4 Strategies for a Successful business growth

Business growth means expanding a firm’s product and services or expanding its target markets, or some combination of each. Business must grow to maintain a high level of competitive advantage over other companies and to increase its reputation. It is has been found through research that more than half of all businesses fail in less than two years of commencement. Those that survived this period hardly grow. Entrepreneurs are expected to create an environment that will fit the growth agenda of the firm by reviewing its policies, structures, procedures and systems.

Expanding product line and services

 As a firm who wants to stay competitive and satisfactory in the line of productivity, it is expected that you don’t put your eggs in one basket. One of the easiest way to learn this method is to look at the big firms or companies I mean the renowned ones. Every day or month they try as much as possible to expand their products and services in order to stay strong at that level.

Google for example has gradually evolved from a mere search engine to a big giant on the internet. They have numerous products that have met the needs of many and they keep expanding every now and then. There’s no way anyone on this planet earth will say he or she has not used google products. If the google search isn’t there gmail is there, if gmail isn’t there chrome is there, if chrome isn’t there, android operating system is there, bloggers, YouTube, a few but to mention.  This is pretty cool because it has given the company a very high reputation.

If google had remained with just search engine, a number of rival companies would have outwitted her. One way they were able to do this was by identifying opportunities which were in form of problems. They used this great opportunity to expand their line of services. When they solved these problems, their reputation went high.

Establishing and maintaining online Presence

This is one of the aspect you need so much to start. You can even start from little to no capital once you have access to the internet and a PC. The generation of today have gradually evolved to a digital world, where the best stuffs are showcased digitally. Establishing an online presence breaks national barriers and sends our products and services far and wide the entire universe. Universities for instance use this strategy to a get a wider reach internationally. The outcome is always tremendously far more than expected.

Information about jobs/vacancies are easily disseminated through the use of the internet. The business world today largely depends on online facilities to properly discharge its duty without stress. With this system in place, one needs not to travel to where your product is produced. Products and services can be order online to customer’s doorsteps without a problem.

How do you start? Social network is a very good place to start if you don’t have the money to own a website. Facebook, Instagram, Telegram, Whatsapp, Linkedin, a few but to mention. This social network websites offer free services. If you properly use social networking sites, you may not need to go to other advertisement network sites.

There are many websites too that offer free blogging services like bloggers, wordpress, simplesite etc. Their major set up can give you what you want especially for startups. You can always upgrade when you have the money.

One of the benefits of online presence is exportation. When you place your products and services online, anyone, anywhere in the world can see it and this can be a turning point for your business growth.

Merger and acquisition

The main reasons companies merge or acquire other companies is to acquire customers. Acquisition is when a larger firm takes over a smaller firm or a firm that is broke. Merge is when two or more companies come to form a single company. Like unity bank is a combination of 9 previously existing banks. Interncontinental Bank was acquired by Oceanic Bank, and much later Ecobank acquired Oceanic Bank. That means all the customers from Intercontinental, oceanic bank, and Ecobank itself have been merged which gives them a strong competitive advantage over other banks. You can see why this Bank is still standing despite their poor services.

In countries like Nigeria where recession has become the homestay, firms use this method or strategy to manage resources in order to stay competitive and to adapt to harsh economic environment.

Establishing new branches

Yes this is very crucial for a company’s growth. You have to spread your tentacles to other location. Doing this may also help the company to discover other entrepreneurial opportunities that may give them an edge over other companies. Establishing branches can also help the company to stand in harsh times. If a certain branch does not do well, other branches can serve as a readymade support until the deficient branch gets back in shape.