Creating A Solid Business Growth Strategy

What does a solid business growth strategy look like is a good question that new business owners may have. According to the article entitled, “Secrets to a Solid Growth Strategy” which can be found on Inc.com and authored by Jay Ebben, Ph.D.

….a common issue that entrepreneurs run into: how to grow their businesses without adding extreme amounts of cost and complexity to their organizations. Many entrepreneurs, even experienced ones, find that what worked as a small operation does not work well as a larger one.

They also find that what seemed like a sound growth strategy on paper does not translate into an effective strategy in practice. My advice before you consider growth is to consider your business model and how it lends itself to growth.

With this in mind, as you develop your business growth strategy, there are specific areas that you need to concentrate on so that you can develop a good stratey:

• Revenue Component: Center in on your business finances based on current customer base and how it will impact projected customer base growth.
• Operational Component: Concentrate on improving the processes for your business as you develop your business growth. Research ways that you can possibly outsource some of your task which will free up your time and internal resources.
• Joint Venture Component: Investigate possible ways to partner with other business owners whose businesses compliment your business. For instance, if you own a beauty shop then you should look into developing a joint venture with someone who has a barber shop or sell body products.
• Cash Flow Component: Assess how money flows in and out of your business to determine how other areas of your strategy plan would be affected. Investigate ways that you may be able to support your business financially whether it is working out a payment plan for supplies on a monthly basis or creating a credit line or obtaining a credit card.