Unhappy with your sales growth? Discover 7 business growth strategies you can use to double your revenue within the next 12 months. Growing a business is easier said than done. Companies of every size face challenges that suppress their growth. A company might have a great product or service but no business growth strategy to help it define, articulate and communicate where it is going. Wonder what other companies are using to grow so quickly? Steal the secret business growth strategies your competitors are utilizing to grow their business.


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What made the iPod such a breakthrough product was that it could be sold alone, independent of an Apple computer, but, at the same time, it also helped expose more new customers to the computers Apple offered. McFarland says the iPhone has had a similar impact; once customers began to enjoy the look and feel of the product's interface, they opened themselves up to business growth strategy other Apple products.

10 Business Growth Strategies: What, You Can GROW Out of Business?

If you choose to follow one of the Intensive Growth Strategies, you should ideally take only one step up the ladder at a time, since each step brings risk, uncertainty, and effort.

The rub is that sometimes, the market forces you to take action as a means of self-preservation, as it did with Polaris. Sometimes, you have no choice but business growth strategy take more risk, says McFarland. Integrative Growth Strategies If you've exhausted all steps along the Intensive Growth Strategy path, you can then consider growth through acquisition or Integrative Growth Strategies.

The problem is that some 75 percent of all acquisitions fail to deliver on the value or efficiencies that were predicted for them.

10 Business Growth Strategies: What, You Can GROW Out of Business?

Nevertheless, there are three viable alternatives when it business growth strategy to an implementing an Integrative Growth Strategy. This growth strategy would involve buying a competing business or businesses.

Employing such a strategy not only adds to your company's growth, it also eliminates another barrier standing in your way of future growth—namely, a real or potential competitor. McFarland says that many of breakthrough companies such as Paychexthe payroll processing company, and Intuitthe maker of personal and small business tax and business growth strategy software, acquired key competitors over the years as both a shortcut to product business growth strategy and as a way to increase their share of the market.

This works best in a market with very little differentiation. Walton effectively used this strategy when it set up its first Walmart store.

7 Business Growth Strategies for Small Businesses

There were other retail stores at the time, but what made his business growth strategy share go up is because he was able to offer the products at lower retail prices than the other retailers. Increasing promotions for products or services to improve their pull strategy.

Aside from both conventional and non-conventional forms of advertising, small businesses can also employ other means to attract customers.

Examples are special offers, special promotional events, offering trade and sales discounts, rebates and similar schemes. Not only will this appeal to your current customers, it will also catch the attention of the users in the market that were initially unaware of your product, brand or company.


Expanding distribution channels to widen your reach. Usually, this is done by looking for more distributors, retailers and dealers, making the distribution channel wider. Small businesses should also consider entering into partnerships with these major channel players, and nurturing the relationship so they will want to continue working with you.

A wider and more stable distribution channel means greater chances of reaching your customers, and staking a business growth strategy on a bigger market share.

Growth Strategies in Business |

Effecting improvements on the product. You can encourage more people business growth strategy buy your product if you are able to improve on its existing features, or find alternative uses for it.

However, in many cases, there is usually no need to actually do any changes to the product. In this strategy, the efforts are focused specifically on the customers of the competitors.

But it also extends to the dealers, retailers and distributors currently working with the competitor. If you can offer them a deal better than what they are currently getting from their partnership with the competitor, they may consider jumping ship. It is important to note that, in market penetration, the size of business growth strategy target market is fixed or unchanged.

This is markedly different when the strategy used is Market Development.