The main goal for most business owners is growth. And we are no different. After coaching successfully in South Africa and Botswana for more than 15 years, we are delighted that we are now operating out of London too.
This follows an agreement between Greg Mason and coaching associate Anthony Spanjaard. Greg and Anthony have worked closely together over the years on entrepreneurship coaching projects. Therefore when Anthony had the opportunity to move his family to the UK, it made sense to take bizHQ’s offering with him.
Business growth is about expanding your customer base, increasing revenue or producing more products. Fortunately, there are many ways to achieve that.
Here are our top 12 growth strategies. Which of these could you implement to grow your business?
Market share
Firstly, you can increase your customer base by increasing market share. You could do that either by enticing more new customers with lower prices, or boosting your marketing efforts.
Market expansion
Similarly, can you expand your product or service offering to a new untapped customer base? Is there another industry or segment of the market that could benefit from what you offer?
Product development
Businesses grow when their product offering grows. Can you innovate some of your existing products or create new ones?
Vertical integration
Assess the supply chain in your business. Can you identify parts of the manufacturing or distribution process that you could incorporate in your business?
Productivity and efficiency
Business growth can be achieved by modifying or automating the business processes and systems. Efficiency leads to lower costs and increased revenue.
New geographies
Do what you do best in other locations.
Share of wallet
Could you up sell more product, more hours, or more services to your already loyal existing customers?
Diversification
Look out for opportunities where you could use your existing infrastructure or general business expertise. Could you use it to offer a completely different product to a different market?
Acquisitions
The quickest way to increase market share and reduce competition is to buy your competitor and its customer base.
New channels
Alternatively, achieve business growth by finding different ways to distribute your product or service. That could be by going online or selling direct to the consumer.
Market segmentation
Sometimes growth comes from honing your focus. In particular, small businesses can grow by focusing on a niche product or niche market. This level of specialisation and expertise gives you a competitive advantage.
Business partnerships
Lastly, strategic alliances with businesses that service a similar market are an effective way to facilitate business growth.
If you are aiming to grow your business this year, let us help you identify and implement the growth strategy most likely to succeed. Contact Greg or Anthony for an obligation free discussion.
