When it comes to growing a business, most people immediately look to new product ideas or additional services, but these are not the only option and can actually sometimes have a negative effect on your business growth because of the extra complexity that they sometimes bring.
Below is a list of 10 best proven ways to strategically grow a business. I’m all about focus for growth, so I’m definitely not suggesting you try and implement all 10! Have a look and then decide which 1-2 might be best for your business growth.
1. Sell existing products to new/existing customers but with new benefits e.g. added value or new and improved.
2. Stay in the same category but add new products/services to your current range/offering.
3. Extend your business into a new category – ideally an adjacent category that makes sense for your brand.
4. Stick to your same products/category that you operate in but extend to a new/additional target market.
5. Look at additional sales channels for additional sources of income.
6. Extend into new cities or regions or countries.
7. Relook suppliers and/or processes to optimize your profits.
8. Increase your pricing.
9. Use marketing and promotions to grow your business and brand – you can’t grow your business if you’re the “best kept secret” in your category!
10. Offer an added value benefit through your packaging to give you a competitive edge and to allow you to charge more.
If you’d like more information with examples of each of these and a free workbook to help you decide which one/s to pursue, please click here.