Did you know that 20% of startups fail within the first two years? Needless to say, that’s a rather terrifying thing to face as a small business owner or a first-time entrepreneur.
To avoid the whole heartache of having your budding business collapse on itself in a couple of years, you’ll want to be strategic about your business growth from the very beginning. Welcome to the world of effective business growth strategies.
If you’re looking for the right ways to direct your business resources and energy, no worries. You’ve come to the right place. Keep on reading for our key four business growth strategies that you can start implementing today.
- The Base of All Business Growth Strategies: Adaptability
In the simplest of terms, if your business isn’t flexible and adaptable to unexpected market changes, your business will fail, one way or another.
Embracing a strategy of flexibility and adaptation for all different business aspects will help your business weather any choppy waters coming in from the overarching economy or your internal business issues.
Yet, sometimes it’s rather hard to nail down the specific areas that need improvement when it comes to your business growth. This is where businesses like Avitus Group can be quite handy.
- Consider Product Expansion
Sure, it’s tempting to just focus all your business resources and efforts on a single product.
But, you don’t want to underestimate the benefits you can get from expanding your existing product lines, or just adding some new features to what you already offer on the market.
You don’t want to experience a lull in your sales for long stretches of time. And, one of the best ways to get out of that slump is to renovate or introduce a new product.
- Focus on Market Penetration
If you’re looking for solid opportunities for business growth, you need to take a close look at your market penetration numbers.
After all, the market shares that belong to your direct competitors can be yours. There’s an existing segment of customers that you need to figure out the right way to convert.
Start researching what your competitors are doing right, and the things that they’re neglecting to their own detriment. You’ll want to copy the strategies that are gaining profits and improve on the ones that are falling behind.
- Market Development for New Audiences
Sometimes, you might be dealing with a market that’s over-saturated in the services or products that you have on hand. Basically, you can’t penetrate the market anymore.
In this case, you’ll want to turn your sights towards market development. This is the phase where you develop strategies to market your existing products or services to new audiences in the market.
Unlocking Growth Strategies for Small Businesses
You don’t have to implement overly complex business growth strategies. As long as you stick to the basics and keep rolling with the market’s punches, your business will grow in time.
The four strategies we’ve highlighted in this article will help you create a foundational business growth strategy, so you’re good to go.
And, if you liked our article, make sure to check out our additional tips and advice, all available to you in our business section.
