Have you ever wondered where some of the world's most successful businesses and entrepreneurs began? It is easy to look at today's industry titans and forget that they, too, were once at the beginning of their journey.
"Everyone was a nobody before they were a somebody," as the saying goes.
You, like Harvey Spector, want to reach new heights. However, in life, and in business, nothing comes without a good strategy in hand!
Whether you are a first-time entrepreneur starting a small business or a seasoned executive leading an established organization, a growth strategy is essential.
A strong growth strategy serves as the beating heart of your company and is not just another marketing plan. Without it, you are at the mercy of ever-changing customer preferences and the unpredictability of market fluctuations.
So, how should you go about it?
This blog will help you become a "somebody" from a mere "nobody" with the best actionable strategies to take your business forward.
Let's begin with what business growth strategies are!
What is business growth?
A company experiences business growth when its market presence and profits significantly increase. This usually includes increasing revenue, expanding product or service offerings, and reaching a larger customer base. Consider it as a company growing to a higher level by connecting with more customers and generating more revenue.
It is when a company is not just surviving but truly flourishing. So, how does this expansion look like?
Raking more money: First, the business is generating more revenue. This could come from selling more products, providing more services, or acquiring new customers.
Expanding: Consider it like a business stretching its arms. It may open new locations, go online, or even begin selling internationally.
Gaining Popularity: It is a good sign if people discuss the company more. It appears that the company is quickly becoming well-known.
Hiring More: As a company grows, it usually requires more employees to keep things running smoothly. That means more job opportunities.
Investing Wisely: A growing business starts investing wisely. It supports innovations that make it better, such as better products or new technologies.
Happier Customers: Customers are everything. A growing company keeps its customers satisfied and returning for more.
Maintaining Profitability: Even as a company grows, it must continue to make more money than it spends. That is what it means to be profitable.
Various types of business growth
There are several ways for business owners to grow and improve their companies. Here are the main approaches:
Organic Growth: Consider organic growth as growing from within. Your business gets better at what it does to make more money – similar to how a bakery makes bread more quickly to increase sales. The great thing about organic growth is that you can use what you already have without borrowing money. Plus, the extra money you earn can help you grow even more in the future.
Internal Development: You improve the internal operations of your company here. Instead of hiring more chefs, you could upgrade your kitchen to cook food faster. But it is not simple. You must identify areas for improvement and implement them while working with what you have.
Strategic Growth: This is when you make long-term plans. You could create a new product or devise a clever way to reach out to more customers. But be careful—doing this can be expensive and resource-intensive. Businesses typically try organic growth first to generate extra revenue before strategically moving.
Acquisitions, Partnerships, and Mergers: This is a bit riskier. In this type of expansion, you are collaborating with another company. It can help you enter new markets or produce more products. But, like collaborating with someone, it can be tricky and requires caution.
What are business growth strategies?
A growth strategy is a game plan businesses use to sell their products/services and become more prominent players in their industry.
It is all about growing and improving.
A business growth strategy aims to increase your company's visibility, success, and profitability. It is not just about doing what you have always done but about discovering new and smarter ways to grow.
According to Mckinsey research, 60% of growth leaders have a clear multi-year mandate and the autonomy to pursue growth initiatives without showing short-term results.
Obstacles and competition are common for businesses. Using a growth strategy enables you to face these difficulties head-on. It could include developing new products or services people want, opening a shop in the most promising locations, or finding new customers who have not tried your products yet.
What are the different types of growth strategies?
Your company can pursue a number of general growth strategies. Some strategies may complement each other.
Market Penetration: This is similar to diving deeper into your current market. Your primary goal is to increase sales of your existing products and services to your existing clientele. With this tactic, a business seeks to grow its market share by lowering prices or luring more clients. It is like attempting to get a bigger piece of the same pie.
Market Development: Also known as market expansion, it refers to the process of finding new customers for your existing products or services. To boost sales, selling your current goods or services to a new market or discovering new applications for your existing goods may also be necessary.
Product Development: Here, you create new products or services to sell to your existing customers. A company expands its product and service offerings while staying in the same market. It is like a smartphone manufacturer releasing a new model. They are going after the same people who bought their previous phone.
