To build a business strategy for a company’s intensive growth, you need to attain maximum results with minimal risk. This means that, if you want your company to grow at a fast pace, you will want to start small. Taking one step at a time can help you make more calculated decisions for your business.
Now, let’s talk about three strategies that can help you achieve business growth.
Strategy 1: Start Developing New Products
Creating and marketing a new product can help open up a new market for you and get your foot in the door to an adjacent one. You can create a product that can be sold with any of your existing products. You can also create a product that can give customers an introduction to the rest of your products (and, thus, get them interested in your brand).
Strategy 2: Find an Adjacent Market to Sell Your Product to
Another way to achieve business growth is to maximize which markets your products are in. You can re-brand your product to fit another market or even begin selling in different regions if you aren’t already. If you choose to start selling in other locations, you can try to test the market first without making large capital expenditures.
Strategy 3: Sell More Existing Products
One of the best ways to minimize risk is to sell more of something that you know customers will buy – that is, a product that you are currently selling. Review your existing sales channels and see if there are other ways to increase the visibility of your existing products.
Remember, running a business successfully does not need to be complicated. Keep it simple!
For more information on business analysis, business planning, and ways to grow your small business profitably, please check out our website www.portalcfo.com. Follow us on Twitter @portalcfo
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Manny Skevofilax is a consultant and speaker that helps his clients successfully navigate the challenges of growing their businesses profitably. Since 2003, Manny helps businesses enhance their results by using his experience in strategic planning, financial statement analysis, operations, organizational development, and team-building. His consulting firm, PORTAL CFO Consulting, Inc., has attracted clients from diverse industries in the United States and abroad.
Manny can be reached at 410-808-3441 or via email at manny@portalcfo.com.