Developing a business growth strategy and growing your business
When you're looking to grow your business, it's essential to
have a clear strategy and plot what you're going to do and when.
There are various options when it comes to building a growth
strategy, including increasing market share or entering into a
joint venture or partnership. Read our guide to find out more.
- Increasing market share
- Joint venture
- Factors affecting business growth
Increasing market share
Assess your core customer base and look to tap into other
groups, including those of your competitors. Look at the
characteristics of your product or service - is there anything that
marks it out from the competition that you could use to attract new
customers and make your existing ones more loyal? How effectively
are you matching your product or services to customers' needs? If
you find that you are losing customers, carry out some research to
see why this is happening.
- Consider your core customer base - can you increase levels of
- If customers are leaving or only buying once, find out why
Joining forces with another business, either through a joint
venture or partnership, can help you tap into new markets and
customers. You'll also have more resources available and have
access to a larger skills base. If you choose this route, you'll
need to think carefully about who your partner with and ensure you
have a contract or agreement drawn up. Both parties need to
benefit, and most joint ventures are carried out by those
businesses that offer complementary services or products.
- Joint ventures can give you access to new markets and
- Look to link up with a business that has services or products
that are complementary to your offering
Factors affecting business growth
Developing a growth strategy often requires additional finance,
but there are other factors you'll need to consider. These include
whether you are likely to need more staff, and if so, what skills
they need to possess. You might need to identify new training
opportunities to help existing staff to meet your growth plans. On
a more practical level, you might need to look at larger premises
or new IT systems.
- Carry out an assessment of your business' existing resources -
are they able to match your growth plans?
- Are staff experienced enough to deliver on your growth
Resource: Smith & Williamson offer a free 'Road
Test' service for growth companies where they review key areas
of your business in a one-to-one meeting.
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