Using Savvy Strategies to Grow Your Business

Legendary French chef and famed author Julia Child advised readers to use only one or two of her recipes at a time; she knew how much energy and focus they require. Susan Ward, the author of How to Grow Your Business into a Larger Business, suggests the same approach for business owners who read her list of 10 business growth strategies. Two or three of her ideas that suit your circumstances may help you achieve your objectives. You may not see results immediately, but you can expect progress by staying with it as you transform your business into a growing enterprise.

1. Focus on Existing Customers

As a business owner, you know that loyal customers account for about 50 percent of your sales. You can focus on them to grow your business instead of looking for new customers. A growth technique that penetrates the market lets you encourage them to buy more products or services. You have a better chance of growing your business with customers who already buy from you than with ones you must find and then develop.

2. Expanding Business through Referrals

Customers who buy from you show that they like your products and customer service. By recognizing a satisfied customer’s frequent or even infrequent visits, you may find a resource that can jump-start your business. A referral can bring new customers to your business with no expense to you and a minimum of effort, but you must ask for it after or during every project or sale.

3. Bring Innovation into the Picture

Your customers may show loyalty to your products or services, and they may know them for their usefulness for a specific but limited purpose. When you discover new uses for your product and promote them, you can encourage customers to buy more. The new ways to use them may appeal more than your regular product line.

4. Reaching New Markets

Business growth strategies let you expand your enterprise with people who live in neighboring towns. A new pool of customers may have the same interests as your current market base, and your store in their location gives you an effective outreach. The internet gives you access to a young demographic that may respond to social media that promotes your business.

5. Branch Out with New Outlets

A booth at a trade show may provide access to new customers with people who want a particular type of product or service. You can benefit from access to consumers who already have an interest in your booth. Just make sure that you match the trade show that you choose to your business specialties.

6. Narrow Your Focus

Try an outreach to niche customers whose interests focus on specific preferences. When you offer them goods or services that meet their needs, you can help them make a purchasing decision more quickly. Ward suggests featuring a collection of roses in a nursery instead of offering large trees or exotics.

7. Eliminate Losses

Eliminating sources of loss can improve your bottom line, and Ward suggests that you may find several when you start looking. Cutting costs can make a difference in your pretax and post-tax money when you liquidate your “loser” products and improve your inventory turnover as well.

8. Expand through Diversification

Business growth strategies for small businesses allow you to think creatively to come up with innovations that benefit your company. When you look for ways to diversify your product line, you may find that you can fill the related needs of your established market. No matter what you sell as a product or service, you can probably find an offshoot of it that appeals to customers. If you are a fitness brand, for example, you could consider developing your own line of supplements with the help of someone like this dietary supplement manufacturer utah as a natural progression for your business. Ward suggests that an artist may diversify with a framing service.

9. Make Your Business Model Available

Many business owners want a business that they know works, and yours may give them the vehicle to success that they prefer. If you can convert your business into a franchise model that you can offer to others, you have an effective way to improve your bottom line.

10. Seek International Markets

A strategy to grow the business that lets you expand your outreach by incorporating others can require you to learn new methods and concepts of marketing. The need for a significant commitment of resources presents a concern that you must accept. An export business resembles franchising in its reaching out to other people, and it can significantly increase your growth.