Developing the Right Growth Strategy for Your Business

Business Transition Alliance

Business Transition Alliance
Business Growth Strategies

Business growth is one of those terms that is consistently part of strategic meetings and industry-related events. However, as a business owner, ensuring that your company continues to grow can be a stressful process, especially when the term “business growth” is used so vaguely. This is why you must first consider which growth strategy is right for your business.

What is a growth strategy?

A growth strategy is a plan of action designed to help businesses achieve continuous and sustainable growth. Most importantly, successful growth strategies allow businesses to capture a larger share of the market. While many companies are able to achieve fast growth during their early years, it may not always last; thus, continuous and long-term growth takes time and planning.

There are many different strategies that businesses can follow when their goal is growth. When trying to decide which strategy to implement, you as the owner, must consider your target market, finances and industry, as all of these factors will play a big role in achieving your results.

Igor Ansoff, known as the “father of strategic management,” determined that there were four main strategies that business could implement to achieve sustainable business growth: Market penetration, product development, market development and diversification

. Market penetration is straightforward—business owners aim to sell more products to their target customers. Market development is about finding new markets and customer segments to offer your products to, while product development, as the name suggests, is about developing new products for your target market, whether that is done through adding new features to an existing product or creating a new one. Lastly, diversification’s goal is to create new products to entire new markets, which can be a risky approach to business growth.

Which growth strategy is right for your business?

You may be unsure which strategy is right for your business, but if you take the time to develop a well-thought-out strategic plan, the chances of being successful can be high. It may be that using a combination of several of strategies is a good way for you to approach your business growth. However, no matter what strategy you decide to start off with, it is crucial that you are always looking for areas of potential growth within your industry that make sense to your organization.

At Business Transition Alliance, we are committed to helping business owners with their next business phase, whether they plan to grow, step back or exit their business. As business owners ourselves, we understand the uncertainties that come with addressing the various phases that businesses go through, and we are ready to help you make the strategic decisions you need to make. If you have any more questions about growth strategies or are interested in our services, don’t hesitate to contact us at contact@btahelps.com

About BTA:

We are business owners and advisors that offer consulting services to entrepreneurs. Working hands-on, we help develop and implement effective strategies that increase business value, growth and profitability, to prepare for the future.

YOU ARE NOT ALONE

Contact us to learn how we can help your company.