How To Choose A Growth Strategy For Your Small Business Charelle Griffith You’ve now know how to choose a growth strategy for your business. i hope by now you’ve realised the options you have when it comes to growing your small business. there is no one way, but by thinking carefully about the current situation of your business (and the dream business you want to build) you can hopefully identify the best growth strategy to follow at this moment in time. Choosing your business growth strategy using ansoff’s matrix just because you are a solopreneur or small business owner doesn’t mean you can’t use tools that are used by bigger businesses. the ansoff matrix is a very popular tool used by businesses around the world to help develop their business growth strategy.
How To Choose A Growth Strategy For Your Small Business Charelle Griffith How you can fix it: test your messaging. the only way to find out what works is to run tests and then measure the performance. 6. you aren’t consistent with your marketing. your messaging might be right, but if you aren’t marketing your business consistently then you won’t see growth in your business. Share in the comments ⬇️ if you’re a small service based business owner it is easy to get caught up looking after your clients and hardly ever making time to concentrate on your own business. 9. diversification. this type of business growth strategy can be risky, but also has a high return when executed correctly. diversification means that sales teams sell either new products, or sell to new markets — or, in some cases, both. horizontal diversification: sales reps sell a new product to the current market. 4. mergers, partnerships, acquisitions. although riskier than the other growth types, mergers, partnerships, and acquisitions can come with high rewards. there’s strength in numbers. a well executed merger, partnership, or acquisition can help your business break into a new market.
Comments are closed.