Growing an Existing Business
Rapid growth is tempting and exciting, but it can also be a costly trap. We help you plan for sustainable growth built on the foundation you created with your business plan.
Rapid growth is tempting and exciting, but it can also be a costly trap that can lead to expensive problems rather than continued success. Because you have been successful, you have established a level of quality and an overall vision for your company that identifies your brand and is something in which you take pride.
The opportunity for growth can be built upon the foundation you created with your business plan. Revisit your initial planning, take stock of lessons learned and begin to renew your planning efforts with the same thoroughness, persistence and creativity that you used when starting your business.
Entrepreneurs frequently define growth as an increase in sales. Your experiences as a business owner will have undoubtedly exposed you to a variety of sales strategies — some your own creation, others observed from how your competition operates. As you consider plans for growth, jump-start the process by considering the following paths.
Where will your growth come from?
Sell More to Existing Customers
Can growth be achieved by selling more of your existing products to former or existing customers? What would it take to convince them to buy in larger quantities?
Sell New Products to Existing Customers
After purchasing a product, are your customers buying supplemental or related products from another vendor? Could these add-on products be part of your product line?
Find New Markets for Present Products
What additional resources would be needed to expand geographically? Which foreign markets are most appropriate for your product?
Develop New Products for New Customers
Are there unmet needs in the marketplace emerging from changes in technology, lifestyle, the economy or other conditions?
Selling More to Present Customers
If you decide that the method of sales growth is to increase sales to previous and current customers, your strategies must include:
- ✦The production of quality products that meet the expectation of the customer.
- ✦The delivery of excellent customer service.
- ✦Pricing that assures the buyer of value.
Repeat sales rarely happen simply out of habit or convenience, but because a customer was satisfied with the initial purchase experience. It is less expensive to sell to a present customer than to find new ones — yet many firms develop the majority of their strategies with their sights on the new customer. Always start any search for increased sales with a thorough knowledge of present customers and their needs.
For more information about starting and growing your own business, request consultation.
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