![]() With your business model proven and market research in place, you can devise a business plan incorporating your methods, costs, targets and a realistic schedule, revising it along the way. This important second half of the business growth equation will give you time to put the systems in place to cope with an increase in scale. That’s where market research comes into play. You also need to know if there is enough demand to justify the expansion. However, a proven business model represents only half the knowledge you need to successfully grow your business. A proven business model is a critical first step no business can afford to ignore. Plenty of businesses jump the gun, looking to expand without the evidence to prove a period of successful trading. Timing is EverythingĪlways remember the cardinal rule for expanding your business: prove your business model first. Finding the funds to expand is another important aspect to consider.Īt the end of the day, committing to growth requires an added commitment from the entire company. ![]() Your business might require larger premises, more equipment and more employees. The same is true for management burdens as you delegate responsibility and control to other employees. The entire course of your typical business day can change.Ĭost burdens will also increase as you invest in greater resources. You’re also more likely to spend additional time with arbitrary tasks like financial planning. Migrating to a larger firm, you can anticipate a more complex, demanding and time consuming schedule. It’s important to manage your expectations when growing a business. Many small business owners are comfortable with their earnings and happy in their endeavor. A decent but limited income is enough to eliminate the urgency of expanding their operation and continuing to develop their business. Plenty of business owners are content to maintain a small operation. How can marketing help you drive business growth?.Which approach will suit your business best?.What should you think about before committing to a growth strategy?.The answers to a few critical questions ensure you always step with your best foot forward: There’s a lot to consider when building a growth strategy. Most business owners just need the guidance. Combined with the right marketing techniques, a well-managed business growth strategy can meet and exceed your expectations. Any way you slice it, the juice is worth the squeeze.įor the business owners in the latter category, a solid growth strategy can mean the difference between running the same small operation and taking your business to unimaginable heights. Hardly intimidated by the added risk, the only logical solution for the exceedingly motivated business owner is to seek greater personal rewards. Then, there are business owners driven by the challenge to grow their business into a high-profit venture with larger market share. Lots of business owners are content to maintain a small operation.
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