Unlike most things, businesses don’t grow by accident. They require deliberate and focused business growth strategies. Running your business without such a strategy is comparable to driving with your eyes closed. Business growth strategies are a dime a dozen, but we’ve found the value in trusting the fundamentals, which are summarised below:
Establish your value proposition
Your value proposition is your business’s unique factor – the thing that sets it apart from other businesses. You can position yourself as the most affordable, the most trusted or the most socially responsible in your market. Creating this direct connection between your business and the value it can give consumers is the first step towards sustained growth.
Identify your ideal customer
When you know exactly who you’re selling your product or service to, the selling becomes a lot easier. Each decision you make will be influenced by the problems and needs of your ideal customer. Don’t make the error of trying to cast the widest net possible. There’s more reward in targeted selling.
Focus on your strengths
Your strengths are how your business got this far and why your customers keep coming back. It’s tempting to obsess over your weaknesses until you’ve fixed them, but you’re far better off focusing on your strengths. After all, your strengths are how you established a value proposition. It’s important that you can always deliver on it.
Strive for an optimal (not maximum) performance
The difference is that an optimal performance uses your resources intelligently while maximum performance exhausts them. One is sustainable, the other is crippling. All business growth strategies should strive for optimal performance if they’re aiming for long-term growth. It’s a marathon not a sprint.
Engage your target market
Remember that ideal customer you identified? They get bored very easily. Businesses that nurture relationships with their consumers consistently outperform those who don’t. So take advantage of social media marketing and use every interaction with your customer (whether online or in-store) as an opportunity to grow your relationship.
Learn from your competition
Always pay very close attention to your competition. This is not because you can copy what they do, but because they can learn from their mistakes and triumphs. For example, if your competition only accepts cash, you can experiment with accepting card payments and gain yet another strength that you can capitalise on to draw consumers to your business and away from the competition.