5 Growth Strategies For Rapid Results In Your Small Business

Whether you are looking to propel you business quickly through the start-up phase, or are focused on taking your stabilized business through the next growth phase, these 5 strategies will assist most business in discovering the next sweet spot.
1. Cross-over into new markets.
As a savvy business owner you may have already identified your ideal client and have built a following within your chose market. Once you have established yourself in your niche it is critical to continued success to find other prospects in cross-over markets. This doesn’t mean “sell to the masses.” Instead you must look for other sub-markets in larger markets that mirror your chosen niche.
As an example, say you currently offer specialized scheduling software to warehousing clients for managing incoming over the road shipments. What other markets would benefit from your product or service? How about cattle ranchers selling and buying cattle in large quantities and from many different organizations? What about an auctioneer looking to manage inventories from estate and bank sales? You get the idea, brainstorm other markets that would benefit from the core value your product or service delivers. You may have to tweak for some minor nuances but there should still be consistency within your core product or service offering.
2. Introduce an upgraded “new and improved” version Small Business Consultant Job Description of a previously successful offering.
Don’t reinvent yourself completely when often a simple make-over will do. As your product or service finds a home with a growing number of clients, look for ways to make it better and deliver continued value. Often times the investment in the product innovations won’t be nearly as costly as the original R&D associated with the first product offering. This will offer you the ability to market new features, enhancements, and benefits to existing clients while offering them an upgrade at a reduced price. Given you have less of an investment in the newer version it becomes a win – win for both. You are able to offer continued value at a reduced price to existing clients.
3. Seek out joint-venture marketing opportunities.
Look for strategic alliances among businesses that offer products or services to your target market. For instance, if you own the market for high-end salon services in your geographic region, look for other partners who service the same niche. Is Consulting Right For Me Quiz An example may include the upscale florist down the road. Joint venture with them and share marketing efforts between the organizations as you are sure to service clients exclusive to each other yet interested in similar services.
4. Partner with your competition.
Though this sounds counter-productive, partnering with your largest competitor can often be a win-win proposition for both. In spite of your similarities there are often key differences that set you apart from your key competitor. Look for off-setting and complementing competencies and work out a solid agreement benefiting both parties in a cross marketing strategy. Obviously there has to be an equal benefit to both parties, but if researched and handled correctly the benefits can be huge for both parties involved.
5. Invest in productivity.
As your business builds momentum look to capitalize on improving on your current production and operations. It is easy to get complacent with current processes when things are going smoothly, but often times investments in capital improvements will yield higher margins and increased profits. Don’t lose out on internal profit opportunities just because things are going well. Many business will wait until the markets begin to recede before looking for ways to improve efficiency and cut costs. Be proactive and manage your business during boom times as if it were a bust and your profitability and momentum will drastically improve.
Growth strategies can be as unique as the individual businesses in the marketplace, but common characteristics abound throughout. Implement these 5 proven growth strategies in your next planning session and I know you will find continued growth in the coming quarters.

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