Devising a business growth plan for scaling a business isn’t easy. It is one of the toughest challenges many entrepreneurs face.
Business success depends on your ability to grow profits in a variety of ways. Every aspect of your business deserves attention.
Scaling a business doesn’t happen overnight. It involves several steps and takes time and effort. However, when you start reaping the benefits, you will realise that your effort was worth it.
Strategies for Business Development
1. Ensure your business is strong fundamentally
Don’t be a victim of premature scaling. Ensure you have a strong foundation to build on before you think of business growth strategies.
- Understand your market demand
- Know who your customer is
- Know which products are giving you higher rates of investment
- Understand the resources you have on hand
Think very carefully about how scaling up will affect your company. Your business processes must be robust. Otherwise, your business might be negatively affected as you take action for growth.
2. Adopt the proper Company Growth Strategy mindset
Think in terms of where you want to be rather than where you are. Things can change massively when you start implementing our plans. Many things will compete for your time and attention.
You will have to be decisive and base decisions in larger terms. Your current thinking has brought you so far. If you want your business to grow from $100,000 to $5m, you will have to start thinking bigger.
3. Identify barriers to Business Development & Strategic Growth
You have developed your objectives. Part of implementing your business growth plan should involve anticipating barriers to achieving your goals.
will have to be pragmatic and honest.
Your company could be
- short of good managers with leadership skills
- suffering from poor cash flow
- lacking in funding
- having undeveloped systems and processes
- limited in inventory
Identifying factors that might potentially thwart your ambitions to grow will help you address your weaknesses and the threats they pose.
Doing so will also help you better time your business expansion plans.
4. Hire only the right people when Scaling a Business
This is the start up way. In order to be successful, you will have to have a great team to work with.
Only hire people who are necessary for the operation.
- People with good ideas and increase your productive quickly
- Teammates with positive attitudes can lift the work atmosphere
- Hire people with multifaceted skill set. They can view problems from multiple angles and hence solve them more efficiently.
- Naturally do not hire people for tasks that can be automated. Leverage technology.
Focus on professional development. Create the right environment and work culture that allows people to excel. Then let them do so. All team members must be properly engaged, motivated and their efforts recognised.
5. Outsource non-essentials
Recruiting might not always be the answer. It is often better to outsource tasks and functions to ensure the best outcomes.
Big corporations can afford to have in-house teams. They have the scale to justify having internal accounts, graphic designers etc.
As the business owner, you need to lower cost and outsource all non-essential roles.
Focus on your core competencies while relying on external experts for other tasks. This would leave you in a better position for efficient business growth.
Social media is extremely powerful. It allows you to reach thousands of people at once. Engage marketing professionals like Blazing Conversions and you can utilise this to your advantage. You will be able to attract new customers even with modest budgets.
Pay attention to comments of potential customers to see what is driving demand and changes in tastes.
It will allow you to make better decisions in terms of growth direction.
Social media also allows you to see how members of the public view your business. Positive reviews encourage expansion. If you hit a PR fiasco, your chances of survival and scalability will be severely hit.
7. Boost marketing – Essential to scale your business.
You can only grow your company when people know about it.
Focus on proper marketing and demand led growth will naturally follow.
Certain types of marketing channels like “word of mouth” are beyond your direct control and hence not scalable.
Meanwhile most other channels are often scalable. Paid advertising campaigns have a direct correlation to sales and growth. Hence, they are one of the common business growth strategies.
Content marketing, on the other hand, is one of the most scalable growth methods. Once posted on the internet, a piece of content will continually give you returns. Content marketing has viral potential and evergreen value, making it the growth-hack methods of choice for entrepreneurs and startups.
8. Service your customers – important company growth strategy
By being customer centric, you will be growing a business organically.
Don’t be complacent when your marketing campaigns are successful. You have to provide quality customer service to retain customers and breed customer loyalty.
Remember, your customers’ satisfaction comes first. Show them that they matter.
Take extra effort to understand your buyers through research and surveys. It will allow you to develop products and services that your customers will crave for. It will also help you to understand the areas in which your company needs improvement.
9. Develop systems – excuse yourself
You might have started it but your business should not be about you.
A truly scalable business depends on systems that can function well even in your absence.
The responsibility of day to day operations should be shifted to your managers. You should deliberately excuse yourself to force your team to prove themselves independent.
When they are, they’ll feel empowered. And you’ll feel liberated that you can focus on your plan to grow your company.
10. Don’t hesitate to get loans
When starting out as an entrepreneur, you might have started with your own savings. As you expand, you will need further funding in order to reach the next stage of your business.
There are many SME loans offered by various banks and institutions. Explore them and choose the right partner. Otherwise, look at alternate lending firms, venture capitalists, angel investors and crowd funding.
External funding is a big consideration. Read carefully, the terms and conditions. Ensure that in doing so, you stick to your company’s values that have taken you to where you are currently.
11. Expand your Network
Networking is a great way to connect with relevant industry people who can help in your business growth and expansion.
Don’t neglect the chance to build relationships and leverage their experience and expertise.
You may find your future best employees, new customers and potential investors.
Take note of tactics that have worked well in the past. Expand on these approaches. Keep them relevant and refine them for your future purpose.
After you’ve developed the right systems and processes, strategies and people, remember to think bigger than before.
Work really hard and don’t let obstacles hold you back from doing better. Be patient and you will see your plans come into fruition.