Business Growth Basics: Are You Focusing on the Right Areas?
Finding time to develop business growth plans while dealing with daily issues can be challenging. And depending on your goals, achieving ‘business growth’ requires different action plans. For example, if you want to build market share, then your business growth strategy would involve expanding into new markets or developing new products. If, however, you’re interested in selling your business, then improving your profitability or production efficiencies may be the way to grow.
Keep your goals in mind as you read these tips for business growth. Some are growth opportunities that can be executed quickly, while others require more time.
Quick Hits for Business Growth
Areas to focus on for quick returns include the following:
- Review sales team performance, then schedule a meeting to discuss results and goals. Plan a competition to inject excitement into the selling process.
- Complete a time study with your leadership team. Look for tasks and processes to remove, improve, delegate, or outsource. Your leaders can devote newfound time to business-building activities.
- Examine payables and receivables to determine if you can craft more favorable terms from suppliers. Offer incentives to speed up collections from customers.
- Expand marketing efforts by broadening your online reach, starting a loyalty or referral program, and connecting with potential customers through email or online content.
Longer-Term Business Growth Opportunities
Strategic planning for long-term success should address these areas:
- Assess competitors as potential acquisitions. Those interested in retiring or with financial difficulties may be willing to talk with you about a buyout.
- Research customer needs. One-on-one conversations or quantitative surveys can help you understand evolving customer problems and develop new solutions.
- Engage with local planners to learn about development in your community. Tailor your expansion plans (including relocation) to areas near your target market or where building rents are more affordable.
Talk with our team at ASA Capital Funding for more information about financing your business growth plans. Whether you need funds to start a new venture, expand your company, or support your operations, we’ve got you covered.