Growth Strategies For Small Business – Jennifer Bridges, PMP, has been an entrepreneur and business owner for nearly 20 years. In that time, he has learned a lot about developing successful business growth strategies, which he shares in this video.
As mentioned, Jennifer is a long time entrepreneur and business owner. He said he’s seen his fair share of successes, but he’s also accepted failure. But these experiences—both good and bad—taught him the best strategies and tools to enable business growth.
Growth Strategies For Small Business
He began by outlining seven steps for a small business to define a growth strategy for its business plan:
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If you are an entrepreneur, how can you create a winning growth strategy? Jennifer had many areas to exploit.
Jennifer concluded with an example of strategies used by the Amex Open Community. These four tips apply beyond American Express and provide a guide to successful business growth:
Pro tip: To scale, you must have a business case. This document will help you sell your idea to stakeholders and help establish your strategy as a solid investment.
Today we are talking about key business growth strategies for new businesses. Well, having been an entrepreneur and business owner for 20 years now, this topic is near and dear to my heart.
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While we have had great successes, we have had epic failures and costly lessons. So today, what I’m going to do is share my three sources for not only information, but strategies that work.
So the first thing I want to talk about is SmallBiz. There are some stages of them, in a way, if you look at them, maybe in the way of start-up or start-up, but also growth.
So, first you want to create a business proposal. What value do you offer there? What are you good at and how can you meet a market need?
Number two, identify your ideal customer. Sometimes people think everyone is a customer, but as much as you can narrow it down to a specific customer, their profile, their buyer persona, what they’re really interested in, and what problem or problem they have.
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You also want to define key indicators. How do you know you’re ready to grow? How do you know if this is the field for you? How do you know that you can actually provide this service and how do you know that customers really need or want it?
You’ll also want to check your income stream. What income streams do you have? Which ones are most successful? Perhaps, which one should you drop, close and open for other areas? This will also give you an idea of where some of the gaps are. You may see where you have an opportunity to add some new services.
You also want to look at your competition. So for that, you want to look at what they do? What do they do well? If their business is growing, you may still have market share that you can tap into and offer a service or product. So understand what your position is and where you fit in that market.
You might also want to see, you know, maybe look at your competitors, maybe see their business lines if they’re going out of business. So if they shut it down, there might be a reason, like there’s no market, maybe there’s no demand anymore. So you don’t want to enter or launch a growth strategy for an area where the market is almost dying.
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You also want to focus on your strengths. So you may have a growth strategy to launch new revenue streams, products or services, but if that’s not your forte, it could be an opportunity for you to learn lessons and actually lose money.
And then the seventh is that you want to invest in talent. So if you’re growing in certain areas, you know, what kind of talent do you need to support that?
So this is another one of my favorite items is Entrepreneur, like Entrepreneur Magazine, Entrepreneur Online. But here are five strategies.
So, think again, maybe you’re growing and searching, you’re new, but you’re also looking to grow in different areas. So this is our look at market penetration.
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So that’s it, maybe you’ve defined a specific market and you want to go deeper into that specific market. This is market expansion. So there may be one region or market that you need to serve well, but maybe you can go into other vertical markets to serve and then and then expand the product.
So say if you’re a technology company and you might offer software, maybe there’s an opportunity for you to offer, you know, hardware or some sort of online platform or some sort of training for your software so that you have this give the opportunity To develop other products
Also diversification strategies. Sometimes, using technology for example, so if you’re a software company and there might be a lot of competition, you might want to diversify again through a diversification strategy. You may need to train people how to use that software so you don’t put yourself at risk if there’s too much competition or a drop in demand for that product or service.
So also an acquisition strategy. So you can grow by buying other companies. Let’s go back to the example of technology. If you’re a software company and you say maybe there are other smaller companies that have software that might be either what you’re offering or that might be free, you can buy another company.
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So these are some strategies and I like it. This forum is powered by American Express. So these are the four points that are said to have passed the test. They are almost like the best ways to grow because they say if you don’t grow, you die.
So the first thing is to always be willing to change with the times. Sometimes companies want to hang on to products or services that they’ve been really good at, but the market is dying, but they want to keep doing it. So you have to be willing to let go of those things and start evolving with the times.
Number two is to make innovation one of your strategies. So you always look to the future, look to the future and consider where you know where the market has been, where the market has the potential to grow and is able to provide other innovations, other new ways of doing things that It can really change. Play
Also focus on customer relationships. The closer your relationship is with your customers, the stronger they are, they often tell you how and where to grow your business. So if your customers keep asking for certain things, sometimes if you follow what they want, they can help you grow to where you need to be.
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And the fourth is to give back to your community. Being seen in your community only creates more connections. You know, there are many things, what you give often comes back.
So those are my three favorite resources for growth strategies, and if you need a tool that can help you with growth strategies, now in our software at .Don’t you believe? In a competitive consumer environment, it is impossible to stand out from the crowd. The key to thriving in 2020 and beyond is creating unique customer/customer engagement experiences. There are ways to develop industry-leading digital transformation strategies to grow your business from the ground up, whether you want to grow or learn how to scale a business.
Empower yourself to give consumers the opportunities that really matter to them – all while making data-driven choices that will help your business grow with confidence.
So now, if you’re wondering what all those strategies are…leads…channels…data…no, you don’t need to get overwhelmed.
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We hope this blog will help you make growing a small business easier by sharing the 11 small business growth strategies below. So you want to turn data into business value? Then check out the blog right away.
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For example, today customers use different platforms and tools, while companies embrace software and technologies to manage their market. Retailers must have a network that connects everything.
In fact, according to an e-Marketer survey, more than 50 percent of respondents said they have used data analytics to increase productivity and competitiveness while improving the financial performance of small businesses.
Key Growth Strategies For New Businesses
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