Discover 7 business growth strategies you can use to double your revenue. The answer is to create a growth strategy for your business, of course. The least risky growth strategy for any business is to simply sell more of its current product to its current customers. Pdf the strongest factors for keeping businesses alive in todays computational. The following is a general description of the various growth strategies. As a small business owner, you need to consider your options to see which is right for you.
The good news, latour says, is that business owners can create a road map to guide them and reduce their risk as they grow their enterprise. Ai is coming to the forefront, taking business growth strategies to a whole new level with strengthened productivity and customer engagement. Your business will never increase in value without growth. Top strategies for growing your business if you want to grow your venture, youll need a plan. Impact of marketing strategy on business performance a study of selected small and medium enterprises smes in. The business growth strategy will focus on enabling a vibrant business. A small business will seek to have a merger with a. Upstream merger smaller company seeks out larger company and is acquired by it. It means increasing sales, assets, net profits and a chance to take advantage of the experience curve to reduce the per unit cost of products sold and thereby increasing profits. If you have a business plan and exit strategy, you should update it as you grow your business. Theres so much written about digital marketing tactics that its hard to know where to start. Your growth strategies in business rely on your own expertise, creativity, and willingness to work on action plans you develop for growth.
Business, strategy and ownermanager characteristics article pdf available in journal of small business and enterprise development 201 february 20 with 8,760 reads. Impact of marketing strategy on business performancea study of selected small. Pdf analysis of business growth strategies and their. Small firms are vital contributors to economic growth. Pdf the growth of small and medium scale business is today, one of the. Turning a small business into a big one is never easy. Impact of marketing strategy on business performance a. This study aims to examine the international growth strategies of enterprises in all. Growth strategies for small business free download as pdf file.
Running a small business can be an allconsuming task. It occurs when a company merges or purchases the company which provides itself. Before attempting to expand your business, you need to take the time to plan and fully document your growth strategy. Learn the best marketing ideas for small business growth. Growth strategies sumit kumar rai balbodh chauhan a. A great example is how companies that sell pdf software team up with. Westpac is teaming up ora hq limited to sponsor a grants programme that small. As you go about developing your growth strategy, you should first consider the lower. Powerpoint diagram pack five stages of small business growth this framework around small business growth is based on the fact. I collected data regarding business strategies of successful small business. Marketing growth strategies for small businesses 1. How to develop the best small business growth strategies. Think of how you might buy a sixpack of beverages, then a 12pack, and then a case. Want to achieve increased scale of operations enhanced utilization of resources ultimately to increase the size.
Growth strategies organic growth v inorganic growth growth measured in terms of increased revenue, profits or assets. The business growth strategy will focus on enabling a vibrant business community by carrying out the following initiatives. Be sure you have a solid marketing plan as part of your small business growth strategy to sell your additional products. Merger becomes especially inevitable if the growth rate of the enterprises is smaller than that of the market. Some of the top most strategies used for the growth of small scale enterprise are. In the context of growth strategies, there are two types of diversification. Business management determines growth strategies in accordance with. Business, strategy and ownermanager characteristics article pdf available in journal of small business and enterprise development 201 february 20 with. This type of diversification is often used by small. Exit strategies for small business help make sure you and your business are protected. Since joining 10,000 small businesses, her company has added. Familiarizing yourself with exit strategies for small business.
When you create a business plan, include your small business exit strategy. Categorizing the problems and growth patterns of small businesses in a systematic way that. Generally categorised as either upstream, downstream or lateral. Start by committing time to outlining a plan for your growth.
In this study, i focused on the importance and extent of sustainability as a strategy to ensure small business profit and growth. Small business development strategies 5 small business development strategies practices to promote success among lowincome entrepreneurs by kevin mcqueen and john weiser. Best practices and strategies for small business success. Therefore, it is an appropriate strategy for businesses which have little market. A marketing plan is an essential element of any business growth strategy. Leadership and accountability for the 90s, published in 1992 by the. Story of entrepreneurs and how they grew their small business.
As the leader of a small business that went through a period of swift growth, i speak from experience. In some cases, a merger can end in total disaster, as in the case of the aoltime warner deal. Understanding small business growth strategies is today more topical than ever before. Though at first daunting, investing in a new market or identifying where your company could merge, acquire or seek out new avenues becomes an exciting challenge. If an appropriate and effective business development strategy will be associated with the action plans of the business, there will be higher chances of corporate growth. All small business owners manage a lot of stress, so the second section gives you some great strategies on effectively managing your stress, avoiding burnout, and staying healthy in spite of the often crazy demands of running your business. Can choose to build inhouse competencies, invest to create competitive advantages, differentiate and innovate in the product or service line organic growth. Expansion is one of the forms of internal growth of business. If you dont have a tangible plan, youre actually losing business or youre increasing the chance of losing business. Top 6 strategies for the growth of smallscale enterprise. When the small business suffers from limited opportunities in its current line of business or product line, it may choose to diversify into areas that are not related, or are so far removed, from its current operations. Most of these are small business growth strategies, but they can be applicable to. Over the past couple years, weve seen mobile overtake desktop in usage and search. A growth strategy involves more than simply envisioning longterm success.
Growth is the most frequently used corporate strategy. Each of these ten business growth strategies requires. Small businesses vary widely in size and capacity for growth. Small business growth strategies give you a roadmap for expanding your company. Strategies of international growth in enterprises and strategic alliances.
But just because you have a todo list thats longer than war and peace, it doesnt mean you can afford to skip the important step of creating a growth strategy if you think you dont have time to create a small business growth strategy. There are four basic growth strategies you can employ to expand your business. How to plan an effective small business growth strategy. This theoretical article aimed to identify the understandings of the phenomenon of the growth of small companies presented in the literature and the perspectives of future studies. Four types of growth strategies are proposed on this basis.437 1070 365 242 647 1201 509 558 1172 1211 1298 923 296 20 1312 274 248 5 432 114 1371 613 647 891 1067 853 654 843 437 1229 1156 1465 1391 1539 1485 675 1172 652 1105 727 1074 1042