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.
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.
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.
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.
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.
For more on your business strategy, check out our free guide to writing one here.
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