Business Growth Planning In 3 Steps

Nearly half of all small and medium-size businesses survive for an average of only 5 years. So what can you do to make sure your company doesn’t disappear? Create a growth strategy and figure out what your company needs to maintain long-term success and growth. The last thing a business wants to do is start small and stay small, so take some time to read through this list of strategies that will help you create a plan to grow and develop your business.

Identify Your Target Customer

You may think that you have already done this, but take a closer and more in-depth look at who your business is trying to target. Potential customers come in all shapes and sizes and knowing who to target is very important. Instead of spending money on generic advertisement, think of who needs your service the most and create advertisements that speak specifically to them. By knowing who your customers are, you can also determine what type advertisement would work best: (Direct mail, Social Media, E-mail, Search Engine Listing, etc.).

Look At Your Competition

No matter what industry you are in, there is likely someone who is excelling. This is your competition. Look at other businesses that are growing and see what unique strategies they might be using to do so. Some businesses excel because they cater to a specific customer need, and some grow and gain success by competing in price and customer service. Look so see if your company could be struggling in any area.

Determine Your Expansion Opportunities

Sometimes a business can attract new customers by offering new services or goods. You may need to target a new audience by offering different or a larger variety of services and goods. This could include expanding your business to other locations, changing your advertisement strategy, or creating a new desirable service or good.

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.

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