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3 Key Tips for Strategic Business Growth

Posted By Administration, Wednesday, September 4, 2019

One of the hardest concepts for many small business owners to internalize is that business growth is a process. It’s not something that happens overnight. Growing a business takes a well thought out strategy and a willingness to make a few mistakes along the way. Even the most successful entrepreneurs admit to stumbling along the way, but realizing that growth was a process, they made a concerted effort to learn from mistakes and mishaps. If you are seeking to grow your business, here are three tips to help you develop a strategic plan for success.

1. Surround Yourself with Talent

If you were to ask any successful businessman or woman what they felt was the biggest contributing factor to their success, you will invariably be told it was a team effort. No one can be expected to know all there is to know within any industry, and so those who reach the pinnacle of success surrounded themselves with the top talent. It could be that they needed someone well-versed in marketing, or it could be they needed someone in prototype and product development. You don’t necessarily need a large team, but the team you create should work as a cohesive whole.

2. Open Yourself to Possibilities

One of the many roadblocks to success is getting stuck in a rut. If progress isn’t being made, perhaps there are alternatives you could explore. Remember, you need capital to invest in a strategic plan for business growth and if the money isn’t coming in, perhaps there are other avenues to explore. For example, consider an online merchant with a storefront. They’ve purchased more storage space than they need and are locked into a plan for a certain length of time. They ‘could’ resell some of that hosting space to share with other companies who find they need to establish a web presence.

Not only will that company make a bit of money to reinvest in their own business, but they will not be wasting space they can’t use. Web hosts like Krystal in the UK offer this kind of hosting plan which has helped many businesses literally pay for the space they are using. If you’ve bought too big a package, why not resell some of it? That’s part of the growth process – learning how to avoid waste and even capitalise on excess!

3. Focus on Customers

So many companies fail to grow because they get so caught up in their own ideas and their own products that they forget the customer in the process. It is imperative to cater to the customer because they are the ones who keep you in business. You might have developed what you think is the best thing since the invention of the wheel, but will you have an audience? The process of business growth takes an in-depth market analysis, so be prepared to listen to what your market is saying.

Your key takeaway in all this is adaptability. Any business seeking to grow must be willing to adapt to the market and their own, limited budget, as was the case with the hosting re-seller above. If you can’t get the financing you need, there are ways you probably hadn’t thought of to raise the money necessary for investing in your growth strategy. With key people at your side and a willingness to adapt as needed, there is no reason why you can’t grow your business successfully over time.

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