Getting profit is the main purpose of every business. But you cannot just satisfy with it. Because you need to grow to exist in the competition. One of the ways you can do is making a strategy. This is very useful for long-term success. If you don’t have it, then you will probably hit by your competitors. Don’t let it happens to you. So, have a seat and take your note while reading the strategies for business growth below from the big companies.
Remember, making this strategy doesn’t see how big your business is. Even though you are running a startup or small business, it is still necessary. The differences are only in the point of view and execution. Because every business has its own target and way to operate. Also, keep in mind that business strategy is not only about marketing. It is bigger than that. To make it clearer, see the strategies for business growth that has proven a success:
1. Market Expansion
It is good if you already had loyal customers. Maintain your relationship with them intensively. But you need to find a new market without losing the current one. Think about the other group that potentially buys your product or uses your service. You can through this by exploring more about your business, then be more sensitive to the current people’s lifestyle and behavior.
2. Product Expansion
While you are looking for a new “bowl”, you can make a product expansion at the same time. In fact, you can get insight from your customers. Try to add more values or features. A product expansion works well when you meet it with technology development. Thus, you can make a new design. Then, the previous product or service will be outdated and your customers back to buy again.
3. Acquisition the Others
It might sound too hard, but it doesn’t mean impossible to do. When you do an acquisition, it means you buy a half or whole other company to catch a new market. Indeed, it is full of risks. But once you choose the right company, your business will growth double.
4. Redefine Your Key Indicators
In a big company, this is known as Key Performance Indicators (KPI). Simply said, it is a target to achieve in a certain period. The strategies for business growth are needed when your business is mature enough. One of the symptoms is you have achieved the target for times. Then, you have to change the measurement. Try to evaluate the previous strategies and activities. After that, set the new target.
5. Invest in People
Not many companies realize that their people are not only an employee. You can grow your business if you invest in your people. For example, increase appreciation, give them training or motivation seminar, and many more. Sometimes when you upgrade the employee, they will be more productive. It means a lot to your business growth because you never know what will contribute more in the future.
Developing a business is not a one-finished job. You must follow the trend, aware of any issues, and many others. Many big companies have done the strategies for business growth above. Now it is time for you to try and reach your success.