Strategies for Business Growth

Business Growth is at the core of every business owner’s existence.  As much as we focus on good service delivery to existing clients our attention is always on how to boost business growth.

So what strategies can you consider?

Unique Selling Point and Value Proposition

Do you know what makes your business different from that of your competitors? What is your company’s unique selling point (USP)? Is it in the type of products or services you offer? Is it the way in which you offer these, etc? Find some critical differentiating factor that makes your company stand out above the rest in your industry.  A strong USP can definitely stimulate business growth.

Linked to this is your value proposition (VP) which is an innovation, service or feature aimed at making your products and services attractive to customers. What value do clients experience from dealing with your company?

It is essential to be clear on why your company exists and how it makes life easier for your clients.  This facilitates marketing and selling and has a definite positive impact on business growth.

Define your ideal client

Rob has been in business for years. He works with a wide variety of clients and has reached a stage where he now knows who his ideal client is. He even screens them at a first meeting and walks away if they fail to meet his criteria!

As your business becomes more established be more selective with the types of clients you take on. Initially entrepreneurs take whoever they can get, only to find that some clients take up all their energy. There is a time when you can be more business – like and pursue those clients that are cost effective.

So what would be your ideal client from a paying point of view, being clear on their requirements, their attitude toward you and your services, etc. You have the right to walk away from high maintenance or difficult clients. So be more mindful. Identify your ideal client when focussing on business growth.

Recruit good talent

Business growth is directly affected by the level of competence you have within your business. Ensure that you recruit highly skilled staff and take care of them financially. Do whatever you can to maintain high morale among your skilled staff.  Listen to their concerns and go out of your way to keep them happy and motivated. They are the backbone of the business and lay the foundation for further business growth.

Leslie works for an agency. He is a soft spoken individual who is really good at his work. However, he works for a manager who makes promises about promotions. These never materialise. His manager is quite aggressive and uncaring.  Leslie is considering other options. It may however, be part of his life’s lessons to stand up for what he wants and negotiate something with his manager.

Income generating streams

The key concern for any business owner is cash flow. It is every business owner’s dream to have a guaranteed flow of income every month to at least cover all their overheads. The reality is often quite different especially while a business is becoming established.

It is advisable to consider several income generating streams as part of your business growth strategy if you can. Do you have one or two basic products that require little effort but that can be money spinners? These would be your bread and butter options that bring in a steady flow of income every month.  What you are looking for is recurring income on services or products that require minimal effort to produce.

This is a tricky option for start-ups who begin with a product that may be quite labour intensive. It is a fine balance to have more streams but at the same time remain true to your core business. It makes little sense to have products purely to generate money when they have little connection with your main service offerings.

Are you being proactive? What clues do existing clients give that may lead to new products or services? If you would like to step back and review your current business growth strategy business coaching would certainly benefit you.



Posted in Business, Business Owner.