Diversification: This is like dividing your eggs among several different baskets. With brand-new goods or services, you break into entirely new markets. For instance, if you previously only sold coffee, you might now also sell tea and pastries. This kind of strategy carries a higher level of risk because the business is unsure of how a brand-new product will perform in an absolutely new market.
Acquisition: Purchasing other companies can sometimes help businesses grow. You can quickly gain access to new markets, clients, or technologies by buying another business.
Franchise: Assume you own a successful business and want to allow others to open similar enterprises using your brand and systems. It is the same as opening multiple branches of your restaurant in different cities, but they are managed by someone else.
Strategic Alliances: This is where you form alliances. You collaborate with another company to achieve a common goal. For example, a car manufacturer and a technology company could collaborate to develop self-driving cars.
How does a good business growth strategy benefit companies?
Boosted Growth: Consider your company to be a tree. It grows taller and produces more branches when you water it with the right business strategies. This translates into higher sales and greater revenue in business terms. Ultimately, this income increase puts more cash in your pocket. Who does not enjoy that?
Increased Shareholder Value: When your company succeeds and grows, that your share expands. This is excellent news for shareholders because it increases the value of their investment. It is like magic, but with numbers!
Increased Market Share: You already create excellent smartphones and decide to make even better smartwatches. You are no longer just the king of smartphones but also a contender for the throne of smartwatches. This happens when introducing new products or services as part of your growth strategy. You gain control of a larger portion of the market.
Specialized Skill Sets: You started your soda business with just you and a helper. But you are growing and need someone to make those other diet and caffeine-free variants. That is a specialized skill set you did not have before. Growth often requires hiring experts in the areas of your business that you were unaware existed, resulting in increased expertise at your disposal.
Improved Brand Reputation: All the market's major players are well-known not only for their products or services but also for their reputation. An effective growth strategy can help your company stand out and establish a solid reputation. Customers trust constantly evolving and expanding brands because it demonstrates a dedication to excellence.
Competitive Advantage: The business world is similar to the story of The Lion King.
Your rivals are after the same customers and markets that you are. A growth strategy can give you a competitive advantage. It could mean offering something different or providing your services more efficiently. This advantage can help you not only survive but thrive in a competitive environment.
Best strategies to grow your business multifold
Research your market thoroughly
Market research is similar to peering into your customers' minds. It reveals their desires, pain points, and preferences. It is as if you can read their minds, which is extremely useful for tailoring your offerings.
Ever heard, "Keep your friends close, but your enemies closer?" Market research allows you to keep a close eye on your competitors. You will know what they are up to, where they are strong, and where they are vulnerable.
Furthermore, it will strengthen your grip on the most frequently searched keywords by customers. In the business world, keyword research is the closest thing to mind-reading. Over 40,000 searches are generated on the Google search engine every second, demonstrating the dynamic nature of online search activity and the quick pace of digital exploration.
You learn what your customers are typing into search engines. This information is priceless because it allows you to make content that speaks directly to their needs.
So, market research is not just a buzzword; it is your secret weapon for understanding your customers, outwitting your competition, and speaking their language. It serves as the foundation for your growth strategies.
Set your goals well
Once you understand your current market and where you want to expand, it is time to set some specific goals. Consider these goals milestones on a map showing where you are going.
These goals should be based on your long-term aspirations for where you want your brand to be, but they should also be realistic and achievable, which is why setting a goal based on industry research is beneficial.
It is like saying, "Grow sales by 40% quarter over quarter for the next four years." That is clear, measurable, and wise. And here's the secret sauce: Set deadlines for your goals. It is similar to having a finish line in a race. It provides that extra push to keep you on track.
Setting these goals is critical because they serve as the engine that propels your growth strategy. They direct your actions to get you where you want to go. Once you have established these objectives, you can monitor your progress, adjust as needed, and ensure you are on the path to success.
Figure out your strategy
Once you've figured out your growth goals, it's time to decide how to make them happen. It's like planning your route for a big road trip. It's all about picking the strategy that fits your unique situation and goals. There's no one-size-fits-all answer, but you can find the best path to reach your growth destination by thinking it through carefully.
