Every big business started somewhere small, and it takes a shrewd businessperson to create a global name. While having a small business is an accomplishment in itself, expanding using the types of business growth strategies can help you go further than you’ve ever imagined.
Acquisition
Generally, acquisitions are pursued by larger businesses, as small businesses can have trouble gathering the funds to cover the purchase. Furthermore, a bad purchase decision can have much graver consequences for a small business without the resources to compensate for any loss that is experienced. There are some specific situations, though, in which an acquisition is the right choice for your business. While every situation is different, this strategy may work for you if it’s going to allow you bring in more revenue due to consolidation.
Market Penetration
This is the most common one of the types of business growth strategies that small businesses take. It comes about when there is no new market and no new products, so the business takes what they have and makes the most of it. This can come about through one or more channels. The first is lowering the prices of your products or services. Obviously, this can only go so far until you’re experiencing a negative return. Once you’ve lowered prices, you can start with a marketing plan that puts your product in the forefront of the mind of your customers. You can also try to win over your competitor’s customers by convincing them that your product or service is offering more for less.
New Sale Services
If you run a brick and mortar, but aren’t seeing much foot traffic, it may be time to consider alternate sale services. Often, this looks like online sales. You’ll have the added advantage of reaching people outside of the local area. You can start an online store, that sells and ships your products through an online marketplace. This can either be a service, such as Amazon or Etsy, or an independent store set up through your webpage.
Keye Strategies can help you find which of these types of business growth strategies will work best for you. Our services include business coaching and advising, during which we can get to heart of what will bring your business health and prosperity.
