3 Simple Strategies for Business Growth

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Looking into growth strategies for business is every savvy founder’s next move – and we’ve got three scaling strategies that can help your business grow like crazy.

Scaling up is super exciting, but it needs some serious planning – starting with making sure you’ve got your Small Business Digital Ready. When you’ve got that squared away, it’s time to really dig deep: How do you know you’re ready? Take a moment to reflect on where your business is right now. 

Do you have…

✅ Consistent revenue growth

✅ High customer demand

✅ Solid infrastructure

✅ Healthy cash flow. 

Also, ask yourself…

🤔 Is your business model proven? 

🤔 Is your team on point? 

🤔 Are there clear market opportunities? 

🤔 Have you streamlined processes? 

When you’ve got a strong brand and a solid strategic plan, and you’re ticking these boxes, it’s go time! But if you feel like you’re not there yet, don’t fret. Check out these 5 budget-friendly essentials to grow your business

Let’s dive into some straightforward business growth strategies to get your business booming!

🪄 Strategic Partnerships and Alliances

Collaboration is key. A lucrative growth strategy for business is partnering with businesses that complement yours. Brand collabs can certainly open new doors (and introduce new customer faves) – think Red Bull and GoPro’s adventure lifestyle campaign or even throw it back to Taco Bell and Doritos for the Doritos Locos Taco. By teaming up, you can leverage each other’s strengths and expand your reach without breaking a sweat. Here are a few ways you can both benefit from each other.

  • Reach New Customers. When you partner with businesses that offer complementary products or services, you can tap into their customer base and boost your market reach.
  • Share Resources. Strategic alliances let you share resources like tech, marketing efforts, and expertise. This cuts costs and ramps up efficiency.
  • Innovative Ideas. Collaborating can lead to innovative solutions and new product offerings that you couldn’t achieve solo.

🪄 Networking and Community Engagement

One non-negotiable scaling strategy is building a solid network. Get involved in industry events, join professional associations, and connect with peers. You never know what opportunities might pop up.  A two-pronged approach is ideal – industry networking and community involvement. Here are some ways you can start building your network

  • Events and Conferences. Attend industry conferences, trade shows, and networking events. These are perfect for meeting potential partners, clients, and investors, plus you get to stay updated on industry trends. 77.7% of businesses consider B2B conferences as the best venue to find networking opportunities. 
  • Professional Associations. Join relevant professional associations to stay connected with industry leaders and access valuable resources like training programs and market research.
  • Support Local Initiatives. Supporting local initiatives like sponsoring local events, joining community service projects, and collaborating with local non-profits can seriously boost your rep and build brand loyalty. People love businesses that give back!
  • Local Networking. Attend local business meetups and join your local chamber of commerce to connect with other business owners and community leaders.

🪄 Content Marketing and Branding

Creating valuable and engaging content is key to attracting and keeping customers. It begins with solid branding – one that resonates with your target audience and reflect your values, mission, and unique selling points. Following through with a mindful content strategy positions your business as an industry authority and drives growth. Nailing this can help you effortlessly turn your customers into your influencer army.

  • Consistent Branding. Make sure your brand is consistent across all channels, from your website and social media to packaging and marketing materials. Consistency builds trust and recognition.
  • Emotional Connection. Create a brand story that connects with your audience on an emotional level. This fosters loyalty and encourages word-of-mouth referrals.
  • Valuable Content. Produce high-quality content that addresses your audience’s needs, pain points, and interests. Think blog posts, videos, infographics, podcasts, and social media posts.
  • SEO Optimization. Optimize your content for search engines to boost visibility and drive organic traffic. Use relevant keywords, create compelling headlines, and make your content easy to read and share.

But why stop there? Here’s a juicy BONUS for you: Say hello to Diversification.

Got a solid foundation? Time to think about diversification! Here’s how you can mix things up:

✨ Related Diversification

Enter new markets or industries related to your current business. Leverage your existing expertise, resources, and customer base.

  • New Product Lines. Develop new products or services that complement your current offerings.
  • Geographical Expansion. Expand into new geographic markets where there’s demand for your products or services.

✨ Unrelated Diversification

Explore completely new markets or industries unrelated to your current business. It’s a bit riskier but can lead to massive growth and reduce dependence on your existing market. 

  • New Ventures. Invest in or start new businesses in different industries.
  • Market Research. Do thorough market research to spot emerging trends and opportunities in unrelated industries.

These business growth strategies can set your business on a path to sustainable growth and success. And if you’re ready for more, diversification is your next big move.

Ready to formulate your very own growth strategy for business? Our Selfmade mentors are more than happy to help! Book a mentor session today and get guidance on coming up with a scaling strategy that’s uniquely you. 

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July 9, 2024

Emily Oberman