You now have some options here. You can go for organic growth, which involves growing and nurturing your current clientele, or you can use the development strategy, which involves acquiring new customers for your existing products.
You might even decide to mix it up and combine a few different strategies. The thing is, the strategy you choose is determined by multiple factors – such as how much money you have to spend, your objectives, who else is in the market, how quickly you want to see results, and how much market share you want to capture.
For example, if you are a new entrepreneur in an already crowded market, you might need to shake things up with disruptive strategies. However, if you are a big player with deep pockets and want to see results quickly, collaborating with others through strategic partnerships may be the way to go.
Execute your plan meticulously
Now comes the part where we roll our sleeves and get down to business - the execution plan. It is all about the steps you and your team will take to make your strategy a reality.
With all of your planning, resourcing, and goal-setting completed, you are now ready to implement your company's growth strategy and deliver results for the business.
During this time, hold your stakeholders accountable, keep the lines of communication open, and compare initial results to your predicted growth goals to see if the anticipated results can still be achieved or if anything needs to be adjusted.
Assume you intend to expand through acquisitions. Your execution strategy should be crystal clear. You have to map out which companies you want to acquire or which new customer groups you want to attract. There is no room for ambiguity here.
Why? Because when things become specific, everyone knows exactly what to do, when to do it, and how to do it. It is similar to having a road map to keep everyone on track and accountable. And when you are chasing those growth targets, that is a big deal.
Monitoring your progress is a "must"
Now, it's time to play detective after you've put your plan into action. You want to monitor key metrics that show how you're doing closely. But here's the catch: These metrics must be directly tied to your growth goals. Forget about fluffy vanity metrics; we want the real thing.
For example, checking your social media followers will not get you 20% more revenue in a new region in two years. Instead, you will want to monitor site traffic, region conversions, and how well your new strategy works. These are the figures that really matter and indicate whether or not you are on the right track.
Virtual Assistants: For the ultimate business growth strategy
First, these virtual superheroes can handle many tasks, freeing up your time to focus on the big picture. Consider this: You do not have to get bogged down in administrative or routine tasks. Your virtual assistant can help you with data entry, appointment scheduling, and even email management. This means you will have more time in the day to strategize and plan for growth.
But it does not end there. Virtual assistants have a whole lot of unmatched skills. Need market research? They have it covered. Want someone to keep track of your strategy's metrics? They are also very good at it. They can also assist you with project management, lead generation, and customer service.
Let us now discuss cost-effectiveness. You pay for the hours or tasks you need, saving you a bundle in the long run. Remember, they bring expertise without the training and benefits costs.
When it comes to expertise, virtual assistants are experts in a bunch of fields. Need assistance with SEO? There is a virtual assistant for that. Want to improve the efficiency of your operations? They can do it as well. They bring a host of knowledge that can make your growth strategy a success.
How can Wishup help?
We have a team of industry experts ready to help you, whether you need assistance on-site or offshore. We will work closely with you to understand your requirements and make recommendations to improve your operations. We are also adaptable as your company grows.
Our virtual assistants are here to help you navigate the administrative maze.
They handle tasks from data entry to financial management within your budget for temporary hires.
Wishup provides some fantastic benefits:
- We only hire the top 0.1% of applicants, who are experts in over 200 skills and have access to 70+ no-code tools.
- If your virtual assistant is unavailable, you will have immediate replacements.
- You can choose between offshore and US based virtual assistants.
- To keep up with industry trends, our team goes through rigorous training.
- A free seven-day trial is available to test out our virtual assistants.
- Your information is secure with us because all our virtual assistants sign NDAs.
Hiring from Wishup is a breeze:
- Contact our customer success team to arrange a call.
- Select the ideal profile for your requirements.
- Prepare your remote assistants for onboarding in just one day.
Plan your business strategy today with the helping hands of a virtual assistant!
The secret to successful businesses is controlled, long-term growth. Industries are subject to constant change, and it is the responsibility of companies to adapt. The most fantastic way to streamline your business operations and prepare for expansion is to hire a virtual assistant.
Get in touch with us by mailing at [email protected] or arranging a free consultation with the Wishup experts.