, look at how you can offer your services further afield. Find out how to expand the business geographically, and concentrate efforts on developing your company in new markets.
5. Introduce New Products and Services
Another popular expansion strategy, this means you gain a new set of customers through launching a new product but you also sell this new product to existing customers. Make sure that you have done all the research needed to ensure that the product will be popular, and find out where it is most effective to launch the new product in the first place.
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