3 Guaranteed Business Growth Strategy You Can Use To Sustain Your Business

3 Guaranteed Business Growth Strategy You Can Use To Sustain Your Business

Every entrepreneur desire growth in his/her business. Every business need to grow, and sustained growth is the dream of every committed business owner. Starting a business is one thing, growing the business is another thing but sustaining the growth and staying ahead of competition is another game entirely.

Without wasting much of your time, join me as i unleash to you five business growth strategy you can apply to your business:

1. Do Your Best To Preserve Your Customer Base: You know how difficult it is to find a new customer. I am always an advocate of keeping your existing customers happy by any means necessary. You can sustain your business growth by enticing your existing customers and developing more complex relationship with them. This will make it difficult for them to switch to your competitor.  I feel this is the most important business growth strategy you can employ.

2. Do All You Can To Increase Your Market Share: Always give your customers a reason to come back. Try to be the best to your customers and encourage them to tell their friends about your business. Attracting customers away from your competitors can prove to be tough, so you must apply every weapon in your arsenal to give any new customer the best you can. Offering higher value and quality service is essential at this point in time. If you want to sustain your business growth, you must strive to increase your market share.

3. Exploit Market Trends:  Of all business growth strategy i am sharing today, this strategy can make or break your business. You must keep your eyes and ears open to take advantage of any available industrial trend. This can be achieved by monitoring the industry for changes in buying criteria, product or service innovations and population trends.  Trend is your friend, never resist change. Instead, be quick to adapt to change. This can be a competitive advantage for you.

4.           Keep Your Eyes Open For New Business Opportunities: Being an experienced entrepreneur, i can confidently tell you that you can never talk of sustained business growth without having a diversification plan. Few years ago, a mentor of mine went to replenish his stock. He actually had in mind to buy his regular goods of motor parts but on getting to the marketplace, he discoverage that there was shortage of motorcycle parts. He carried out preliminary feasibility and found out that motorcycle parts scarcity was impending. Though not a motorcycle parts dealer, he invested all the money he had budgeted for his motor parts into buying motorcycle parts. He was not a motorcycle dealer, he was not experienced in that field but he took the risk and invested all he had into purchasing motorcycle parts. The business bombed and he made millions. Today, this friend of mine sits atop a conglomerate. The lesson from this story is you must keep your eyes open and be prepared for opportunities when it comes.

5.           You Must Have A Diversification Plan:  This is the last business growth strategy i can share with you for now and it is as important as the others. When you have made it in an industry or you feel your market is saturated or has grown too competitive. Don’t hesitate to diversify. Diversifying into other industries will help sustain your business growth. When developing business growth strategies and plan, always remember to include a future diversification plan.

If the five growth strategies prove too tedious to apply, then try implementing at least three of it. 
In conclusion, I wish you the best of luck as you strive to grow your business. Good Luck.