An entrepreneur starts their small business with dreams of making it go big! You want to grow into that multi-million dollar corporation eventually ranking in Fortune 500 lists. Granted, it may take a while to get from startup to conglomerate, but there are things you can do to help accelerate business growth, even at the very early stages.
Keep in mind, entrepreneurial success is hard to come by. The statistics can seem daunting. However, you can get from that small startup to a more robust and dynamic corporation. It takes a lot of work, some know-how and by following these expansion strategies, you just might get there a little sooner than you thought.
Regardless of industry, you are going to require an in-depth plan for moving forward and upward. Such a plan can be devised by studying your market, your competition, demand, and consumer behavior. Do your homework and be prepared to work at it!
So what are some business growth strategies you might be able to implement in your quest to build up your company and compete with the "big boys"…Keep reading for some ideas of what you can do to speed up your expansion plans.
Diversify Your Inventory/Services
If you have a tried and true product, that is great—but eventually, you will need to introduce new and innovative ideas as far as your productservice line up.
Go After that Market Share
Going after more of the market share is definitely one way to facilitate growth. In many ways, it is a competition and you want to stay at the head of the pack.
Acquire Another Business
One way to enlarge market share is to purchase another company. Plus, you get immediate access to their client base.
Franchise Your Idea
Franchising is a great way to quickly grow. Taking your idea to others and watching them, with your guidance, build it into something is a truly rewarding experience.
Giving Yourself the Best Possible Chance for Success
What have some of the best-known entrepreneurs done to expand their organizations quickly…Whether it's pivoting when necessary, scaling accordingly, or repositioning, they've made those adjustments that enabled them to grow quite dynamically.
Don't Underestimate Your Competition
The way you learn what works and what doesn't—to an extent—is to closely analyze what others in your industry have done. They represent a mirror of sorts, one you most definitely need to look into from time to time.
Look at their marketing strategies. Do they work? If so, how can you adjust yours accordingly? Do they have a particular product that sells well? What can you do in response? Think of this as some of the most critical homework you can undertake.
Consider Offering a Loyalty Rewards Program
The key, once you start getting those customers, is to keep them coming back. A loyalty program is a great incentive for clients to become repeat clients.
Such programs also help you to attract new clients. You can offer discounts, freebies once they've hit a certain milestone and other such deals. Yes, it may cost you a little, but you will more than makeup for it in the end.
What Else Can You Offer?
We mentioned diversifying your product lineup—we cannot stress this enough. Staying safe and offering the same old same old will eventually earn you the label of being stale and uninspired. The best business owners keep up to date not just in terms of technology and marketing ideas, but also in terms of what they should be offering clients.
Finding that new product is no easy task. This is again where homework is essential. See what is selling, what is in demand. Where in your market is there an ostensible gap? And what can you consequently do to fill it?
Buying Out a Competitor
If there happens to be a competitor who is either looking to sell or is perhaps struggling, then acquiring this competitor may make sense for all parties involved. Not to mention, this will help your business grow exponentially. You get a bigger part of the market share and add an established clientele to your own base.
Take Advantage of Social Media
From Facebook to Instagram to Pinterest, there are myriad sites and platforms out there for you to get involved in and thus gain exposure for your company. Not only does this keep you out in front of people, but it also offers customers a great way to leave positive feedback. Reviews are crucial and they also allow you to understand how people are perceiving your products/services. If customers mention areas of improvement, then it is wise to listen and perhaps make adjustments.
Benefits of Networking
The more professional and/or networking events you can attend, the better. Not only are you consulting with others in your industry, but you are making connections that could result in more customers, great deals, and exciting new projects. Get to know the top players in your market.
Making Sense of Growth Strategies
These are only a few of the growth strategies that you might try. The point is, don't stop trying. Entrepreneurs fail often because they become disillusioned; they worry it is never going to happen, that their company will never truly "take off." That type of mentality will eventually result in you closing your doors.
To get your small company to that next level you have to put in the time, as mentioned before do the homework, and think creatively. As far as the aforementioned strategies, perhaps one works for you while something else does not. Trial and error play a role here too. Also, pay attention to your marketing efforts. Remember, you can have the best product in the world but if no one knows it's there, it really isn't worth much. What sorts of outside the box advertising tactics can you implement? How can you stand out?
The key overall should be to remain focused on that big picture and your long-term strategies. If you want to blossom into a big business, you really do need to concentrate on the entire journey. Here at First Union, we offer many loan products if you are in need of funds to grow your business. We offer short term loans, lines of credit, and merchant cash advances. Call today to find out how we can help you!