Small businesses usually begin with big dreams and loads of enthusiasm. Sadly, many start-ups stumble once they reach their first plateau, and in some cases, stagnation then sets in. If not addressed, this lull can signal the beginning of the end for the business and become a roadblock to future success.
For your business to grow and flourish in the long term, it’s important to have a solid business growth strategy in place, which not only cements your position in the market but includes an action plan for continued growth. By creating and implementing a well-thought-out strategy for your business processes, you can achieve great success and measured growth. Careful planning will help you achieve more success than you may have thought possible.
Here are numble’s top 5 business growth strategies to propel your business forward:
One of the most strategic ways to grow your business, which is both practical and low risk, is to assess which business functions can be outsourced.
Delegating tasks and responsibilities to experts in their field ensures that the functions are being carried out efficiently and effectively and frees up your time to focus on developing your business further. Creating time and space in your workday to monitor and critically review your progress opens up the prospect of identifying opportunities that will escalate your business growth and produce greater success.
The outsourcing process begins by identifying which tasks should be handed over. Generally, these will be tasks that are not your core strength; they will be tasks that consume your time and resources and create frustration or confusion. Some examples might be; bookkeeping, accounting, marketing or HR. Due to the specific qualification, training and experience requirements attached to these responsibilities, it is easy for an inexperienced business owner to make simple mistakes that quickly escalate and snowball into significant compliance problems. Once this occurs, your time and attention are diverted from your primary focus of growing and developing your business.
Make sure you play to your strengths (not weaknesses) and spend your time productively growing and developing your product.
2. Market research and development
This second business growth strategy is designed to expand the reach of your existing products and services. Your aim is to find untapped markets and grow your offerings beyond your existing customer database, effectively claiming a more significant market share.
Improving existing products or developing new ones is a highly effective business growth strategy that will attract new audiences who may not have been interested in your brand or offerings previously.
If increasing or improving your product range is not immediately feasible, you can start by making your existing products more appealing by promoting them with complementary products, creating appealing packages and offering discounts on multi-purchases.
3. Set KPIs for Business Performance, Budgeting and Forecasting
Whether big or small, all businesses can determine how their internal operations perform by setting and monitoring key performance indicators (KPIs).
It’s critical to establish KPIs for budgeting and forecasting to allow long-lasting sales and revenue while ensuring all liabilities and responsibilities are met as and when they fall due.
Relevant KPIs can include potential sales leads, average sales cycle, and conversion rates. These metrics measure how well the sales processes perform, allowing improvements where necessary and maintaining profitable operations.
The impact of KPIs also stretches beyond sales into forecasting and budgeting areas. With accurate metrics, forecasting can generate projections for future sales, seasonal demand and traffic, which allows your business to prepare processes for optimal performance and growth.
4. Market segmentation
Market segmentation is a strategy in which you divide your market into various segments by customer preferences, demands, geographic, behavioural, and other tailored variables. If your products or services range is diverse and varied, you will most certainly benefit from market segmentation.
This growth strategy allows you to create targeted campaigns creating a much greater chance of success and is often used by cosmetic or clothing companies, banks, insurance providers and the media. It involves meticulous research to accurately capture your customer profiles so you can create targeted content accordingly.
5. Use different channels
Having a solid presence on various marketing channels will broaden your business’ ability to grow exponentially in the market. The most used marketing channels today include email marketing, social media, and websites. Most small businesses employ more than one online marketing method; however, switching platforms can achieve even greater results.
If your business operates exclusively offline, it may be time to consider launching a website to gain national and international reach. At the very least, you will have an extra platform where potential clients can learn more about your business and products.
Remember to keep in mind that there is no one size fits all growth strategy for business. It’s essential to thoroughly research and determine the most suitable and realistic strategy for your specific type of business and tailor it accordingly to your available resources, your target market’s needs and wants and your business ethos.
A well-executed business growth strategy will ensure a greater share of the market, keep you ahead of your competition, make sure you are prepared for market fluctuations and provide a viable trajectory that continues onwards and upwards well into the future.
Contact numble today to learn more about how we can assist with your bookkeeping, reporting, and KPI needs so you can focus on what you love doing most in your business.