Today’s economic climate is challenging for start-ups. In fact, only ten percent of businesses manage to survive the formative years of their incorporation. For those that do make it to some level of stability, only ten percent of them will survive the next five years.
If your business has made it through the start-up phase, there is no time to take a break and congratulate yourself for your outstanding leadership skills; it’s time to focus on growing your company into a sustainable, profitable organization.
Small business is the backbone of the global economy and a significant contributor to global GDP. The more companies that survive and thrive, the stronger global growth will be. If you find yourself scratching your head as to what growth strategy to implement, here are five examples that you can consider.
#1 Create an Online Marketing Strategy
The most cost-effective method of growing your company is building an online presence. This process uses your website and social media accounts to drive user engagement in your target market.
SEO tactics such as link building with authority sites and AdWords will boost your results in the search engine rankings and make your business visible to millions of people. Social media marketing connects you with influencers in your niche that you can sponsor, helping you push your product and brand in front of their audiences, capturing the eyeballs of millions of new followers.
#2 Replicate your Success
Do you have a local retail location or a campus? Take your company on the road and open another location in a different part of your city or country. Opening another branch will require the same commitment and expertise that you used to make the first business location successful, ensure that you are working with a qualified financial and management team.
#3 License your Products
This growth strategy works well for companies that sell information products and particular technologies like an app or program where the company owns the IP. You can license your product out to resellers and sit back as they become your unofficial sales force, allowing you to focus on other areas of your business that need your attention. Licensees pay fees and royalties to your firm on all sales made.
#4 Take Your Company International
Have your received positive feedback about your product or brand from international markets? Arrange an appointment with international brand consultants and plan a strategy to launch your brand in global markets.
#5 Acquire and Merge with Partners and Competitors
If your company has snowballed, then you may need to merge or acquire other businesses to improve your business model. This method offers a fast-track to expansion and growth because you can absorb the best departments and personnel into your company, strengthening any weaknesses that your business may have.
Tips to Finance Your New Growth
Growth strategies cost money to implement. Whoever said that it takes money to make money, was entirely correct. It doesn’t matter if you are seeking to fund a million-dollar merger, or looking for a few thousand to launch a social media campaign, growth will cost you your time and capital.
Major financial institutions frown upon lending to small business owners, even those that have survived their growth phase. They view small business as a risky investment and will not loan any money to you without collateral or surety.
Instead of wasting your time with the banks, visit a microlender to finance your growth strategy. Microlenders will create small business loans Florida bad credit aside, giving you fast access to the funding you need to grow.
The most important part of any growth strategy is the speed of its execution. At this stage of the game, competition in the marketplace will be stronger than ever. You need to learn to move fast in a competitive environment to stay ahead of the market and ensure the success of your company’s growth. Pick your growth strategy and implement it immediately, there’s no time to waste.