grow your business

9 Ways Grow Your Business You Can Implement Now

Kurt GraverBusiness Development, Business Start-up Advice

Growing a business takes careful planning, sufficient resources, and the right growth strategies tailored to your objectives. While ambitions understandably run high, especially for startups and small companies, reckless expansion can prove reckless. Sustainable growth balances vision with pragmatic execution across critical areas like operations, market development, partnerships, and business model evolution.

Below, we explore popular business growth strategies, key enablers behind the expansion, growth planning best practices, and how the SGI Business Success Formula and Amplification System frameworks produce results.

9 Common Business Growth Strategies

While every company is unique, these proven business growth strategies offer a menu of options to consider:

1. Market Penetration

Market penetration focuses sales and marketing efforts on selling more existing products or services to established customers. Tactics like promotions, improved distribution, better pricing, and competitors’ acquisitions can quickly boost market share with minimized risk compared to developing new offerings.

2. Product/Service Enhancements

Revising existing products and services by adding features, expanding capabilities and boosting quality has lower overhead than new product launches. Effective market research and customer data analysis determine the most valuable improvements.

3. New Product/Service Launches

Creating new products or service lines allows you to meet demand for additional capabilities while diversifying revenue sources. New offerings take more investment but open additional markets.

4. New Market Development

Market development introduces current products and services to new customer segments, distribution channels or geographic regions to expand reach. Requires adjustments to marketing positioning and sales processes to resonate with new targets.

5. Diversification

Diversification expands a company’s product catalogue and services menu into new and sometimes unrelated categories. While riskier, diversification makes companies less reliant on existing offerings and markets.

6. Strategic Partnerships

Partnering with other companies allows access to new target audiences, distribution channels, capabilities, technology and credibility. Partnerships range from informal referrals to extensive co-development and co-marketing arrangements.

7. Mergers & Acquisitions

Mergers and acquisitions instantly infuse your business with new customers, products/services, talent and operational infrastructure. However, successful integration, retaining talent and aligning divergent cultures pose challenges.

8. International Expansion

Expanding into new countries presents a major growth opportunity for small and mid-sized businesses. Digital marketing and selling capabilities make international reach more feasible than ever for SMBs.

9. Business Model Innovation

Business model innovation reconceives aspects of your company’s value creation and value capture approaches. This includes questioning assumptions on key elements like customer segments, revenue models, partnerships, operations, and more. Significant innovations unlock new expansion opportunities.

Key Enablers Behind Business Growth

While the strategies above provide potential avenues, converting plans into reality depends on building business capacity and capabilities in vital areas:

Capital – Funding for product development, marketing, expansion, etc.

Leadership – Vision plus operational execution muscle

Talent – Staff to develop innovations and meet demand

Infrastructure – Scalable systems and processes

Agility – Nimbleness to capitalize on opportunities

Customer Insights – Market research guiding efforts

Competency Building – Bolstering expertise needed for growth

Mastering these enablers allows companies to recognize and seize growth prospects. Resource constraints and operational weaknesses render many strategies impotent without preparation.

Characteristics of Growth-Driven Companies

When assessing business growth strategies, it helps to recognize differences between simply growing companies and genuinely “growth-driven” companies.

Growth-driven organizations share key traits like:

Mission-Oriented – Guided by growth-focused vision and goals

Innovation-Powered – Constantly improving and launching new offerings

Insight-Led – Strategic decisions based on customer, market and competitive intelligence

Efficiency-Focused – Highly streamlined operations and productivity

Aggressive Investment – Heavy focus on growth-enabling marketing and technology

Talent-Obsessed – Recruiting, retaining and empowering top people

Adaptive – Quickly pivot based on performance data and market shifts

Customer-Centric – Stay attuned to emerging needs, seek loyalty

Embodying these characteristics creates companies structurally geared for expansion in contrast to firms merely reacting cycle-to-cycle.

Smart Growth Planning

Despite best intentions and strategies, reckless execution can inhibit sustainable progress. Businesses are complex organisms that demand care when pushing new boundaries.

That’s why SGI Consultants advocate rigorous growth planning across key dimensions:

Realistic Targets – Base projections on market data, trends and historical performance

Milestones –Major objective broken into measurable incremental 3, 6 and 12-month goals

Metrics – KPIs spanning sales, marketing, operations, finance and customer sentiment

Scenario Planning – Model impacts of alternative market and competitive conditions

Contingencies – Backup plans addressing capital, talent, operations and demand risks

Market Monitoring – Ongoing tracking of changes in customer preferences, new entrants and innovations

This reduces surprises while allowing quicker adaptation when new opportunities emerge or threaten progress.

Moreover, leaders must foster a culture embracing accountability, transparency, resiliency and urgency to enable growth execution. Progress ultimately comes down to collective resolve and capability building.

Growth Powered by SGI’s Proven Frameworks

SGI Consultants created the Business Success Formula and the complementary Business Amplification System to help companies architect and accelerate growth.

The Business Success Formula combines market viability, appealing offerings, operational excellence and environmental awareness into an enterprise with inherent expansion potential once key enablers are in place.

This profitable engine then integrates with the Business Amplification System focused on elevating marketing and sales capabilities targeting differentiation, persuasion, trust-building and promotional amplification — directly spurring lead generation and conversion velocity.

Together, these frameworks tackle the diverse ingredients required for managing steady, secure and sustainable business growth spanning:

  • Market Research & Targeting
  • Product/Service Innovation
  • Optimized Operations
  • Capital Management
  • Customer Intelligence
  • Competitive Vigilance
  • Impactful Marketing & Sales
  • Infrastructure Scalability
  • Performance Tracking

The integrated dashboards, KPIs, and dynamic planning processes make course correction smooth. SGI’s methodology applies to companies of all sizes and industries seeking transformation.

While expanding a business poses multifaceted challenges, SGI’s formula combines precedent and scientific rigour into an engineered methodology, enabling stable and secure growth execution.

Conclusion – Smart Growth Starts Here

Ambitious business leaders have no shortage of potential growth strategies capable of catapulting an enterprise to new heights. However, many slick plays overpromise while underdelivering by lacking roots in operational and financial realities.

SGI Consultants provides a moral framework for engineering profitable expansion from the core while preparing key enablers across talent, infrastructure, processes and funding needs.

Our team leverages decades of experience studying rapid business growth to separate speculative hype from sustainable patterns. We supply evidence-based blueprints tailored to your unique objectives and markets.

While the lure of impulsive rapid expansion tantalizes executives under constant pressure to post aggressive growth numbers that wow investors, we take a longer view focused on securing the foundations necessary to support significant scaling. This avoids reckless volatility.

By combining diagnostics, planning and execution assistance informed by contemporary research on market leaders, SGI’s expansion frameworks turn sound strategies into reality. Accelerate your enterprise’s success the smart way.