Last time we have written a blog discussing Survival of the initial years of startup.. Hope you guys got some idea on how to survive. Now this blog is for the SMEs who want to grow their business but are not able to get the right way on how to do it, So there are some tried and tested points that normally works in favor of business growth. These are some of the fundamental growth strategies that should be followed by all the business ventures regardless of the size, location and industry type to generate growth revenue and to achieve higher levels of success.
These strategies works well with right planning, implementation and team work. Some of these points are stated below.
- Enhance Your Product and Services by Implementing New Functionalities that Could Attract Customers: Small businesses have a benefit as compared with MNCs that they can make alterations to their products and services. You have to add flavor to your product which makes it unique from your competitors. Enhancing your product contributes to increased sales as people are always looking for extra feature and benefit at cheaper price. If the product grows your business grows. You should strategise the marketing techniques that draws users attention towards the features and benefits of the products.
- Broaden Your Audience Base: If you target small audience then your growth will stuck in a confined area which is not beneficial for your business. To avoid this you have to grow your audience base by further penetrating into the market you operate in by getting people outside of your current target audiences to start buying your product or service. You can change your marketing tactics and messages to appeal to new audiences and have to advertise your product and services to attract new audience.
- Expand Your Geography: Thanks to the internet, any small business can be a national or international business fairly easily. If you can offer your products and services across borders, then you can expand your small business beyond your local area. Keep in mind, this growth strategy requires a lot of research and planning. There are financial, insurance, tax, and legal implications that you need to consider fully!
- Diversify Your Market: Diversification of the market is very necessary for business growth. For diversification you could tweak your product or service so it appeals to a new group of consumers or users, and can also add e-commerce element on your website that helps your product to reach to large audience.
- Develop New Products: When none of the above will work, you can develop completely new products or services that will appeal to your current customers and/or to new customers. In other words, new products can help you increase single customer purchases and generate purchases from customers who have never bought from your small business before.